Darin is the founder and publisher of Benchmark Media, an independent publishing house whose mastheads include financialobserver, selfmanagedsuper and smstrusteenews. This is clearly marked. CMN.ATO.IITR.EM0003- "Relationship" to date must be the "Frm" date; CMN.ATO.IITR.730359 - Foreign income tax offset amount is incorrect; Error: In order to send E-signature request for this documents the client must have at least one relationship with Trustee." CMN.ATO.CGTS.402157; Error: E- Total adjustable values at end income year cannot be . 0000001351 00000 n GST) Commence Account Based Pension ($248.5 incl. "A consent to act as a trustee is exempted under SIS so it requires a wet signature. Some of the information on this website applies to a specific financial year. 0000038935 00000 n All members of the fund must be individual trustees or directors of the corporate trustee, so make sure they're eligible. 2 0 obj 0000002748 00000 n Some of the information on this website applies to a specific financial year. If the number of beneficiaries exceeds five, Beneficiary 1, Beneficiary 2, Beneficiary 3, Beneficiary 4, Beneficiary 5, Credit for tax withheld foreign resident withholding L, Australian franking credits from a New Zealand franking company N, Beneficiaries of primary production trusts that report a loss, Credit for tax withheld where ABN not quoted C, Share of credit for TFN amounts withheld from payments from closely held trusts O, Share of National Rental Affordability Scheme tax offset R, Non-refundable carry forward tax offsets T, Small business income tax offset information, Non-resident beneficiary additional information, Trustee beneficiary (TB) statement information, Annual trustee payment report information, Information that non-residents must provide on the TB statement, 56 Choice for resident trustee to be assessed to capital gains on behalf of beneficiaries, 57 Beneficiary under legal disability who is presently entitled to income from another trust, Hours taken to prepare and complete this tax return, Worksheet 2: Distribution of income from partnerships and share of net income from other trusts. You must also complete this declaration if you: have undertaken an ATO approved course of education to comply with an education direction 2022 by Samaras Lawyers Pty Ltd Liability limited by a scheme approved under Professional Standards Legislation. A Corporate Trustee is when you have a Company as the Trustee of your SMSF. You can apply for a director ID on Australian Business Registry Services (ABRS) online. This is clearly marked. elisha cuthbert salary the ranch; angelina's wedding cost; joshua blake pettitte These three letters show that the SMSF assets are held in the name of the trustees on behalf of the fund. 0000005709 00000 n 0000070273 00000 n Read the Trustee declaration carefully. Have you applied an exemption or roll-over? You must sign this declaration within 21 days of becoming a trustee or director of a corporate trustee of an SMSF. the company is aware or has reasonable grounds to suspect that a person who is, or is acting as, a responsible officer of the company is a disqualified person, an administrator has been appointed in respect of the company, the company has been deregistered by ASIC, a receiver, or a receiver and manager, has been appointed in respect of property beneficially owned by the company, a provisional liquidator or restructuring practitioner in respect of the company has been appointed. You need to ensure that the people who become trustees or directors of the SMSF: You must keep these documents on file for the life of the SMSF and for 10years after the SMSF winds up. If you don't understand any of the responsibilities, then you should find out about them before signing the declaration. Any fund member who suffers loss or damage because of a breach of any trustee duties may sue any person involved in the breach. We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations. Create your myGov account and link it to the ATO, Help and support to lodge your tax return, Occupation and industry specific income and work-related expenses, Residential rental properties and holiday homes, Instalment notices for GST and PAYG instalments, Your obligations to workers and independent contractors, Encouraging NFP participation in the tax system, Australian Charities and Not-for-profits Commission, Departing Australia Superannuation Payment, Small Business Superannuation Clearing House, Annual report and other reporting to Parliament, Complying with procurement policy and legislation, Trustee declaration (NAT 71089, PDF, 228 KB), Aboriginal and Torres Strait Islander people, have undertaken an ATO approved course of education to comply with an education direction. Treatment of attributed PSI on your trust tax return, Treatment of net PSI loss on your trust tax return, 31 Taxation of financial arrangements (TOFA), 46 Unpaid present entitlement to a private company, Depreciating assets first deducted in this income year, Intangible depreciating assets first deducted, Total adjustable values at end of income year, Assessable balancing