Cleardocs

New Product - SMSF Wind Up

2016-05-25T11:50:00.000+10:00

Sharmistha Bose, Product Marketing Specialist

Cleardocs is pleased to introduce the SMSF Wind Up document package.

When trustees have made the decision that an SMSF is no longer appropriate for their circumstances, it's important to ensure the SMSF is wound up correctly. The Cleardocs package makes it easy and ensures you comply with all requirements. You will receive all the documents you need and clear guidance on the steps you need to take to close the SMSF.

You can order the Cleardocs SMSF Wind Up document package online for $55 (inc. GST).

When might SMSF trustees decide to wind up an SMSF?

SMSF trustees can generally wind up a fund whenever they wish to do so (subject to the trust deed, which might include requirements such as obtaining the consent of all members). Common reasons for winding up an SMSF include situations where:

there are no assets left in the fund;
the SMSF's members no longer wish to manage their superannuation themselves;
the fund has no members;
the fund is no longer able to comply with superannuation law (for example, the trustee and members wish to move permanently overseas); and/or
the members' circumstances have changed (for example, matrimonial splits).

What documents are included in the Cleardocs package?

The Cleardocs package includes:

minutes or resolutions (as needed by your particular SMSF);
consents by the members and the employer-sponsor (if your fund has one);
notices to various parties, including the ATO; and
an Establishment Kit explaining the steps involved in winding up the fund.

The documents are signed off by top-20 Australian law firm, Maddocks.

Any questions?

If you have any questions about the SMSF Wind Up product, or any of our other products, please call our free helpline on 1300 307 343.

+Cleardocs Thomson Reuters

3 Essentials for Writing Your Family Constitution

2016-05-23T14:46:00.000+10:00

David Harland, Managing Director of FINH - Guest Blogger

Develop a structure to improve communication and strengthen your family and its business.

A family constitution acts as a governing document, much like the constitution for a country. It creates a process by which different members may settle disputes. It establishes a process for how rules are changed. Critically, it sets up a system for the family's policies for achieving family harmony and maintaining wealth over many generations.

Writing a constitution will not guarantee that your family and business will exist and grow in harmony, but it is an extremely useful tool to help accomplish those goals. If you are serious about creating a lasting, multi-generational legacy, you should consider a written and formal family constitution as a necessary step.

1. Create a Purpose Statement

Some members of your family might initially reject the idea of a constitution. This could be because of pre-existing grudges. The family leader (or counsel) should facilitate conversation about the purpose of the constitution and why it is important to the family and the business. Make it known the process is collaborative and that good communication is an important accomplishment, not just a means to an end.

A purpose statement is different than a family mission statement. Whereas a family mission statement — a very good idea and something you should strongly consider putting in your finished family constitution — is a unified expression of timeless values and principles, the purpose statement pertains specifically to the family constitution.

Your purpose statement doesn’t have to be formal or written into a signed document. Instead use it as a compass to guide conversation, stay on track, and generate buy-in for the process. It is often a good idea to get the respected voices in the family to accept the purpose statement first.

2. Respect the Process

J.R.R. Tolkien once wrote of his novels that “The tale grew in the telling.” In other words: The journey mattered just as much as the destination, and the story grew stronger just by sitting down and writing it.

This same principle applies to family businesses. Your family will grow stronger simply by trying to define its course. It is very difficult for this type of growth to happen, however, if there isn’t sufficient commitment from all those involved. A lack of focus or seriousness weakens the potential for intra-process growth. In a very real sense, the character of your family enterprise is defined as much by interaction between family members as the revenue generated through business activity.

Done correctly, the act of writing your family constitution should:

1. Improve family communication;

2. Highlight which skills family members need to develop, encouraging self-awareness;

3. Encourage a real conversation between executives, board members, counsel, and those with less authority;

4. Reveal potential tensions or conflicts that otherwise may have gone unnoticed;

5. Marry the similarities and expose the differences between family life and business life;

6. And Cultivate the next generation by discussing what it takes to run a successful and innovative business.

3. Embrace Outside Ideas and Counsel

Unless you have been through this process before, take the time to read outside material and contact expert sources. Ideally, outside ideas and counsel are sought out both before and after the review and implementation.

As long as you understand the differences and realise which is best for your specific needs, it does not really matter if the outside source is a professional “process consultant” or family business advisor. The most critical element is that the source be outside the existing family and business.

An outside counsel is likely to have interacted with many different family businesses. This allows the counsel to foresee potential conflicts that are outside of the scope of your family. The counsel is also likely to know which processes and remedies are best suited to the family business arena.

Outside counsel does not replace internal leadership. Nor can counsel write the entire constitution on its own. It is essential that the entire process be organic, inclusive, understanding, and taken seriously by all involved. When these pillars are in place, outside ideas and innovations can only help your family and your business grow stronger.

+Cleardocs Thomson Reuters

Family Constitutions: Are You Afraid to Start?

2016-03-24T16:57:00.001+11:00

David Harland, Managing Director of FINH - Guest Blogger

By now it’s a widely circulated fact that nearly 90% of Australian family businesses don’t survive into the third generation. It’s a really big problem, and no problem that large has a simple solution. But that doesn’t mean your family business can’t take a few simple steps to protect itself from falling apart when it’s time for the grandkids to lead.

Let’s classify family business failure into two groups. The first is business failure, which every business must deal with in their own way. The second group is family failure, which is a unique problem for family businesses. If you really want to put your company on equal footing over the long term, you need to be able to handle family problems before they hit crisis mode. To accomplish this, I’ve long argued for a written family constitution.

Family constitutions intimidate some people, but they shouldn’t. All a family constitution really does is clarify family values and create better rules for working together. I think it’s well worth every family business member’s time to learn about family constitutions.

If, after learning more about family constitutions, you are still afraid to start, consider this: the very process of building your own unique constitution will likely bring people together, strengthen family bonds, and create more emotional investment in the business.

The Benefits of a Formal, Written Family Constitution

I’ve recently outlined six good reasons to write a family constitution, but I’ll focus on a few more here.

Begin with one of the most obvious and easiest to overlook: the constitution is written and formal.

There’s an old Chinese proverb, “the palest ink is better than the best memory.” This is one of the unofficial themes of the Family Legacy Asia, a pro-family constitution advocacy group based just North of Hong Kong. The benefits of written rules are obvious for governments, schools, and even recreational sports leagues. Those same benefits can apply to families.

