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Beware! Outdated Trust Deeds Could Cost Your Clients Thousands – Stay Ahead with Gold Medal Upgrades!


A Gold Medal Accounting with a Platform of solid, compliant SMSF and Discretionary Trust Deed beats their competitors


In the competitive landscape of financial services, accountants and financial advisors striving for excellence—aptly termed as "Gold Medal" advisors—understand the critical importance of maintaining current discretionary trust deeds and Self-Managed Super Fund (SMSF) deeds, especially as at 30 June 2024. The regulatory environment in Australia is continually evolving, and outdated deeds can lead to significant legal and financial repercussions for clients. Banks, in particular, are scrutinising these documents rigorously, with rectification fees potentially reaching $3,000. Gold medal advisors ensure their clients' deeds are up-to-date to avoid compliance issues, tax penalties, and unnecessary costs.

Key Reasons for Keeping Deeds Updated

  1. Compliance with Latest Regulations: The legal framework governing discretionary trusts and SMSFs is dynamic, with frequent updates and amendments. An up-to-date deed ensures compliance with the latest legislative requirements, thereby preventing costly penalties from the Australian Taxation Office (ATO) and other regulatory bodies.

  2. Avoiding Costly Rectifications: Banks are now meticulously reviewing trust deeds before approving loans or other financial transactions. A non-compliant deed can lead to rectification costs, which can be as high as $3,000 or more. By ensuring deeds are current, advisors can avoid these substantial fees and maintain smooth financial operations for their clients.

  3. Prevention of Legal Disasters: Outdated deeds can result in significant legal complications. For instance, a recent case handled by Abbott and Mourly Lawyers highlighted the repercussions of using the wrong type of fixed trust, which resulted in a client incurring substantial land tax duties. Ensuring deeds are up-to-date mitigates such risks and protects clients from legal pitfalls.

  4. Efficiency in Management: Utilising deeds from the same legal provider streamlines the management process. This consistency simplifies updates and amendments, ensuring that all deeds adhere to a uniform standard. Gold Medal advisors recognise the value of such efficiency in reducing administrative burdens and enhancing service quality.

  5. Client Trust and Satisfaction: Keeping deeds current builds trust and confidence among clients. They appreciate the diligence and proactive approach of their advisors, knowing that their financial interests are well-protected. This trust translates into long-term client relationships and referrals.

Benefits of Using Abbott and Mourly Lawyers Deeds via LightYear Docs Platform

  1. Expertise and Accuracy: Abbott and Mourly Lawyers bring extensive expertise in drafting trust deeds, ensuring accuracy and compliance with current laws.

  2. Regular Updates: The LightYear Docs platform provides regular updates, reflecting any legislative changes promptly, thereby keeping all documents compliant.

  3. Legal Support: Clients have access to professional legal support, helping resolve any issues that might arise swiftly and efficiently.

  4. Cost-Effective Solutions: By avoiding rectification fees and legal penalties, using updated deeds through this platform proves to be a cost-effective solution for clients.

  5. Enhanced Client Service: The combination of legal expertise and technological efficiency on the LightYear Docs platform allows advisors to deliver superior service, reinforcing their Gold Medal status.

In conclusion, maintaining up-to-date discretionary trust deeds and SMSF deeds is paramount for accountants and financial advisors. Leveraging the expertise of Abbott and Mourly Lawyers through the LightYear Docs platform ensures compliance, prevents costly errors, and provides exceptional value to clients, solidifying the advisor's position as a trusted, Gold Medal professional.


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