Specialist superannuation administration software provider Supercorp has launched an automated lawyer-backed SMSF legal documentation service on its SMSF application, superMate, in partnership with legal firm McCullough Robertson.
Released on 14 December, the service allows accountants, administrators and advisers to order legal documents directly through superMate, including new SMSF establishment documents, deed upgrades and change of trustee documentation, which are then reviewed individually by lawyers for compliance and suitability with existing deed rules.
Documentation for limited recourse borrowing arrangements, including the bare trust and related-party loans, will be added in the new year.
Supercorp chief executive Kurt Groeneveld said the addition of the SMSF legal documentation service had developed from the firm’s clear goal to develop superMate beyond just an accounting and tax package.
“While many of our competitors offer template-based legal documentation, this is one of the first services which actually provides an automated solution where real lawyers review and approve the delivered documents,” Groeneveld told selfmanagedsuper.
“In the case of a deed update, for instance, a fundamental requirement of the old deed is that it contains clauses which allow for it to be replaced – a template service will never be able to confirm that, whereas our service, backed by real lawyers who will review the old deed, can.”
He said he was pleased with the level of interest from clients enquiring about the new feature and expected a significant demand for the higher quality and greater accuracy available through dealing with real lawyers.
“Electronic access to real lawyers at very reasonable pricing is just another example how the SMSF industry is leading the charge towards better and more efficient work practices among professional providers,” he said.
“The new service provides a professional and automated service which is backed by a very well-qualified and respected legal firm who receive industry feedback on their documents through the expert advisory panel associated with this service.
“This will appeal to a wide cross-section of our clients.”