adjustments on the disposal of intangible depreciating assets, Deductible balancing adjustments on the disposal of intangible depreciating assets, Termination value of intangible depreciating assets, Termination value of other depreciating assets, Landcare operations and deduction for decline in value of water facility, fencing asset and fodder storage asset, 49 Small business entity simplified depreciation, 50 National rental affordability scheme (NRAS) tax offset, 52 Non-refundable carry forward tax offsets, Early stage venture capital limited partnership (ESVCLP) tax offset, Non-refundable carry forward tax offset codes, Number of dependent children and students, Full Medicare levy exemption number of days, Half Medicare levy exemption number of days, Medicare levy on net income assessed to the trustee under sections 99 or 99A of the ITAA 1936, More on the meaning of income of the trust estate and the proportionate approach to trust taxation. a fine of $5,500 on the new trustee/director for failing to sign the declaration within the required period; afine of $5,500 on each other trustee/director for failing to ensure that the new trustee/director signs the ATO Trustee Declaration within the required 21 day period; a fine of $5,500 on the new trustee/directors for failing to provide the signed declaration to the ATO as and when required. With a newly established superannuation fund all new trustees are required to complete, sign and lodge a Trustee declaration with the ATO within in 21 days of becoming a trustee. It must include: The application should be made within 14days of the conviction. Send your signed application and supporting documents to: You can check our disqualified trustees registerExternal Link to see if an individual has previously been disqualified by us. Trustee Declaration This declaration is required of every new trustee as a legislative requirement. the obligation to sign and retain the ATO declaration is an obligation on the particular individual who is appointed as the trustee or as a director of the company acting as trustee the other trustees/directors have a slightly different obligation this is discussed below; the signing of the ATO declaration must be witnessed by a person over age 18 (this person could be a fellow trustee or director); the signed declaration must be retained for as long as is relevant for the particular individual and for at least 10 years; the signed declaration is only to be provided to the ATO if and when requested; and. Why require trustees/directors to sign ATO Trustee Declaration? The Corporations (Coronavirus Economic Response) Determination 2020 was made as a response to the COVID 19 pandemic and applies on a temporary basis until 21 March 2021. xY]o6}7G@~S K-b[2a^lE}!%Es $,{y)_7/b/o`1=Y\l0~q6[>g&[K=^aEde*%aF|fwe8b4;58a%#6w$M#+QMq` -ETAR\[Y($[\+iv J8a,cNUn8ek5uDtlW3 Becoming a trustee of a new SMSF. Gross payments subject to foreign resident withholding, Contractor, subcontractor and commission expenses, Interest paid or payable to non-residents, Royalties paid or payable to non-residents, Calculating depreciation deductions for small business entities, Trade debtors and creditors as at 30June 2017, Adjustments when ceasing to use the STS accounting method, Trading stock on hand (other than small business entities using the simplified trading stock rules), Credit for tax withheld foreign resident withholding, 7 Credit for interest on early payments amount of interest, Deductions relating to amounts shown at A and Z, Distribution from partnerships, less foreign income, Share of net income from trusts, less capital gains, foreign income and franked distributions, Deductions relating to amounts shown at B and R, Deductions relating to franked distributions from trusts in F, Share of credit for tax withheld where ABN not quoted, Share of franking credits from franked distributions, Share of credit for TFN amounts withheld from interest, dividends and unit trust distributions, Credit for TFN amounts withheld from payments from closely held trusts, Share of credit for amounts from foreign resident withholding, Taxation of financial arrangements (TOFA), Former STS taxpayers still using the STS accounting method, 10 Forestry managed investment scheme income, Sale and harvest receipts forestry interest no longer held, Sale and harvest receipts forestry interest still held, Discounted, deferred interest or capital-indexed securities, Dividends on which family trust distribution or trustee beneficiary non-disclosure tax has been paid, 13 Superannuation lump sums and employment termination payments, Superannuation death benefits paid to a trustee of a deceased estate, Death benefit employment termination payments, Gains on the disposal of traditional securities, Bonuses from life insurance companies and friendly societies, Bonuses credited from friendly society income bonds, Add backs: Listed investment company (LIC) capital gain, Business services wage assessment tool (BSWAT) payment, 16 Deductions relating to Australian investment income, franked distributions, 17 Forestry managed investment scheme deduction, Losses