A family constitution creates rules and boundaries for family members. This isn’t a gimmick; the rules are intentionally created during a sober moment, before emotions run high, so everyone can agree on fairness and process.

The idea is to create a strong, unifying bond based on love and emotional acceptance, then codify it in a document for making decisions and resolving conflicts. A lot of family issues fester because members don’t have a safe, understandable way to discuss them.

A family constitution helps identify difficulties so they can be conquered. Every year, the KPMG and Family Business Australia survey family businesses. Every year, those surveys reveal that “balancing family and business issues” are a top concern, yet only a small minority of family businesses use a constitution.

Most importantly, a family constitution lets a family express and share its own values. Sharing values and teaching them to children is a highly underappreciated aspect of building a lasting family business model. Those values will inform the leadership structure, succession, community involvement, and long-term goals.

Get It Right the First Time: Use an Outside Facilitator

Each family constitution should contain certain rules, or themes, for successful implementation. This creates a problem or two. First, whomever negotiates and writes the family constitution should know what they’re doing. That person probably needs strong interpersonal skills and some kind of arbitration experience. Second, even if a family member possesses such skills, there might be budding conflicts of interest. It’s difficult to trust the impartiality of interested parties.

Of course, a family could write a constitution and amend it over time using trial-and-error. This approach isn’t very efficient, though, and leaves plenty of room for conflict or emotional hang ups. The better solution is to use a trusted outsider. Ideally, this should be an expert whose credentials aren’t questioned by the whole group and who can ensure the process is open-minded and accessible for everyone involved.

Only you and your family can decide if it’s worth creating a family constitution. The first step, though, is to learn about what a family constitution is and how it can help ensure long lasting, multi-generational success.

+Cleardocs Thomson Reuters

Alternatives to a limited AFS licence: what issues should I consider?

2016-03-01T16:15:00.000+11:00

Brett Walker, Managing Director of SMART Compliance

Many accountants are still yet to make a concrete decision about whether to obtain a limited Australian financial services (AFS) licence.

Right now I see 4 possible pathways for accountants in the SMSF space:

1. Stop operating altogether in the SMSF sector;

2. Re-structure your business to refer SMSF work “out” to a suitably qualified AFS licensee;

3. Become a representative of an established AFS licensee – institutional or otherwise; or

4. Become self-licensed by applying for a limited AFS licence

Let’s consider some of the practical issues involved:

Options 1 & 2: Stop operating in the SMSF space, or refer SMSF work out

The first two pathways are fraught if you want to still help clients with their retirement needs after 30 June 2016. If you plan to refer SMSF work out, you will need to make sure your business has clear policies for staff on what they can and can’t say to clients.

Incredibly, I am hearing that some accountants intend to just ignore the licensing regime and continue establishing SMSFs after July without a licence. I know how easy it would be for ASIC to get data from the ATO to confirm SMSFs established and the accountant who established them. ASIC will pursue unlicensed operators through the courts.

Option 3: Become an authorised representative of another licensee

The third pathway is really just a default choice, but the price of choosing this path is not just your independence (because dealers need to actively control what their representatives do), but also any dealer fee you must pay for the “safe harbour” of someone else’s AFS licence.

Anyone thinking they can simply “test the waters” with a dealer now and maybe opt to get their own limited AFS licence later should know this: “relevant experience” tests apply from July 2016. This means that each responsible manager will need to demonstrate 3 years’ experience in providing the relevant financial services. We simply don’t know yet if, after 30 June, ASIC will accept experience gained under the current accountants’ exemption.

So if you take this third pathway, you may have to wait until at least July 2019 to extract yourself from an unhappy marriage with a dealer. Therefore, those who are considering applying for a limited AFS licence of their own should consider applying by 30 June 2016 because the “experience” requirement is waived until that date.

Option 4: Obtain your own limited licence

The fourth choice – getting your own limited AFS licence – seems the logical pathway for anyone who wants to be able to dictate how they operate their SMSF business after 30 June.

Long term, I believe there will be a competitive advantage for any accounting practice that self-licenses because they will be able to adopt new ideas and adapt their business quicker than their dealer-controlled competitors. And the ongoing compliance obligations are simply not as brutal as some dealers would have you believe.

Don’t ignore the changes. Choose a pathway, choose carefully and choose now.

+Cleardocs Thomson Reuters

Accountants need to get RG 146-compliant now

2016-02-11T17:05:00.000+11:00

Brett Walker, Managing Director of SMART Compliance

We are now only a month away from ASIC’s soft deadline (1 March 2016) for accountants to apply for their “limited AFS licence”. Those who don’t take action risk being (i) unable to operate their SMSF establishment business or (ii) forced to work under someone else’s banner from July when the “accountant’s exemption” ceases. You can read more about limited AFS licences on Cleardocs’ Limited AFS Licence Application page.

RG 146 compliance is the key

Accountants must complete an approved course in superannuation as a product class, plus have their generic skills assessed.

Critically, even if an accountant opts to work under someone else’s banner, they will still need to be RG 146- compliant in whatever financial product class they discuss with clients or they’ll be breaking the law.

Most accountants simply need to complete a course that covers (i) generic and (ii) superannuation product competence. This will permit them to provide general and personal advice about superannuation, including setting up SMSFs and arranging rollovers into them.

Optionally, if an accountant wishes to be authorised to also talk to clients about the various classes of financial products they can hold in an SMSF, the accountant should complete additional RG 146 training in:

Securities
Managed investments
Deposit products
Life insurance
General insurance

Given the fast-approaching March deadline to lodge a limited AFS licence application, I would suggest that accountants focus on completing the necessary training in generic and superannuation product competence, and complete training in the additional product areas if they feel they cannot refer this type of additional product advice out to a specialist.

RG 146 compliance training providers

By googling “RG 146 courses”, accountants will quickly discover the key players in the training sector for financial advisers (which now includes accountants).

Accountants should consider looking for online options that enable them to self-pace.

What is the deadline?

ASIC has repeatedly said that it will not extend the 30 June 2016 deadline when the “accountant’s exemption” ends, so accountants should assume that ASIC is serious when it says applications lodged after 1 March 2016 will probably not make it over the line by then.

