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1 SuperAstute Self Managed Super Administration Services Guide March 2012 Distributed by

2 2 Bendigo Wealth Superannuation This page has been intentionally left blank

3 Contents Page About Self Managed Superannuation 4 Overview 4 The Main Participants 4 The Fund 4 The Trustee 4 Members 5 Administrator 5 Your Financial Adviser 5 Auditor 5 About SuperAstute 6 Key features of SuperAstute 7 The Application Process 9 Setting up a new SMSF 9 Step 1: The application 9 Step 2: Establishment documentation 9 Step 3: Selecting other products and services for use by your Fund 10 Step 4: Other compliance requirements 10 Transferring an existing SMSF 11 Step 1: Assessment 11 Step 2: Legal documentation 11 Step 3: Collate and reconcile fund information 11 Step 4: Managing pensions 11 Step 5: Takeover completion 11 Your Fund s Investments 12 Page Contributing to your Fund 13 Initial contributions 13 Transferring existing assets 13 Winding up your Fund 14 Superannuation choice of fund 14 Your employer s obligations 14 How to exercise choice of fund 14 Operating your Fund 15 Contributions 15 Benefits and preservation 15 Superannuation benefit payments 15 Transfers and rollovers 15 Pension benefits 15 Insurance 16 Life insurance 16 Total & Permanent Disablement (TPD) insurance 16 Salary continuance insurance 16 Arranging insurance policies 16 Fees and services and other costs 17 Adviser service fees 23 Other benefits 23 Other Information 25 Formulating your Fund s investment strategy 12 Schedule 1 26 Selecting your investments 12 Disclosure for your investments 12 Terms and Conditions 26 Mailing address for your investments 13 Changing your investment strategy 13 Investment restrictions 13 Liquidity and cash flow considerations 13 SuperAstute Self Managed Super 3

4 About Self Managed Superannuation Overview A Self Managed Superannuation Fund (SMSF or Fund) is in simple terms a regulated superannuation fund controlled by you for your retirement. SMSF s are flexible vehicles that can enable you to effectively manage your retirement assets. An SMSF gives the members the ability to invest their super directly into a wide variety of assets, including shares, managed funds and real estate. SMSF s also allow members more influence over the way their superannuation is managed, and the benefits it provides. However, an SMSF comes with a number of obligations that need to be fulfilled, including the primary obligation that the SMSF be operated for the sole purpose of providing retirement benefits to its members. We recommend that you seek professional advice for further information on these obligations and what you need to do to fulfil them. The Main Participants The Fund SuperAstute is only available for SMSF s. An SMSF must have the following characteristics: up to four members all members of the Fund are trustees of the Fund or directors of the corporate trustee and there are no other trustees or directors (certain exemptions are available for single member funds) no member is an employee of another member unless they are related the trustees or directors are not paid for performing their duties as trustees or directors. Certain people may be disqualified from acting as a trustee under the law. Minors (under 18 years old) and other people who are under a legal disability cannot be fund trustees however their personal legal representative can act in their place. You should seek professional advice in this regard. You will need to establish a trust for your Fund that meets the SMSF rules under the law. Talk to your financial adviser, accountant or to us if you need help to ensure that your Fund meets the SMSF definition. The Trustee As trustee, you have sole responsibility for the operation, management and compliance of your Fund, including the lodgement of tax and other regulatory returns and the preservation and payment of benefits. This is a complicated task, with serious implications if you get it wrong. As trustee of your Fund, you are required to understand your responsibilities and ensure that they are properly discharged. There are a number of covenants contained in superannuation law that impose minimum requirements on trustees and are deemed to be included in the trust deed of every regulated fund. These covenants reflect the duties imposed on a trustee under trust law in general. The covenants bind trustees to: act honestly in all matters exercise the same degree of care, skill and diligence as an ordinary prudent person would exercise when dealing with the property of another ensure their powers and duties are exercised in the best interests of the Fund members keep the assets of the Fund separate from other assets (e.g. the trustee s personal assets) retain control over the Fund so that the trustee s powers and functions are not hindered develop and implement an investment strategy that meets certain standards allow members access to certain information Each trustee of an SMSF is also required to complete a Trustee declaration form issued by the Australian Taxation Office (ATO). The declaration aims to ensure that new trustees (or directors of corporate trustees) are aware of their duties and responsibilities under superannuation law. If you subscribed to SuperAstute, we provide this declaration for you to sign as part of the Fund establishment process. SuperAstute is designed to make your role easier, but you still remain responsible at law for the performance of your duties as a trustee. 4 Bendigo Wealth Superannuation