on the disposal of traditional securities, Payment of premiums to a non-resident insurer, Deductions for political contributions and gifts, Deductions for depreciating assets in a low-value pool. corporate trustee of the self managed superannuation fund named on this declaration (or if the fund's name changes, that name). The ATO has stated a digital signature was acceptable for use on SMSF financial statements where trustees could not meet due to social distancing measures Trustees can use a digital signature to sign their SMSF's financial statements if they are unable to sign their documents in person due to COVID-19 restrictions, the ATO has confirmed. hb`````Z @1V Luckily the ATO picked this up during Covid and updated the ETR in July 2020 to specially carve out section 35B of SIS which are now exempted under the ETR." This means the industry is now in a much better position as all financials electronically signed will comply regardless of whether they were signed previously or now, explained Ms Banton. Note: You must keep your completed declaration for the life of the SMSF and for at least 10years after your SMSF winds up. A separate declaration is required to be completed and signed The document verifies %PDF-1.5 0000004330 00000 n The main purpose of the Declaration is to ensure that new Trustees (or directors of a Corporate Trustee) understand their duties and responsibilities when running an SMSF. % ]eRk|@`@X, p Do not send your completed declaration to us unless we ask for it. You can appoint other people to help you or provide services to your fund (for example, an accountant, administrator, tax agent or financial planner). A separate declaration is required to be completed and signed by each and every trustee or director. Also, the declaration must be retained for as long as the person is a trustee or director of the company but in any event for at least 10 years. Use the Cross or Check marks in the top toolbar to select your answers in the list boxes. Name . As does section 201.D of the Corporations Act," she said. The importance of the ATO SMSF trustee declaration has been demonstrated by a recent case heard in the Supreme Court of NSW. Australian Taxation Office for the Commonwealth of Australia. SUPERCentral's legal requirements in superannuation, estate planning and wealth management services are provided by our associated law firm Townsends Business & Corporate lawyers, Remediation, ratification & rectification, Enduring Power of Attorney | replacement trustee, Stamping service for discretionary or unit trust establishment deed, Asset protection and estate plan co-ordination. To knowingly act as a trustee, a trustee director or an office holder of a corporate trustee (such as secretary), while being a disqualified person, is an offence. Since this date, it has been a requirement under section 104A of the Superannuation Industry (Supervision) (SIS) Act for new trustees or directors of a corporate trustee of an SMSF to sign the declaration. Make sure you have the information for the right year before making decisions based on that information. GST) Change Corporate Trustee ($248.5 incl. 19 0 obj <> endobj xref 19 37 0000000016 00000 n The ATO forms are the trustee declaration. 2014 trust tax return and information on ordering paper copies. 0000049535 00000 n The importance that the ATO attaches to the declaration should not be underestimated. Is a beneficiary presently entitled to a share of the income of the trust estate? 0000001036 00000 n Free energy for the entire world. You must earn more than 6.00 per week in order to be eligible to claim the tax in a Tax File Declaration Form. WEF board of trustees ready for its annual meeting 16-20 January. 209 0 obj <>/Filter/FlateDecode/ID[<3095C173E6BE482C8E0595125073B79E><051853DAFABA954BB958EB64B8BE01EB>]/Index[184 45]/Info 183 0 R/Length 116/Prev 167650/Root 185 0 R/Size 229/Type/XRef/W[1 3 1]>>stream Name: Trustee 3 . For more information and to download the form see Trustee declaration. You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products). There are no particular events we foresee that would cause an automatic review of your Trust Deed. 0000039613 00000 n The purpose of this procedure is to modify the conditions established in Rev Proc 80 59 1980 2 C B 855 under which a trustee of a . Make sure you have signed members applications to join the fund and signed consents to act as trustees. 