Accountants can still apply after 1 March 2016, but they may not receive their licence in time for 1 July.

It’s time to get serious – and get RG 146-compliant.

Completing the ASIC application

The Cleardocs Limited AFS Licence Application package simplifies the process of applying for a limited AFS licence. Accountants receive the essential documents that ASIC requires, tailored to their practice, plus documentation of compliance policies and procedures and step-by-step guidance on completing the application process.

+Cleardocs Thomson Reuters

New - Limited AFS Licence Application

2016-02-05T16:19:00.000+11:00

Sharmistha Bose, Product Marketing Specialist

Cleardocs is pleased to introduce the Limited AFS Licence Application document package. This simplifies the process of applying for an accountant's limited Australian financial services (AFS) licence.

Accountants who advise on SMSFs and need a limited licence receive the essential documents that ASIC requires, tailored to their practice. The package also includes documentation of compliance policies and procedures plus step-by-step guidance on completing the application process.

You can order the Cleardocs Limited AFS Licence Application document package online for $1,320 (inc GST).

Who needs to apply for a limited AFS licence?

Anyone who plans to give advice about SMSFs after 30 June 2016 and does not hold an AFS licence should consider applying for a limited AFS licence.

Currently, the "accountants' exemption" in the Corporations Regulations 2001 allows recognised accountants to give advice about SMSFs without holding an AFS licence. However, this exemption will be repealed from 1 July 2016. Those who wish to continue giving SMSF advice from that date will need to hold an AFS licence (full or limited) or become an authorised representative of an AFS licensee.

What documents are included in the Cleardocs Limited AFS Licence Application package?

The document package includes:

"Core proofs" - these are the essential documents that all applicants must prepare as part of their application
"Non-core proofs" (additional proofs) - this is additional documentation of compliance policies and procedures that you must provide if requested by ASIC
Question-by-question guidance on completing the online ASIC application form
An Establishment Kit explaining all the steps in the application process, and ASIC guidance on how to prepare the required cash flow projection.

The package does not include lodgement of the ASIC form - you must do this online via the ASIC website. However, the Cleardocs document package includes step-by-step guidance on how to complete and lodge this form.

Can someone check my documents before lodgement?

Users who would like a licensing expert to check their documents before lodgement can choose an optional review service from licensing expert SMART Compliance for an extra fee of $330 (inc GST).

Any questions?

If you have any questions about the Limited AFS Licence Application package then please contact Harin Wijenayake on 0415 227 533 or at harin.wijenayake@thomsonreuters.com.

+Cleardocs Thomson Reuters

Getting Cohesive for the Long Term in Family Business

2016-01-28T15:47:00.000+11:00

David Harland, Managing Director of FINH - Guest Blogger

The best family businesses can grow for generations, but, unfortunately, many families struggle to attain long-lasting continuity. What sets successful family businesses apart? In one word: intentionality. Successful businesses have a self-awareness power, and they don’t act randomly or on a whim.

Previously, I’ve outlined some of the major missteps that contribute to family business failure: lack of financial education for successors, not teaching responsibility or sharing values, ineffective corporate governance structures, and little-to-no succession planning. Here, I want to shift gears and focus on being proactive and making positive decisions.

Here are three things every family business should try to build:

1. Consistent Leadership and Vision

The U.K. based BDO Centre for Family Business finds that only 13 per cent of global family businesses reach the third generation (Australian statistics are roughly the same), but those 13 per cent share similar qualities. Not surprisingly, the BDO Centre argues that culture is more important than a company’s specific business decisions.

In my many years around Australian family businesses, I’ve seen first-hand how successful families engender a culture of leadership and vision. They promote a common purpose and sense of belonging, starting from the top and matriculating down through the ranks. They’re proud of each other and their name, and they’re committed to seeing that tradition passed down from one generation to the next. Great family businesses are unique because they are patient and care for everyone involved.

Each family has a special personal brand, with a unique vision that can create cohesion, growth, sustainability, and, ultimately, profitability. Not coincidentally, a 2014 Ernst & Young study – which collected responses from more than 1,000 global family businesses – found that “cohesive family businesses also have a strong positive effect” on their community and the environment.

2. Contributions from Mothers and Daughters

Women contribute more to family businesses than in any other type of company, and it pays off. There’s been a lot of good research of this topic in recent years, but you don’t need the data to understand why it works. Women bring unique talents to the table, and mothers and daughters are crucial members of the family unit; it’s logical to assume that women are crucially important to family businesses, too.

More than 70 per cent of businesses in the E&Y study were considering a female for succession. This is likely a good business decision, since we have reason to believe that women make more successful leaders on average.

Want to create long-term cohesion? Get mother and sister involved. Have them contribute to business decisions – especially succession planning. Female coworkers and leaders are particularly good for encouraging unity, collaboration, flexible thinking, and a culture of caring.

3. Clear Communications and Strategic Planning

Once the critical emotional foundations are in place (leadership, vision, contributions from both genders), strategic planning is the next step for cementing long-term cohesion. Family businesses need to plan around lots of obstacles – taxes, competition, when and how to reinvest, day-to-day management, etc – but arguably the most daunting is formal succession. Failure here can bring down even the strongest companies.

Create written succession plans with input from everyone affected. Cleary communicate with each other about what needs to be accomplished and how the family wants to define itself. I’ve often endorsed the idea of a Family Constitution, which is a collaborative and formal family governance document. The Family Constitution should contain rules for nominating, training, and appointing management. There should be rules of conduct. It should establish the rights and obligations of family and non-family members of the business. You’ll also need procedures for amending the constitution.

I’ve written more about this topic here. A Family Constitution isn’t just a document; it’s a powerful process. It creates a unified vision and then structures that vision in written substance. Families will learn more about each other, their business, their values, and how to work with one another to ensure multi-generational success.

+Cleardocs Thomson Reuters

New: Refer a Friend Program

2015-12-21T14:30:00.000+11:00

Sharmistha Bose, Product Marketing Specialist

Do you love using Cleardocs and have you already referred us to numerous friends, family members and colleagues? Here is our way of saying thank you – introducing our new Refer a Friend Program.

At Cleardocs, we love providing our users with great value, especially those who continually support us. Simply tell your friends why you love Cleardocs and every new user who joins Cleardocs as a result of your referral gets 25% off their first document.