5 We ll assist you in the following key areas to make your role as trustee much easier for: establishment of the Fund administration of the Fund compliance reporting Members You must operate in two capacities, one as trustee of your Fund (or the director of the trustee company if the trustee is a corporate entity), and the other as a member. SuperAstute can help you to perform the trustee role. The key difference between SMSF s and other private superannuation funds is that all of the members of an SMSF must also be the trustees, except in the case of single member funds. Special rules apply to single member funds as follows. The member of a single member Fund must be: the sole director of the trustee company or one of only two directors of that company and the member and the other director are relatives or one of only two directors of that company and the member is not an employee of the other director. If the single member SMSF does not have a corporate trustee, the Fund must have two individuals as trustees. The member must be the trustee with: another person who is a relative of the member or any other person provided the member is not an employee of that person. Administrator SuperAstute is a service provided by Bendigo Wealth, the wealth division of Bendigo and Adelaide Bank Limited. Bendigo and Adelaide Bank Limited holds Australian financial services licence number You can find out more information about the financial services we provide in our Financial Services Guide, which can be provided to you free of charge at Through SuperAstute there is access to a dedicated team which specialises in SMSF administration. The administration team is responsible for ensuring that your Fund s establishment and administration runs as smoothly as possible. This means we handle most of the paperwork associated with the administration of your Fund. From time to time, we may delegate the functions or services which we provide through SuperAstute. Where we do outsource those functions or services, we will remain responsible for the delivery of those services to you. We have outsourced the administration and certain other services in relation to your SMSF to Super IQ Pty Ltd, a company that specialises in the administration and set up of SMSF s. SuperAstute also gives you access to other services you may want to use to provide services to the Fund, such as insurers and brokers. You can access these services from our linked service providers or from your own providers. If you nominate your own providers, SuperAstute can incorporate the services and information you get from those other service providers but this may be limited depending on the service provider. It is important to note that, where you engage a service provider (or if you use our linked service provider), the service provider will be responsible for delivery of those services to you. We will have no responsibility for the delivery of the services to you, so you should understand the terms and conditions applicable to the relevant services from those providers. Your Financial Adviser Your financial adviser will typically be actively involved with your Fund and, as such, our services can assist them in providing a service to you. Auditor All SMSF s are required to have the financial statements and compliance requirements of the Fund audited each year by an approved auditor. The approved auditor is also required to assess the Fund s overall compliance with the law. The auditor must also notify the SMSF trustee of any concerns the auditor has about the SMSF s financial position or compliance with the law. If the auditor is not satisfied that the trustees have taken appropriate action to rectify any issues raised, the auditor must inform the ATO. The trustees can appoint any approved auditor to perform the Fund audit. We have arrangements in place where we can refer you to our linked SMSF auditor to conduct the audit for you. SuperAstute Self Managed Super 5

6 About SuperAstute SuperAstute provides an SMSF Administration Service that brings together a number of facilities you may need to assist you in managing your SMSF. When you subscribe to SuperAstute, we will provide you with the following services: Fund establishment provision of documentation to establish your Fund including trust deed, trustee declarations, application to become a regulated fund, ABN and TFN application, establishment minutes and member applications follow up of rollovers from existing funds completion of prior year work, where required. Statutory obligation assistance preparation and lodgement of regulatory returns and forms preparation of annual statutory financial accounts and member statements preparation of trustee minutes. Tax and audit determining correct tax payments for fund and members arranging preparation and lodgement of tax, BAS, IAS, GST returns as required member contribution reporting preparing and supplying work papers for audit and actuarial review. Wind up deregistering the Fund with any statutory authority or regulator, as necessary preparing final accounts calculating and preparing rollovers and benefit payments and tax liabilities. Reporting, trustee assistance and administration monthly reconciliation of your Fund quarterly and annual reporting to members, trustees and financial advisers, including investment values and performance notifying trustees of upcoming obligations notifying members of assets outside of investment strategy maintaining appropriate records for each member monitoring non-standard assets and notify of need for revaluation retaining records in digital format liaising with regulators and professional advisers as appropriate for audit, trust deed amendment, actuarial, asset valuations and the like. 6 Bendigo Wealth Superannuation