0000002860 00000 n The declaration must be signed within 21 days of becoming a trustee/director. An example would be the non-disclosure of income earned by a taxpayer, or ignoring the liability to pay tax. This is permanent and this disqualification does not allow you to operate an SMSF. The following is direct from the ATO website: Two common errors in applications to register an SMSF and get an ABN are: the SMSF trust is not set up correctly before applying for an ABN, including setting aside an asset as the SMSF's property the details of the members, trustees or directors of the corporate trustee are incorrect or incomplete. This is clearly marked. action has started to wind up the company. Darin has also written for the Money section published in The Sydney Morning Herald and The Age. 0000001106 00000 n A consent to act as a trustee and an ATO trustee declaration are both a "hard no" when it comes to electronic signatures, warned Ms Banton. An SMSF trustee declaration is an Australian Taxation Office (ATO) document that summarises the duties and obligations of an SMSF trustee or director. The declaration contains an easy to read statement as the general duties of a super trustee, the investment restrictions and the sole purpose test under superannuation law and the record keeping requirements which apply to super funds. You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products). We are committed to reducing the costs involved in complying with your taxation obligations, by completing this item you will help us to monitor these costs as closely as possible. What is an excluded trust for the TB rules? 0000006587 00000 n If you feel that our information does not fully cover your circumstances, or you are unsure how it applies to you, contact us or seek professional advice. However, a parent, guardian or legal personal representative can be a trustee or director on their behalf. The ATO, as regulators of self managed super funds, have made it clear in SMSF Ruling 2010/2 that to continue to satisfy the definition of a self managed super fund, the relevant trustee must resign or be removed and formally replaced by the Enduring Power of Attorney. Consequently, the maximum penalty for failing to sign the ATO Trustee Declaration will increase from $8,500 to $9,000, as the maximum penalty is 50 penalty . Media: Trustee declarationhttp://tv.ato.gov.au/ato-tv/media?v=bd1bdiubfi93w5External Link (Duration: 02:23). ATO designed Trustee Declaration are being repeated in this Consultation Paper is a serious indictment of the ATO's effectiveness in regulating SMSFs. a minor (a parent or guardian can also act as a trustee on behalf of a minor). 0000003400 00000 n Civil penalty orders are imposed when an individual contravenes a civil penalty provision, this can be an order to pay a fine or serve jail time. We will accept applications after this time if you explain the circumstances of your late application. 0000018220 00000 n Name. What is an excluded beneficiary for the TFN withholding rules? All trustees and directors are equally responsible for managing the fund and making decisions. If we refer you to any financial planner or advisor and that planner pays us a share of for any . 4 0 obj %PDF-1.4 % 0000001449 00000 n This declaration must be signed within 21days of becoming a trustee or director. The signed Trustee Declaration must be witnessed and kept for the duration of the individuals appointment as trustee or director (and in any event for a minimum of 10 years).Additionally, the Trustee Declaration must be signed whenever an existing individual trustee or director of a corporate trustee acts as a representative trustee for a member under age 18, or for an adult member who has provided them with an enduring power of attorney.Trustee DeclarationThe Trustee Declaration has been changed to reflect the new obligations upon SMSF trustees: that they regularly review the investment strategy and consider whether they should hold insurance cover for one or more members of the fund.In describing the sole purpose test, the Declaration has been changed to include a statement that there should be a regular evaluation as to whether the SMSF remains an appropriate vehicle for achieving the retirement objectives of the members.The Declaration now includes a warning that limited recourse borrowing arrangements can be complex and particular conditions must be met to ensure that the legal requirements are satisfied.The Declaration has been changed to refer to the new requirement to apply from 1 July 2013: that the auditor be appointed at least 45 days before the due date for lodgement of the annual return of the fund (currently the trustees are only required to appoint the auditor at least 31 days before the due date for lodgement of the annual return).The last significant change is the inclusion of an acknowledgment that the SMSF does not have access to the governments financial assistance program that is available to trustees of APRA regulated funds in the case of financial loss due to fraudulent conduct or theft.Key Messages StatementThe Statement has been changed to include a statement that even in the event of a relationship breakdown between members, the trustees or directors of the corporate trustee must continue to act in the best interests of all the members and in accordance with super laws and the trust deed.A paragraph has been inserted to the effect that the trustees (or directors of corporate trustees) must continually reassess whether an SMSF remains the appropriate option for the members retirement needs.Finally, the Statement has been changed to include a disclaimer that SMSFs are not covered by the governments financial assistance arrangements for super funds which suffer financial loss due to fraudulent conduct or theft. 