Frequently asked questions
Need to convert a fund but can’t find the original deed? No problem, simply utilise SUPERCentral's special conversion deed. With pdf archiving and online documentation.
What is SUPERCentral?
SUPERCentral is an online deed creation and updating service for Self Managed Super Funds (SMSF). The governing rules of the deed are regularly updated automatically to reflect changes in regulations, the law and SMSF practice. A wholesale service offered to accountants, financial planners and other superannuation advisers for use by their clients. SUPERCentral also provide an extensive range of SMSF eForms, supporting documentation, information services and pd training services.
How is SUPERCentral supported?
SUPERCentral is closely supported for all its legal requirements by TOWNSENDS BUSINESS & CORPORATE LAWYERS who bring 30 years of extensive experience in providing legal assistance to the superannuation, estate planning and financial planning industries.
Townsends Superannuation Division specialises in superannuation and all aspects of SMSFs, including compliance and regulatory issues, deed amendment and modification, fund reconstruction and winding up, pensions, investment structures, superannuation gearing, and investment strategy compliance.
How secure is the information stored in the SUPERCentral website?
SUPERCentral's high level security system with data encryption and password coded access, protects information to the highest possible level while giving you and your client 24 hour online access and complimentary deed archiving.
Personal coded access ensures complete confidentiality for Advisers records. You may also choose to use one account user name and password access for all your firms SMSF's, or separate coded access for each of your individual advisers. The choice is yours.
Trustees are provided with coded access to their SMSF deed information only.
What are the benefits of using SUPERCentral?
- Our Governing Rules are regularly and continuously updated, automatically and without paperwork, so your clients SMSF deeds are always compliant and there is never a need to go back to your clients with documents to sign. SUPERCentral is the only online system that can offer this truly unique online system
- SUPERCentral provides you with a 'set and forget' arrangement
- Your SUPERCentral SMSF deeds are always compliant, avoiding potential legal and tax problems or associated penalties
- Advisers and Trustees have coded access to their SMSF Deeds and Precedent Governing Rules; 24 hours - 7 days
- Complimentary deed archiving
- Delivers significant time saving and opportunity costs for your firm
- Advisers never again need review each deed before meeting with a client, while Auditors and the ATO only need to familiarise themselves with one set of Governing Rules
- Your Client never has to undertake expensive adhoc updates again.
Why choose a SUPERCentral SMSF Deed and Governing Rules?
SUPERCentral's Deed and Governing Rules are prepared by Solicitors with extensive experience in the superannuation field, TOWNSENDS BUSINESS & CORPORATE LAWYERS. SUPERCentral documentation is always compliant with the law.
SUPERCentral is unique. Unlike other deed update services, your trustees need only ever sign one set of documents.
No other system currently available in Australia today can do this.
Can I view the Governing Rules?
Yes. Once you have a fund on SUPERCentral you can view the Governing Rules online. If you would like to preview the rules before joining, please call SUPERCentral on (02) 8296 6266 and our BDM's will be happy to arrange a copy for you.
What is the difference between a Standard and Premium Conversion?
Standard Conversion: Our standard service is suitable when the Adviser determines there is no need for a legal review of the current trust deed to ensure its provisions permit the conversion.
Premium Conversion: Our premium service is used when there is a need for legal review to ensure the current deed allows the upgrade to take place. The original deed (and any amending deeds) are reviewed by TOWNSENDS BUSINESS & CORPORATE LAWYERS to ensure the deed is suitable for conversion before upgrading to the SUPERCentral system. If the deed is unsuitable Townsends can also advise on the changes required to enable conversion to SUPERCentral.
How often does SUPERCentral update its Rules?
SUPERCentral Governing Rules are updated as and when required by:
- Legislative changes
- Regulatory practices
- Case law developments
- Changes in the Superannuation industry
- Changes in SMSF practice
When should an SMSF Deed be updated?
If your deed does not have a suitable compliance clause and predates the Simplified Superannuation changes that came into effect from 1 July 2007, then the deed should be updated.