What do you get in return? Once they’ve made their first purchase with Cleardocs we’ll give you 25% off your next legal document.

What are the steps involved to refer someone?

3 easy steps:

1. Log into your Cleardocs account, then click on your email address or username on the top right hand corner of the page and select ‘Refer a Friend’ from the drop down box.

2. On the invitation page, enter your friend’s email address and review the default email subject and body. Please note that only 1 email address can be entered at a time so we can track your referrals accurately.

3. Click on the “Open Invitation” button. This opens up the default desktop email client installed on your computer i.e. Microsoft Outlook, Apple Mail, etc. Alternatively, you can copy the unique invite link and send it to your friend via a web client i.e. Hotmail, Gmail, Yahoo, etc.

It’s as easy as that. Best of all, there is no limit to the amount of credit you can earn through referrals. So if you’re happy with Cleardocs, why not tell all your friends that need us and you get to reap the rewards.

What are the exceptions?

1. An existing Cleardocs user cannot be referred.

2. The referral recipient needs to register a new account using the same email address and unique link as sent by the referrer to be eligible for this program.

3. The referrer cannot forward the invite to multiple friends. A unique link will need to be created through the “refer a friend” page for each referral for it to be accurately tracked.

4. The referral recipient will have to create a new account with Cleardocs and purchase their first Cleardocs document within 30 days of receiving the invite for the referrer to get 25% off their next Cleardocs purchase.

5. For privacy reasons we do not record or store any personal details and cannot disclose if your referral recipient is already registered with Cleardocs.

6. This offer cannot be used in conjunction with any other promotions, printing and binding costs, and ASIC fees.

+Cleardocs Thomson Reuters

6 Good Reasons to Write Your Family Constitution in 2016

2015-12-18T10:57:00.000+11:00

David Harland, Managing Director of FINH - Guest Blogger

It is important for every family to communicate effectively – especially for families in business. This communication is necessary to reach decisions that optimally balance the needs of both the family and the business. As the complexity of family and business relationships increase, families can turn to the process of developing a formal “family constitution” as part of a healthy communication and decision-making environment.

While not legally binding, a family constitution is accepted by the family when there is positive recognition and buy-in from all involved. The process and the policies created within a family constitution are always reflective of the values and beliefs of the family group. The intent is to build around a sustainable model that promotes generations of pro-growth decisions.

Here are six reasons why you should start developing your family constitution in 2016.

1. It Will Lay the Groundwork for Tough Decisions

Family business leaders have to make the same difficult decisions that any regular business leader needs to make, except that the family business leader often has to consider complex personal and family relationships.

It’s easy to make judgments based on emotion in family businesses, which is why a pre-determined, rational family constitution can help cooler heads prevail. Through developing an effective constitution, the family will have already identified the basis on which critical decisions will be made.

2. Your Chance to Create Ethical Guidelines

Family constitutions are bound by moral force. If you are serious about building a unique, marketable brand, for both employees and customers, then it’s important to have a business code of conduct. Equally, your family constitution can lay out the preferences of the family in how they, as shareholders, would like the company and it’s capital to be directed, provide family thinking around certain shareholder decisions and influence the culture of the business and its employees.

These guidelines can also include family conduct outside of the business, conduct with any social media interaction, and communication processes between family members.

3. Build Cohesion and Internal Harmony

A family constitution is developed by the family group. Ideas are workshopped and opinions are shared. When consensus is reached, it’s done so based on education and robust family communication around the relevant matters. Members of the family learn together through a participative process. The resulting document is a codified representation of internal agreement and harmony.

4. The Chance to Improve Your Bottom Line

Though not a cure all, the process of creating a family constitution performs a lot of critical functions that can make businesses more effective and, by extension, profitable. The family constitution defines the leadership structure, provides a tool for succession, informs communication and conflict resolution guidelines. Perhaps most importantly, it clearly and concisely identifies the family’s long-term goals. With that clarity in mind, it’s easier to take effective action to build a profitable company for the long term.

5. Establish the Rules around Conflict

Conflict is a natural part of running a business. However, when colleagues and employees are also family members, ordinary conflict can take on new dimensions. You should have a plan in place to deal with conflict if your business is going to build a strong, multi-generational legacy. No family constitution can prevent conflict entirely, but it can provide a road map to successfully manage, resolve and define conflicts in a constructive way.

6. Plan Ahead for Those Entering and Leaving the Family Business.

No challenge is as serious or as easy to mishandle for family businesses as the issue of family members transitioning both in and out of the organisation. Creating a family constitution provides a robust framework for families to commence their communication and education around succession. Policies such as the employment and remuneration of family members in the family business, education expectations, stewardship and philanthropic activities can all be discussed when writing the constitution. A constitution is a dynamic document so initiating formal family meetings as part of this process can ensure the items previously resolved can always be open for discussion and improvement.

+Cleardocs Thomson Reuters

New product: Family Constitution

2015-12-18T10:00:00.000+11:00

Sharmistha Bose, Product Marketing Specialist

Cleardocs is pleased to announce a new addition to our Estate Planning suite.

You can now use Cleardocs to create a Family Constitution. This is a non-legally binding document that sets out a family’s wishes for achieving harmony within an intergenerational family business. It is designed for use in any country.

Order the Cleardocs Family Constitution online for $385.00 (incl.GST) now.

What is a Family Constitution?

The Family Constitution is a record of policies developed collaboratively by the family. The family may choose policies currently relevant to them while leaving others until later. They may also customise the details of the policies for the family’s particular circumstances.

The Family Constitution helps families to:

• focus on communications, development and harmony;

• transition the stewardship and ownership of family wealth, including business interests, to the next generation; and

• maximise benefits and manage complexities of being a family in business.

What topics does the Family Constitution cover?

Having a Cleardocs Family Constitution in place allows the family to record, among other things:

• the family’s values and principles;

• family aspirations for their business interests;

• establishment of a governance structure;

• decision-making and conflict resolution;

• policies for important matters such as the employment of family members in the family business and education and development of family as current and future stewards;

• overarching investment strategy;

• communication within the family and the business; and

• liquidity and the entry into and exit from the family business.

The Family Constitution has been expertly drafted by family business advisory firm FINH.

