Question 1

How long does this document take to assemble?

Accepted Answer

Depending on the complexity of the data, this document should take approximately 30-50 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts .

Question 2

Can I get a sample of this document?

Accepted Answer

Yes, please email support@lightyeardocs.com.au to request a sample document for you to review.

Question 3

How does it differ from a standard SMSF?

Accepted Answer

The Leading Member SMSF is based on the LYD SMSF with the added benefit of limiting Trustees and Members to lineal descendants via the use of a Leading Member. A Leading Member controls the Fund and succession planning for the Leading Member is catered for in the LYD Leading Member SMSF.

Question 4

Can my SMSF be upgraded to a Leading Member SMSF?

Accepted Answer

Absolutely. However, you will need to use the LYD Leading Member Deed of Variation product. And there are no issues in relation to resettlement. You will need to plan for who is the Leading Member plus succession in the Leading Membership role. However, if you would like legal advice to that effect, contact our legal team: tanamourlis@tgalegal.com.au.

Question 5

Is this document a legal document?

Accepted Answer

All master documents have been signed off by LY Legal lawyers. Tony Anamourlis of LY Legal advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LYD platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LYD platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”

However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by LY Legal.

The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:

“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”

Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.

Question 6

Is the document easy to read?

Accepted Answer

All LYD products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lyd.com.au.

Question 7

What lawyers sign off on LYD documents?

Accepted Answer

All LYD documents are prepared and signed off by LY Legal.

Question 8

Are the LYD documents reviewed regularly?

Accepted Answer

All LYD documents form part of the LYD internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is include on this website.

Leading Member SMSF Establishment Trust Deed