Successive Governments have also made many changes which affect SMSFs and this trend is continuing. Since 2000 there have been no fewer than ten major changes to Self-Managed Superannuation requiring deed amendment.
As the result of the amendments made to SUPERCentral's Governing Rules necessitated by these changes, SUPERCentral trustees can now:
- invest in instalment warrants
- acquire investment properties on a geared basis (subject to certain requirements)
- more easily effect changes in trustees - to accommodate changing membership of the fund
- pay the new Simplified Super pensions
- convert existing allocated and 'transition' pensions to the Simplified Super Pensions
- deal with excess contributions tax
- return contributions which have been paid by mistake
- deal with the move from the current super system to Simplified Super
How do updates occur?
SUPERCentral will notify the registered Adviser by email informing of any proposed changes and provide information required to deal with client queries. Ten to fourteen days later all member funds are advised by email of the text of the change, the reason for the change and its likely impact.
All member funds that do not opt-out will then be on the latest version of the SUPERCentral Governing Rules.
What happens if the fund chooses to opt-out of the SUPERCentral System?
This happens rarely. After all, the changes are only to the benefit of the fund and its members. However, in the event that a fund in the future chooses to opt-out, its rules remain as the then current version. Any subsequent SUPERCentral amendments will not apply to that fund. The fund may re-apply to become a member at any time in the future provided it pays the annual fees for any absent years, as well as the current year.
Is there any loss of control by trustees when they use SUPERCentral?
No, nothing changes other than the rules that govern the operation of the fund. SUPERCentral is not an administration service or an investment service. We do not have access to, or control over the investments of the fund/s.
Can SUPERCentral change the Rules to adversely alter the benefits?
No, the amendment power is controlled by trust law/SIS laws. The Trustee may choose to opt out of any amendment if it perceives it to be adverse to its interests.
Does using the SUPERCentral Governing Rules restrict investment choices?
No. The fund can invest in shares, managed investment schemes, real property, personal property, collectibles, life policies, business real property, etc. The normal SIS rules will still apply - for example, the prohibitions on related party assets, excessive levels of in-house assets, etc.
Do the SUPERCentral governing rules allow an SMSF to use gearing arrangements as part of its investment strategy?
Yes. SUPERCentral Governing Rules were updated in December 2007 to allow SMSF borrowing in accordance with the SIS Act. However, the fund's Investment Strategy may also need review and the fund needs to consider any changes to cash flow arising from such a change.
Advisers and Trustees should also be aware that lenders involved in SMSF gearing may require different types of security provisions to be included in the Governing Rules of the fund. Our lawyers TOWNSENDS BUSINESS & CORPORATE LAWYERS have ensured that each lender's specific requirements are as long as they are consistent with the SIS Act, are accommodated within the SUPERCentral deed.
If your Client is considering or currently in the process of taking out a SMSF gearing loan, and you would like to discuss their legal requirements with a specialist superannuation lawyer from Townsends Lawyers please call (02) 8296 6266.
What other services are provided by SUPERCentral?
By participating in SUPERCentral, you and your clients will have online access to:
- online eForm SMSF document services
- Legal advice, estate planning, succession planning
- SUPERCentral's SUPERPRO and SUPERPRO Plus specialist information available only to users of SUPERCentral
- pro forma documents to download from our website for your immediate use and adaption without charge, such as Transition to Retirement Income Streams, Account Based Pensions and for recording the investment strategy of the fund
- High level SMSF PD Training services and white papers
- a team of superannuation experts at our associated firm TOWNSENDS BUSINESS & CORPORATE LAWYERS to assist you with your SMSF and superannuation requirements as well as gearing, investment structures, compliance and regulatory issues, tax issues, fund reconstruction and winding up, pensions and investment strategy.
Where do I go to have my questions answered in more depth?
Please email firstname.lastname@example.org or call (02) 8296 6266 and ask for one of our Business Managers who will be most happy to assist you.