+Cleardocs Thomson Reuters

New: Amendment to SMSF borrowing

2015-12-02T13:14:00.000+11:00

Sharmistha Bose, Product Marketing Specialist

In response to your feedback, Cleardocs is pleased to introduce the new Amendment to SMSF borrowing document package.

This document package allows you to vary the Declaration of Custody Trust (Custody Trust Deed) that the SMSF purchased as part of the SMSF borrowing (bank) document package and which has been signed.

It assists to easily resolve common lender issues with your existing Custody Trust Deed and pre-populates details from your SMSF borrowing (bank) document package order.

You can order a Cleardocs Amendment to SMSF borrowing for $308.00 inc. GST.

What changes to the Custody Trust Deed are covered?

Sometimes, the lender and the details of the authorised investment change after the Custody Trust Deed has been signed - and the lender may require the Custody Trust Deed to be varied to address the changes.

The Cleardocs Amendment to SMSF borrowing document package covers the following variations to the Custody Trust Deed:

change in lender; and
change of any other details of the authorised investment in the schedule to the Custody Trust Deed (such as the loan amount and settlement date).

What documents are included in the Cleardocs package?

The document package includes:

the Deed of Variation that varies the SMSF's existing Custody Trust Deed; and
an Establishment Kit explaining what to do next.

Is a Cleardocs Custody Trust Deed required for this document package?

Yes. To use this document package, the SMSF needs to have a Cleardocs Custody Trust Deed purchased as part of the SMSF borrowing (bank) document package. This package is intended to supplement the SMSF borrowing (bank) document package and is drafted for consistency with those borrowing documents.

As with all our packages, the legal documents are signed off by top-20 Australian law firm, Maddocks.

Any questions?

If you have any questions about the Amendment to SMSF borrowing or any of our other products, please contact our free helpline on 1300 307 343.

+Cleardocs Thomson Reuters

Tips on how to navigate through the new website

2015-11-12T14:58:00.000+11:00

Sharmistha Bose, Product Marketing Specialist

Cleardocs unveiled an exciting new look on the website yesterday with simplified navigation and intuitive features for more efficient document creation.

Like any change, a few questions are often asked about how to effectively and effortlessly navigate through the site. Here are a few tips to keep in mind for easy navigation.

How do I know what the changes are?

To guide you through all the changes we have provided a website 'layover'. We encourage our users to take the time to go through this 30 second helpful tour to get a better understanding of all the changes.

This layover will appear just once, when you first log into your Cleardocs account, but it can be accessed again via the blue 'Demo' button on your 'My documents' page.

Where is My Documents?

My Documents is where all your pending and completed documents are stored. Once you are logged in look for the cog icon, next to your email address, on the top right-hand corner of the page. This is the new access point to 'My Documents', 'My Profile' and 'My SMSFs'. This feature works when you click on your email address as well.

What will remain the same?

The Resources page can still be navigated from the top left banner of the site. Here you will find information such as frequently asked legal questions, sample documents, checklists, videos and more.

Cleardocs will still have its helpful search engine to search the entire website for relevant articles, blogs, documents or FAQs.

Our helpline, the extensive range of legal documents and service remain unchanged. We are excited for you to experience our new website and look forward to any feedback.

+Cleardocs Thomson Reuters

Special Offer: Tax Issues for Start-Ups Webinar

2015-10-22T11:12:00.000+11:00

Stuart Barton, Customer Service Representative

Tax Issues for Start-Ups Webinar provides start-up founders and Tax and Accounting professionals with information to help identify potential tax pitfalls for those involved in startups and explain potentially unfamiliar concepts, such as crowdfunding.

The cost of the webinar is $110 and includes Business Name Registration through Cleardocs.

The presenter at the webinar is Edward Consett, a Senior Associate in the Melbourne office of Greenwoods & Freehills. He has a Master of Laws from the University of Melbourne, is a member of the Institute of Chartered Accountants in Australia and has been admitted as a Solicitor of the Supreme Court of Victoria.

What are the learning outcomes?

Participants in the webinar will:

gain an understanding of available business structures and their tax implications;
understand the importance of “carrying on a business” for tax purposes and the complexities that can arise for startups; and
be able to knowledgably discuss the available crowdfunding models and the key tax consequences of adopting each model.

What are the details of the webinar?

Date and time

Friday 6 November 2015, 13:00 – 14:00 AEST

Cost to delegates

$99.00

Bundle Offer with Cleardocs

$110 for a Cleardocs Business Name Registration (valued at $38.50) + Webinar (total discount of 20%).

Link to register

http://onesourcetraining.thomsonreuters.com.au/au/course-catalogue/other/checkpoint-learning/au-events/40-tax-issues-for-startups-webinar

What is Checkpoint Learning?

Checkpoint Learning comprises a series of professional development programs consisting of face-to-face workshops, webinars and self-paced online learning modules. Through the flexibility of program delivery and high-quality tax, accounting and financial content, Checkpoint Learning programs provide delegates with the skills and expertise pertinent to the latest industry developments. By attending Checkpoint Learning programs, tax, accounting and financial professionals are also able to obtain the required numbers of CPD points.

You can view their other events here:

http://onesourcetraining.thomsonreuters.com.au/au/course-catalogue/other/checkpoint-learning/28-au-events

Any questions?

If you have any questions about the Tax Issues for Start-Ups Webinar or any of our other product features, please call our free helpline on 1300 307 343.

+Cleardocs Thomson Reuters

How do I replace a deceased trustee in an SMSF?

2015-10-01T14:53:00.000+10:00

Sharmistha Bose, Product Marketing Specialist

We have recently been receiving an increase in customer enquiries about recording a change in trustee after one has passed away. Based on the feedback, we’re happy to announce the release of our new SMSF product, Change SMSF trustee (death of a trustee).

Dealing with a trustee’s death can be quite confronting and if there is a requirement to amend the SMSF trust deed, up until now, the process has been more convoluted than necessary. The solution offered by a few document providers is to require you to place an order for a normal SMSF Change of Trustee and then, to provide the underlying trust deed to them so they can customise or manually amend the documents. Costs associated with this are quite high along with the likelihood of errors due to the double handling.

Cleardocs aims to be different. We have designed a document package that specifically caters for the situation of the death of a trustee. After placing an order with us, there is no further manual drafting involved. You will immediately receive a link to download your ready-to-sign documents.

