Partial Commutation

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Generate SMSF documents to partially commute an Account Based Pension (ABP) in accordance SIS Regulation 1.07D and the Commissioner’s guidance in TR 2013/5 and PCG 2017/5.

The partial commutation to exchange part of the income stream payment into a lump sum that is paid to the member – this can be via a cash payment or as an in-specie asset transfer.  Importantly, since 1 July 2017, no amount from a partial commutation will count towards a member’s minimum pension for an income year.

The following documents will be generated as part of the completed order:

  • Member request for partial commutation
  • Trustee minutes regarding partial commutation
  • Trustee notification of partial commutation
  • Transfer Balance Account Report (TBAR) – coming soon

Sample documents are available to view within the knowledge base. You can save this order to resume at any time and can review prior to submission.

Why you should use a Smarter Deed

The Smarter SMSF Deed has been built by SMSF specialists, Ian Glenister (Legal Officer, Smarter SMSF), Aaron Dunn (CEO, Smarter SMSF) and Chris Hill (Director, Hill Legal) for use by practitioners who need the confidence that comes with using best practice SMSF documents drafted by industry leading experts.

The Smarter Deed not only stays up-to-date with the latest superannuation laws, but also strategically considers topics impacting membership, contributions, income streams, estate planning and more.

 

Create your documents leveraging your Class data saving you time…

As a Class user, you can connect your software to the Smarter platform to seamlessly create your legal, pension and compliance documents a smarter way.  Using the integration you can access fund, member and pension information to quickly and simply create the documents you need with the comfort of utilising best-of-breed documentation build by industry experts.

 

Generate your documents using Simple Fund 360 – saving you time!

Where you connect to our Smarter SMSF platform to your Simple Fund 360 software, you can create your SMSF documents seamlessly by pulling existing fund, member and pension information.  Generating compliant legal, pension and compliance documents from industry experts has never been easier.

Ordering online

To start ordering a smarter way, simply follow these steps:

  1. Login or Sign up to purchase as a PAYG member
  2. Select the document that you wish to create
  3. Review & submit your order (and ‘Pay’ if PAYG)
  4. You’ll have the order instantly delivered to you in less than 5 mins.
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How to videos

Order a new SMSF

This video explains the process in ordering a new SMSF on the Smarter SMSF platform.

 

One click fund set up in Class

This video explains the one-click process to automatically set up your fund after ordering within your Class software.

 

Need assistance?

If you require help with ordering your SMSF documents, get in contact with us via live chat, by telephone on 1300 95 94 76, email team@smartersmsf.com.

Become a Member – to save money

We offer the following subscription packages:

Create25: allows you to create up to 25 documents you need, per annum.

Create50: allows you to create up to 50 documents you need, per annum.

Create100: allows you to create up to 100 documents you need, per annum.

Create250: allows you to create up to 250 documents you need, per annum.

Create500+: allows you to create over 500 documents you need, per annum.

 

OR purchase on a Pay-As-You-Go (PAYG) basis.

What documents are included in the New SMSF package?

Upon completion of your order, the new SMSF package will generate the following documents:

  • SMSF Trust Deed
  • Product Disclosure Statement (PDS);
  • Consents for the Trustees, or directors of the corporate Trustee;
  • Trustee minutes relating to the set up the SMSF;
  • Application for membership, including TFN notices;
  • Sample Death Benefit Nomination forms;
  • ATO trustee declarations; and
  • Bank Account establishment kit explaining what to do next.

Having completed your order, you also have the ability to prepare a range of additional documents including (nut not limited to) the fund’s Investment Strategy and Death Benefit Nominations for each member.

What can I call the new SMSF?

Anything you like, as a super fund doesn’t need a name under the common law; no trust does. A trust is not a legal entity, it is a relationship. It is one entity (trustee) holding an asset for the benefit of another entity (beneficiary).

We’ve seen some clever and funny names along the way including Spendid the Kid’s Inheritance Super Fund, MoneyTree Super Fund, Rolling Rich Super Fund, and the Super Duper Super Fund.

Typically, however we see most people taken a practical approach to naming conventions linking back to a family name – e.g. John & Jane Citizen may call their SMSF – Citizen SMSF, Citizen Super Fund, Citizen Family Super Fund, Citizen Retirement Fund – just to name a few…

Importantly, it would be unwise to choose a name that:

  • is obscene
  • is seditious
  • is defamatory
  • suggests connection with royalty or government
  • is misleading or deceptive, or
  • is the same as an unrelated commercial enterprise.

From a practical point of view perhaps it might be best to:

  • use a short name
  • don’t bother with ‘The’
  • use ‘Super’ in preference to ‘Superannuation’
  • not use a name that readily identifies the members or connection with the member’s business.

Does it matter if there is another SMSF with the same name?

No, again you have complete flexibility in calling the super fund whatever you want.

The distinguishing feature between different SMSFs with the same name is the fund’s ABN, which each is super fund is required to register for.  You can search up a list of super fund names through the ATO’s superfundlookup.gov.au

Who needs to sign the fund documentation?

No, again you have complete flexibility in calling the super fund whatever you want.

The distinguishing feature between different SMSFs with the same name is the fund’s ABN, which each is super fund is required to register for.  You can search up a list of super fund names through the ATO’s superfundlookup.gov.au

Partial Commutation – Sample Document

View a sample copy here.

 

Other references

ATO – Setting up a SMSF

ASIC’s MoneySmart – Setting up a SMSF