Author: Brenda Hutchinson, Partner, TAG Financial Services
In our recent SMSF Audit Update, there were a lot of questions about when e-signatures can and can’t be used. Here is some information and resources on the subject that you might find useful.
The Corporations Amendment (Meetings and Documents) Bill 2021 received Royal Assent on 22 February 2022. The new law allows certain documents to be signed in “flexible and technology neutral manners” – meaning they can be signed electronically.
The new law inserts Part 1.2AA into the Act. Section 110C(2) covers which documents this applies to:
Section 110C(3) provides that the electronic signing provisions do not apply to a document that is required to be sent to ASIC. The general rules to what can be signed electronically:
- Signing of documents to establish a new superannuation fund trust deed.
- Signing of documents to establish a new company to act as corporate trustee.
- Annual financial statement and tax returns, in accordance with Section 35B.
The general rules to what cannot be signed electronically:
- Consent to act as trustee.
- ATO trustee declaration.
- Member applications and resolutions – you should check what the trust deed provides and what it allows.
It is important to remember that different rules apply in different States and Territories, so you should refer to the relevant legislation in your State – a good reference point is the Electronic Transactions Act in your particular State or Territory.
If in doubt, I would seek legal advice to confirm the current requirements in your State or Territory.
Any questions?
If you have any questions, please contact us on 03 9886 0800 or via email.
Specialist Advice
If you would like to discuss a project, please contact us. Our advice is quoted upfront for your approval before commencement.
Webinars On Demand
We have lots of informative webinars by our financial experts. Watch them any time on demand.
Seminar On Demand
To purchase the 2022 online seminar sessions click here.
Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686). Copyright 2022. Please do not reproduce without the expressed written consent of the author.