What scenarios for change of trustee are covered?

This document package is only required if there is one surviving individual trustee and the fund wishes to replace:

the deceased trustee with 1 or more individual trustees; or
individual trustees with a corporate trustee.

If there are 2 or more surviving trustees, the structure complies with the SIS Act and the fund is not required to replace the deceased trustee. If the fund does wish to, one of the other Change SMSF Trustee document packages can be used to appoint additional trustees.

You can read more about the requirement to amend the SMSF trust deed in our ClearLaw article “The reality of ageing SMSF trustees: death of an SMSF trustee”.

What are the benefits of the new document package?

Documents generated online within minutes.
The documents are complete and ready-to-sign – no further drafting is required.
Deals with the reality of an ageing population and the ageing of SMSF trustees.
An SMSF does not require an underlying Cleardocs trust deed to use this document package.
For a change from individual trustees to a corporate trustee, we will also update your trust deed to the latest version of the Cleardocs deed.
Our master documents are expertly drafted by lawyers at top 20 law firm, Maddocks.

+Cleardocs Thomson Reuters

Cleardocs wins CoreData SMSF Service Provider Award

2015-09-21T16:49:00.000+10:00

Harin Wijenayake, Marketing & Business Development Executive

Cleardocs is excited to have won Best Trust Deed Supplier, SMSF Member Category, at Core Data’s 2015SMSF Service Provider Awards.

The awards night was held on Thursday, 17 September 2015 at Doltone House, Hyde Park, Sydney. Michael Horton, Thomson Reuters’ Commercial Director for Tax & Accounting, attended on behalf of Cleardocs and accepted our award.

The SMSF Awards are designed to recognise the best service providers as rated by SMSF trustees and SMSF-advising financial planners and accountants. The finalists and winners were decided using results from CoreData's SMSF Service Provider Study 2015. Approximately 1,200 responses were collated in the.

The Cleardocs team would like to thank all of you – our valued customers – for your continued loyalty over the years.

It’s great to get recognition for the quality of our documents from you, our customers.

We look forward to working with together with you in the years ahead.

+Cleardocs Thomson Reuters

We couldn't wait to tell you - Cleardocs and BGL have integrated!

2015-09-10T16:07:00.000+10:00

Sharmistha Bose, Product Marketing Specialist

Earlier in the year when we announced our first partnership of 2015, Ercan Barlas, our Technical Lead and Project Manager, promised you we would be back with more partnerships. We have kept our word.

Cleardocs are pleased to announce a new partnership with BGL, Australia’s leading supplier of superannuation and corporate compliance software solutions. We have integrated with BGL’s Simple Fund 360.

How does this help you? A seamless integration with BGL Simple Fund 360 allows you to pre-populate the Cleardocs question interface with your existing BGL fund information. Saving you time and typing.

Currently, users are able to take advantage of the integration when ordering the following document packages:

1. Superannuation Trust (SMSF) set up;

2. SMSF borrowing (related party);

3. SMSF borrowing (bank); and

4. SMSF Pension Pack.

What is the process?

In order to pre-populate your answers, start a new order on the Cleardocs website and then click on “Use details from BGL Simple Fund 360” when the interface gives you the option to auto-populate your answers.

The Cleardocs system then:

· directs you to the BGL website to log in with your credentials and authorise Cleardocs to access your fund information;

· returns you to the Cleardocs interface and prompts you to choose your preferred BGL fund from a drop down box; and

· auto-populates the interface with your BGL fund information.

All security measures have been approved by both BGL and Cleardocs to ensure that your details are safe and protected. For privacy reasons, Cleardocs does not have access to any of your BGL login details. BGL only provides Cleardocs with certain contact information.

For further queries about the BGL Simple Fund 360 integration with Cleardocs, please contact our helpline on 1300 307 343 or via email on support@cleardocs.com.

+Cleardocs Thomson Reuters

Deeds and agreements: Is there a difference?

2015-08-25T12:19:00.000+10:00

Sharmistha Bose, Product Marketing Specialist

In true Cleardocs style, I’d like to take the opportunity to introduce myself as the new Product Marketing Specialist that joined the company back in May.

A little bit about myself, I am a true-blue Taurean of Indian descent. I enjoy meeting new people, exploring new places and like any other Gen Y I simply cannot function without my phone.

I must cheekily admit that I barely made it into the Gen Y category and even though we cop a bit of flak I’m happy to be in it - simply because it makes me sound younger than I am! True to my roots, I love spicy food. No food is ever too hot for me and if you like spicy food as much as I do then I know we’ll get along like a house on fire.

As the newest recruit of Thomson Reuters Cleardocs, I’ve spent a large part of my first few months getting to know the wide range of legal documents Cleardocs has to offer.

Coming from a digital advertising and marketing background, learning about legal products and its nuances has been quite challenging, but at the same time interesting and thought-provoking.

From SMSFs to Company Registrations, my product training has been filled with curious questions. One of those questions was revolved around what the difference between a deed and an agreement was – especially because I saw them as fundamentally having the same function. And how can you tell whether a client requires a deed or an agreement?

I later found that the helpline too have had similar questions asked by cusomers. On further investigating, I found a very useful article that Maddocks wrote for Cleardocs called Understanding the differences between an agreement and a deed: lessons from 400 George Street (QLD) Pty Ltd v BG International Ltd.

The case confirmed that, in general, deeds and agreements are distinct in two principal ways:

for a document to be considered a deed, it needs to fulfill certain protocols; and
even if the document doesn’t require parties to pay one another or provide goods or services, parties to a deed can still enforce it against one another, unlike an agreement.

For further information, you can read the full article here.

If you require legal assistance to decide which option is best for your business or your client, please contact our helpdesk on 1300 307 343 and we can arrange a referral to Maddocks for a quote.

+Cleardocs Thomson Reuters

Shareholders Agreements – the basics explained

2015-07-29T11:27:00.000+10:00

Cassandra Townsend, Manager, Precedent Lawyer and Denice Fraser, Marketing Manager

This blog addresses some common questions and interesting points around Shareholders Agreements.

What is the difference between a Shareholders Agreement and Company Constitution?