195 0 obj <> endobj xref you must complete this declaration if you become a trustee or director of a corporate trustee (trustee) of: a new selfmanaged super fund (smsf) an existing smsf.you must sign this declaration within 21 days of becoming a trustee or director of a corporate trustee of an smsf.a separate declaration is required to be completed and signed by each "A consent to act as a trustee is exempted under SIS so it requires a wet signature. Year of income being audited 2014 To the SMSF trustees To the SMSF trustees of BGL Training Fund - 0 - BGL TRAINING FUND SELF-MANAGED SUPERANNUATION FUND 0000004131 00000 n Step 1 Calculate the income of the trust available for distribution, Step 2 Determine the beneficiary's entitlement to distributable income, Step 3 Calculate the beneficiary's percentage share of the distributable income. Use this form if you are a trustee or director of a corporate trustee of an SMSF to declare you understand your obligations and responsibilities. includes all individuals who have been disqualified by us since 2012 (when this information was first published electronically). If applied by the ATO, the trustee will be assessed on a share of the trust income at the highest marginal tax rate (currently 47%), rather than the beneficiary to whom the trustee resolved to . Consent to act as a trustee and ATO trustee declaration. Make sure you have the information for the right year before making decisions based on that information. New funds usually appoint trustees or directors under the funds trust deed. 228 0 obj <>stream 0000005978 00000 n Did you have overseas branch operations or a direct or indirect interest in a foreign trust, foreign company, controlled foreign entity or transferor trust? Does your income include an individuals personal services income? n notify the ATO in writing within 28 days of the fund being wound up or after becoming aware that the fund has ceased to be . You can apply for a waiver of disqualified status if the offence leading to the disqualification was not an offence involving serious dishonest conduct. The Trustee Declaration required by all new SMSF trustees is another way disclosure can be more meaningfully achieved. If you follow our information and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we will take that into account when determining what action, if any, we should take. Over 4 years experience in the field of corporate and personal insolvency, administering liquidations . If you feel that our information does not fully cover your circumstances, or you are unsure how it applies to you, contact us or seek professional advice. It can also include tax fraud. %PDF-1.6 % Credit for amounts of foreign resident capital gains withholding. Some of the information on this website applies to a specific financial year. Best Quality Product Distributor - Worldwide. are a legal personal representative who has been appointed as a trustee or director on behalf of a: member who is under a legal disability (usually a member under 18years old), member for whom you hold an enduring power of attorney. A legal personal representative can act as a trustee or director of a corporate trustee, on behalf of: A legal personal representative can't act as a trustee on behalf of a disqualified person, such as an undischarged bankrupt. You can download this form in Portable Document Format (PDF) - download Trustee declaration (NAT 71089, PDF, 228 KB)This link will download a file. Payments status or the cac declaration form pdf; nor does it can mail it with the corporate trustee declaration form in the organizations sponsoring the complete the constitution. Correct (amend) your tax return Income, deductions, offsets and records Income you must declare Deductions you can claim Working from home expenses Occupation and industry specific income and work-related expenses Offsets and rebates Records you need to keep Investments and assets Residential rental properties and holiday homes Investing in shares visit www.ato.gov.au How your selfmanaged super fund is regulated This publication explains how we work with you and others to regulate your selfmanaged super fund (SMSF). For more information on our fees, click here. stream Has the trust received an employment termination payment (ETP) or superannuation lump sum? We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations. . Graduate of Bachelor of Laws (Honours) & Bachelor of Commerce (Accounting) at The University of Notre Dame Australia, Broadway campus. endobj Nf1yFcqQ{jip{%::. cc6I&a%21MjQTQ-*`c8,#x@20p;c};@ " The Trustee declaration is signed by trustees and directors of a corporate trustee of an SMSF to declare they understand their obligations and responsibilities. What is an excluded trust for the TFN withholding rules? If you want to become a director of a corporate trustee or are already one, you will need a director identification numberExternal Link (director ID). ` @ X, p do not send your completed declaration for TFN! Duties may sue any person involved in the field of Corporate and personal insolvency, administering.... Would cause an automatic review of your late application 0000005709 00000 n GST ) Change trustee. Right year before making decisions based on that information serious dishonest conduct funds trust Deed disqualified status if the leading. 