TRIS Foldback

About Product

When a TRIS is commenced the income stream commences with a pre-determined amount from a member’s accumulation account.  However where the member keeps on contributing to their accumulation account the new contributions do not get added.  By folding back the TRIS, the member can increase the amount ready for a new TRIS and thus enable them to take 10% of the new TRIS as an income stream in the year of income. A TRIS Foldback is exclusive to LightYear Docs.

Can this document be digitally signed?

YES. In line with current legislation, our legal partner Abbott & Mourly have advised that digital signatures are legally binding on this document. (Note: Integration with HelloSign coming soon to Lightyear Docs).

General Information

The LightYear Docs TRIS Foldback (TRISFB) enables a member to fold their existing TRIS to the member’s accumulation account at any time post an income payment being made. A TRIS Foldback is exclusive to LightYear Docs.

Benefits

• LY Docs Standard TRIS foldback documentation is easy to use and apply;
• does not impact a member’s TBAR;
• can be used for the purposes of commencing a new TRIS with any other accumulation monies in the member’s accumulation account, and
• only available at LightYear Docs.

Frequently Asked Legal Questions

Can I get a sample of this document?

Yes, please email [e-mail] to request a sample document for you to review.

How does the TRIS Foldback impact a member’s TBAR?

Neither the TRIS nor the Foldback impact on the member’s TBAR.

What happens to tax-free and taxable components?

When a foldback occurs, the TRIS benefits come with tax-free/taxable component percentages which get fixed in the accumulation stage and may get muddied. A careful analysis must be completed prior to the implementation of any TRIS foldback.

What lawyers sign off on the TRIS Foldback?

All LightYear documents are prepared and signed off by Abbott & Mourly from Melbourne, Sydney and Brisbane.

Is the LightYear Docs TRIS Foldback reviewed regularly?

All LightYear Docs documents form part of the LightYear Docs internal document review cycle. All documents are scheduled to be reviewed at least annually or when required to do so due to changes in legislation. The LightYear Docs review cycle ensures all of our documents remain current and accurate.

Can this document be digitally signed?

YES. In line with current legislation, our legal partner Abbott & Mourly have advised that digital signatures are legally binding on this document. (Note: Integration with HelloSign coming soon to Lightyear Docs).

What happens after I purchase this document?

After you purchase this document, you will experience first-hand the power of our assembly engine, HotDocs. An interview session will appear in what is called the HotDocs iFrame. Through the use of the iFrame technology, we are able to create document templates in minutes, versus months of coding through other methods. The iFrame also allows for rapid integrations and documentation to be assembled instantly in "lines" or packs of documents.

Can I edit my document after it has been completed?

Your document will be available to edit from the LightYear Vault for 30 DAYS after you have completed the interview process, at which point it will be locked for future edits. Your completed documents will be listed under "My Vault" from the drop-down menu in the top right-hand corner after you login. This is also where you re-launch an "interview" to make edits within the first 30 DAYS. 

Can I save a document to complete later?

Yes, provided you select save, you can exit the interview process at any time. All documents that have been purchased and not yet assembled will be saved under "My In Progress Docs" and are accessible from the drop-down menu in the top right-hand corner after you login. This is also where you re-launch an "interview" to continue the interview process and assemble your document.