A Shareholders Agreement supplements the company Constitution. Its specific purpose is to record how the shareholders will operate the company and their relationship with each other. It often covers similar matters to a Constitution, however provides more detail or deal with a range of scenarios not commonly or comprehensively dealt with in the Constitution.

Provisions of the Cleardocs Shareholders Agreement include:

adopting and amending business plans;
rights of shareholders to appoint board members;
decision making by the board and shareholders; and
transfer and disposal of shares.

How does a Shareholders Agreement work with a Company Constitution?

To create a Shareholders Agreement, the company requires a Constitution however it does not require an underlying Cleardocs Constitution. Generally, if there is an inconsistency between the shareholders agreement and the Constitution, the relevant provision of the shareholders agreement will apply. This is dealt with in more detail in our FALQ “Shareholders agreement v Constitution: which takes priority”.

Do I need a Company Constitution and a Shareholders Agreement?

You should seek professional advice whether the Corporations Act and Constitution (if any) adequately provides for the company’s specific circumstances. Maddocks advises Shareholders Agreements are usually implemented when the company’s shareholders are dealing at arms-length.

Why use a Cleardocs Shareholders Agreement?

The Cleardocs Shareholders Agreement:

is more comprehensive than most shareholders agreements - our Shareholders Agreement includes options to provide detail on a range of activities and is drafted in a way to allow for all constitutions (not just companies with an underlying Cleardocs Company Constitution);
is signed off by top 20 Australian law firm, Maddocks - so you can be assured of its compliance and quality;
is better than a buy/sell agreement: A buy/sell agreement is in essence, a buyout agreement. A shareholders agreement can cover these arrangements, in addition to the day-to-day management and control of a company; and
creates an opportunity for accountants, financial planners and legal practitioners to work with clients on business succession planning (an emerging area in estate and financial planning) issues.

+Cleardocs Thomson Reuters

CONFESSIONS OF A LAWYER ON DOCUMENT AUTOMATION

2015-07-07T10:19:00.001+10:00

Cassandra Townsend, Manager, Precedent Lawyer

When I was practising in law firms, having access to a precedent, rather than drafting a document from scratch, made life much easier.

There were a number of precedent systems I used such as:

merging a master file of client details in Word Perfect with precedents for commonly used letters and Court forms in our existing precedent bank;
copying a document used in a prior matter, manually changing the details where relevant;
typing out a precedent found in a trusty text in the Law Library; or even
creating a precedent myself, maybe saving it in my own drive on the firm’s computer system where no other lawyers in the firm could access it (or even know I had it).

When I started working at Cleardocs, I learnt about online document generation – single use, pay per use document creation. In my experience, lawyers are used to storing precedents for multiple use – where use of a precedent to create a document tailored to specific circumstances of a client or matter has varying degrees of manual elements.

I can now appreciate the benefits and efficiencies that online legal document generation brings to the working day of professionals. The table below sets out some benefits, using our ClearWill withTestamentary Trusts document package as an example:

Benefit	ClearWill with Testamentary Trusts
An online service avoids the time, cost and complexity of installing software.	Cleardocs is easy to implement – visit our website and sign up to Cleardocs for free. You can then immediately start creating your documents.
An online service is available 24/7.	Through Cleardocs, you can create your documents anywhere and anytime, at your convenience.
There is no need to retype the same details – the automation provides a solution to the cumbersome manual form filling.	A complex will can be 50 pages or more. Rather than typing say, the willmaker’s name on each page required, you type it once into our online question interface and the Cleardocs system populates it all required parts of the document.
If your firm does not have a precedent, using an online document provider allows the firm to efficiently operate in new areas.	You can easily create a complex will for a client even if estate planning is not generally an area you practise in.
Using online legal document providers avoids the need for you to spend time updating your existing precedents to reflect changes to the law, allowing you to spend more time with your clients.	ClearWill with Testamentary Trusts, as with all our documents, is consistently and comprehensively maintained by our lawyers at Maddocks to comply with all laws.
Credible online legal providers work with law firms so that you can be confident you are delivering quality documents to your clients.	Cleardocs partners with Maddocks lawyers, a top 20 Australian law firm. Maddocks signs off all master documents, question interfaces and legal information on our website.

You can read our earlier blog about problems with using precedents to create legal documents.

For more information about ClearWill with Testamentary Trusts, or any of our other document packages, please call us on 1300 307 343.

+CleardocsThomson Reuters

Click ‘Start New Order’ to register your first company with Cleardocs and receive 60% off*

2015-05-22T11:49:00.000+10:00

Ercan Barlas, Technical Lead, Project Manager

Cleardocs would like to reward new Company Registration customers for being organised.

With the end of the financial year fast approaching, be organised and get in early to receive your first company registration for only $506.50 including the ASIC fee. Whether you’re setting up a corporate trustee for your super fund or starting a new business, now is the time to get clicking.

For a limited time only, as a thank you for ordering your first company registration with Cleardocs, you also get to choose one of the following Employment & HR document packages for free:

What’s included in your package?
The documents included in your package are signed off by our top 20 law firm in Maddocks:

Certificate of Registration - which shows the ACN (Australian Company Number), the date of registration, and the registered company name;
the company's Constitution;
Consent to act as Director;
Consent to act as Secretary;
Application for shares;
Minutes of a meeting of directors;
Share Certificates;
Consent to act as Public Officer;
Notice of appointment of Public Officer; and
an Establishment Kit explaining what to do next.

This limited offer of 60% off on your first company registration plus a complimentary package valued at $99 is valid only till 30 June 2015. In total, you’ll save $187 on two trusted Cleardocs packages, catered to your business needs.

Your Employment & HR document choice can be completed after your Company Registration is ordered.

*This offer only applies to users registering their first company through Cleardocs. 60% off Cleardocs fee. Excludes ASIC fees, printing, binding and courier costs. Offer ends 30 June 2015.

+Cleardocs Thomson Reuters

ASIC rejections due to an existing business name

2015-05-05T14:31:00.000+10:00

Grant Stoddart, Customer Service Representative

As we approach one of the busiest times of year for company registrations at Cleardocs, I thought I would address a common query about ASIC rejections. Some of you might discover ASIC has rejected your company registration on the basis the name you want to register is identical to an existing business name.

It is ok for ASIC to register a company with a name identical to an already registered business name provided the business name holder is involved in the company and meets ASIC’s requirements in terms of the level of their involvement.

