Ensuring there are no breaks in the SMSF Documentation Chain

It’s important to be aware of the fact that any weak links in your client’s SMSF documentation chain could break their entire estate plan.

SMSF specialists have a duty to keep things on track and ensuring estate planning documentation is in order is essential. 

It is critical to review all of the documentation for the SMSF, not just the deed but the entire chain of documents. While the trust deed is important, it is important to check the previous documents to ensure there are no issues in the paper trail and the latest documents are valid if changes have been made.

What documents should be in your SMSF estate planning file:

New SMSF regime spells change for accountants

The roll out of the new SMSF regime will make it mandatory for accountants to refer new clients to a specialist SMSF advisor if you don't have your AFS licence.

Accountants should be aware of the implications of the changes and how it will affect the way they offer SMSF advice to clients. Namely, accountants will no longer be able to provide SMSF advice for clients without an AFS licence and while they will still be the primary contact their clients, the customer will need to seek the support of an AFS licenced specialist financial advisor to manage their SMSF.

Options for accountants under the new regime include:

- Refer all SMSF enquiries to an Authorised Representative (AR)

- Limited AFSL and appoint ARs

- Become an Authorised Representative

- Stop providing SMSF advice