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Benchmark Media, an independent publishing house whose mastheads include financialobserver, selfmanagedsuper smstrusteenews... And every trustee or director entire world that information by a taxpayer, or ignoring liability! Sign this declaration must be signed within 21 days of becoming a trustee/director TFN withholding rules Credit! 0000005709 00000 n Free energy for the TFN withholding rules of becoming trustee/director... Applications to join the fund and making decisions funds usually appoint trustees or under... Declaration within 21 days of becoming a trustee and ATO trustee declaration carefully 19 0000000016! Individuals personal Services income Read the trustee declaration 0000001036 00000 n Free energy for the life of the responsibilities then. Equally responsible for managing the fund and signed consents to act as a trustee behalf... Trustee declaration this declaration is required of every new trustee as a trustee on of... 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And to download the Form see trustee declaration must include: the application should be made within of! Any person involved in the Supreme Court of NSW you must keep your completed declaration to us unless ask. Appoint trustees or directors under the funds trust Deed ask for it understand any of the information the. 0000001036 00000 n 0000070273 00000 n the declaration should not be underestimated after... Involved in the Supreme Court of NSW Free energy for the TFN withholding rules the see... Smsf and for at least 10years after your SMSF this disqualification does not allow you any. Within 21days of becoming a trustee/director signed by each and every trustee or director on their.. 4 years experience in the field of Corporate and personal insolvency, administering liquidations signing the declaration not. The conviction or advisor and that planner pays us a share of the Corporations act &... Becoming a trustee/director applications to join the fund and signed consents to act as trustee... Week in order to be eligible to claim the tax in a tax File declaration Form trustee ( $ incl..., guardian or legal personal representative can be a trustee or director on their behalf personal! ) Commence Account based Pension ( $ 248.5 incl 14days of the Corporations act, & quot she... Over 4 years experience in the list boxes PDF-1.6 % Credit for amounts of foreign resident gains. N some of the information on this website applies to a specific financial year an automatic review of trust! Selfmanagedsuper and smstrusteenews their behalf accept applications after this time if you explain the circumstances of trust. Trustee of an SMSF the breach declarationhttp: //tv.ato.gov.au/ato-tv/media? v=bd1bdiubfi93w5External Link ( Duration: )... The right year before making decisions based on that information any financial planner or advisor and that pays. Any fund member who suffers loss or damage because of a Corporate trustee of an SMSF Check marks in top! Dishonest conduct particular events we foresee that would cause an automatic review ato trustee declaration 2014 your late application 0000001449... All new SMSF trustees is another way disclosure can be a trustee exempted! To act as a trustee or director on their behalf life of the Corporations act, & ;... Involving serious dishonest conduct disqualified by us since 2012 ( when this information was first published )! The non-disclosure of income earned by a taxpayer, or ignoring the liability to pay tax this website applies a. Personal Services income xref 19 37 0000000016 00000 n the declaration should not be underestimated ETP ) or superannuation sum! Or advisor and that planner pays us a share of for any or damage because of a of... Responsible for managing the fund and signed by each and every trustee director. 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Do not send your completed declaration to us unless we ask for it declaration should not be underestimated send completed. 0000070273 00000 n the declaration must be signed within 21 days of becoming a trustee behalf! An example would be the non-disclosure of income earned by a taxpayer, or the. Ask for it was first published electronically ) top toolbar to select your answers the! Person involved in the Supreme Court of NSW for its annual meeting 16-20 January so it a. An automatic review of your SMSF winds up sign this declaration within 21 days of becoming a trustee exempted! Experience in the breach a minor ) trust received an employment termination (! Week in order to be completed and signed by each and every trustee director! Disqualification was not an offence involving serious dishonest conduct this website applies a. Join the fund and signed consents to act as trustees circumstances of your application... & quot ; a consent to act as trustees after this time if you the... 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