ASIC advises that in order to register a company using an existing business name,the following conditions must be met:

If the business name is held by a:	ASIC registration requirements for the company are:
Sole trader	The sole trader must be a director
Partnership	Each partner must be a director
Trust	Each trustees of the trust must be a shareholder, and a copy of the trust deed emailed to ASIC
Company	The company must be a shareholder in the new company

After you submit your application to ASIC, its system will flag the existence of the identical business name and ASIC will reject the application. All you need to do is call or email Cleardocs support and we will lodge the application manually for you, confirming with ASIC that the above conditions have been met. As this application will be manually reviewed by ASIC, it will take a bit longer to process, but in most instances the company will be registered on the same business day.

If the company has no connection to the existing business name, or does not agree to the ASIC requirements in the table above, then they will need to choose a different company name to register.

For further information about ASIC rejections or Cleardocs document packages, please call our helpline on 1300 307 343.

+Cleardocs Thomson Reuters

Software Assistant

2015-04-22T15:58:00.001+10:00

Denice Fraser, Marketing Manager

Software Assistant was recently acquired by Thomson Reuters and an integration of the product and interface platform has taken place.

As part of this integration, Register Assistant company registrations are being managed through Cleardocs. Register Assistant customers were moved to Cleardocs and are now enjoying our document creation process.

Our ability to swiftly work through product and platform integrations such as this reinforces our focus to remain agile and relevant to small accounting practices.

In order to address user pain points or cloud-based solution trends, we continue to work with business partners and customers alike, in proactive and reactive ways.

Through our regular communications and contact with you, you may occasionally hear about the products and services Software Assistant has to offer tax and accounting practitioners.

Please be assured that if we do share information on the solutions available through Software Assistant, we will only do so because we believe the information may be of interest to you. Any contact will only be made through unobtrusive means and you are able to opt-out of receiving emails on product updates at any time.

Should you require further information on Software Assistant please visit this web page.

+CleardocsThomson Reuters

Successful succession planning for your family business

2015-04-09T09:08:00.000+10:00

by Thomson Reuters

Family businesses operate through many different legal structures. Examples include:

Business succession planning has become a very "hot topic" given the ageing population of business owners. It is all too often a last-minute consideration, but planning for succession involves many issues and should be done well before an owner exits the business.

Family Business Succession Guide, 2nd Edition, written by Sue Prestney, Partner at PwC Private Clients, and published by Thomson Reuters, provides a practical approach to family business succession planning. Owning and operating a family business can be greatly rewarding but involves complexities that result from the interaction of family and business. It is important that families get the right advice when dealing with the issues involved in passing on their life's work. Poorly handled succession can damage both the business and the harmony of the family.

This book takes the reader through a succession planning process using the family business constitutions to address the typical issues involved in succession and the interactions of family and business.

Containing many practical examples, diagrams and case studies direct from the author's first-hand experiences, this guide outlines the practical process to be following under a succession planning assignment. The book also helpfully includes planning checklists that can be used as templates by advisors and SMEs themselves to ensure they get off to a good start on succession planning.

Further information, including details of how to obtain your copy, is available on the Thomson Reuters website. It is too important not to be planned well in advance.

+CleardocsThomson Reuters

CLEARDOCS PLATFORM AND MACQUARIE CMA SERVICE INTEGRATION

2015-03-13T17:18:00.000+11:00

Vijay Iyengar, Design Analyst

At Cleardocs we are constantly looking to simplify processes and improve the services we provide to our customers.

In mid September 2014, the Cleardocs platform integrated with the existing Macquarie CMA service. This software integration provides pre-population and electronic submission of the Macquarie CMA (Cash Management Account) application - an important time saving activity for our professional users.

Cleardocs users can initiate the Macquarie CMA process with two of our SMSF products.

Users can opt to initiate an application for their Macquarie CMA directly when completing an order.

If you do not have a “Macquarie Company Code” or hold an AFSL, a CMA application will be submitted to Macquarie in the form of an “Expression of Interest”, upon which Macquarie will send an email to applicants to finalise the application. If you hold a valid AFSL, then you will be directed to the Macquarie website to finalize their application.

Once you complete your Cleardocs payment, you can submit a CMA application to Macquarie by entering ESI credentials.

ESI credentials are comprised of an authentication code paired with an authentication password issued by the Macquarie Adviser Services (MAS) to Macquarie website users. It is used by external systems to authenticate when using ESI services on behalf of a user. An ESI configuration on the MAS website is essential to be set up by the user, in person, before initiating a CMA application through Cleardocs.

GETTING ESI CREDENTIALS FROM MACQUARIE

On the MAS website in the “ESI setup” screen, click on the link to generate authentication details. A screen prompting for the Macquarie Access Code( MAC) to authorize the setup is shown.

An authentication code and password are generated and displayed. Record this in a secure location. All subsequent web service calls from Cleardocs will use them to authenticate.

These details are valid only for a year. They will expire thereafter and no longer be usable with Cleardocs.

SECURITY

We care about the security of your data, and security has been a high priority in the software development process. We are proud that we are fully compliant with Macquarie security requirements and have taken all the necessary measures to keep your data safe.

+CleardocsThomson Reuters

Welcoming Business Name Registration to the Cleardocs line-up

2015-03-04T09:33:00.000+11:00

Cassandra Townsend, Manager, Precedent Lawyer

We’ve received a fantastic response to our first new document package for the year – Business Name Registration.

Customers tell us they are delighted to be able to stay on our website and take advantage of this additional step in the business set up process.

Also, as a Cleardocs first, the product incorporates the time-saving feature of pre-population of company name holder details from previous Cleardocs orders – making the document creation process faster and easier.

The following resources are now available on our site to assist you in the exciting step of starting a business:

1. A real-time check against ASIC’s database of business name availability when you enter your proposed business name in the online question interface.

2. If you’re stuck for business name, you may like to read our case study on the Cleardocs business name. It outlines the process that Cleardocs founder, Christopher Balmford, went through to choose a business name and relevant considerations.

3. We’ve prepared a checklist of information you will require to complete your business name registration through Cleardocs.

4. As you will need to specify the ABN of the business name holder in your order, we’ve provided an ABN & TFN checklist showing the questions you will be asked when applying for your ABN.

+CleardocsThomson Reuters