7 Key features of SuperAstute Setting up a new fund SuperAstute enables you to set up a new fund entirely online. Using our fund set up process, you can complete all the time consuming tasks involved in setting up a new SMSF, including establishing a new company to act as corporate trustee, establishing a trust deed, opening a bank account, selecting an auditor and establishing your identity quickly and easily. Transferring an existing fund You can transfer your current SMSF onto our service. Using our fund transfer process, you can instruct the SuperAstute team to do the work for you to transfer your Fund onto our service, including establishing a new company to act as corporate trustee or updating trustee details, updating a trust deed, opening a bank account if needed, selecting an auditor, utilising all the online term deposit and broking facilities or linking SuperAstute to your current facilities. The SuperAstute Member Dashboard Your SuperAstute Member Dashboard aims to bring together everything you need to manage your Fund. Using our linked services, all your transactions are interconnected as the Member Dashboard links to the website of the linked service provider allowing processing of transactions. If you do not use our linked service providers, certain features will not be available to you through SuperAstute. This could occur if we are not able, or not permitted, by a service provider to provide a link to their website resulting in us not being able to provide you with full functionality. Managing your tasks and activities online Whenever you want to interact with SuperAstute, or we have something we need from you, you can interact through the Outstanding Tasks function on the Member Dashboard. This gives you convenient, direct access to the SuperAstute administration team. We ve removed many of the paper based, manual processes that bog down the administration and management of SMSF s as well. Using SuperAstute, most documents can be signed electronically. If you prefer to telephone us, us, Skype us or come and see us, that s fine too. Managing your Investment Strategy Using the online Investment Strategy tools you can set and maintain your Investment Strategy and compare the current investments of your Fund to your Investment Strategy daily. We will send you alerts when your Fund moves outside its Investment Strategy. If you need to update your Investment Strategy, you can do that online through the Member Dashboard. If you need to change your investment portfolio we provide the tools to do that too. And we will create the minutes and send them to you electronically. Signing them is simple, no paperwork required just a password. Managing your contribution caps Our Member Dashboard provides alerts that help you manage your contribution caps. Simply tell us at what point you want to receive a contribution cap alert. We will send you an , a text message, a letter or if you like, we can send the alert to your adviser or both you and your adviser it s your choice. We do not process or control the payments to or from your account, but can notify you when payments have been made. Starting a pension SuperAstute enables you to establish pension accounts when you are eligible. Our service fully supports all pension opportunities available to you as a member of your SMSF. Managing pensions The SuperAstute Member Dashboard provides you with a daily update on pension withdrawals to help make sure you always meet the minimum withdrawal requirements and helps you manage withdrawal limits. We will send you alerts via text message, or letter to assist you to meet your minimum pension obligations. Pension card SuperAstute provides a pension card which will provide you with convenient access to your pension if you use our linked service for the Fund s pension account. You can make a pension withdrawal through an ATM. And we always know it s a pension payment because you make the withdrawal using your SuperAstute pension card. However, if you do not use our linked service, we will not be able to provide you with a pension card, and may not be able to send you alerts when payments have been made from the pension account. SuperAstute Self Managed Super 7

8 Cash Accounts We provide an easy process to set up the Cash Accounts you will need for your Fund. The process is all done online. If you want to use an account other than from our linked services, you can do that as well however this may result in a reduction in the automation of the service. Online share trading SuperAstute provides access to online trading platforms so you can trade securities such as shares and exchange traded funds and it is linked with your administration service. There is no need for paperwork when you trade as this facility is fully linked to your administration service. Again, it is your choice whether to engage our linked service provider or engage a service provider of your choice directly. Term Deposits SuperAstute provides you access to Term Deposits from selected Financial Institutions. You can move money between term deposits with no ongoing paperwork. We ll even send you a reminder that a Term Deposit is maturing. Point, click, and type your password and the transfer will take place. Portfolio remodelling SuperAstute provides you with access to an online portfolio remodelling tool that you can use to compare your current investments with your model portfolio (created by you or your adviser with you). When it comes time to rebalance, because it is integrated with the other tools from SuperAstute you can simply point and click to execute the trades required to bring your portfolio back into balance. Easy and convenient access We provide a range of easy and convenient ways to access SuperAstute. If you want to telephone or Skype us, you can reach us from 8.30am to 6.00pm (Eastern Standard Time) Monday to Friday on the contact details noted on page Bendigo Wealth Superannuation

9 The Application Process Setting up a new SMSF SuperAstute has taken the usually complicated and time consuming process of setting up an SMSF and made it available online. Our online setup process which is available on the SuperAstute website steps you through the process of setting up a new SMSF and takes care of the paperwork including: trust deed trustee minutes and resolutions member application forms declaration of capacity to be trustees/trustee directors declaration of understanding of responsibilities by trustees/trustee directors investment strategy for completion statement of compliance Step 1: The application You can apply to join SuperAstute using the application process on the SuperAstute web site at To use our online application process select the Get Started or Set up a brand new SuperAstute SMSF option at Our application process will step you through setting up your new Fund including deciding which type of trustee arrangement you want to have, registering a corporate trustee company if required, establishing the trust deed, opening a bank account, registering the fund for GST and tax purposes, establishing an online broking account if you want one and producing all the documentation required to support these steps. The information we collect during the application process is essential to the establishment and ongoing administration of your Fund. It is important that you provide detailed, accurate information to us so that we can assist you to establish and operate the Fund. By completing the application you are applying to formally appoint us as administrator of your Fund in accordance with the terms and conditions contained in this document and on the SuperAstute web site Please read the terms and conditions carefully as they constitute a contract between you and us in relation to your use of SuperAstute. You will be required to accept the terms and conditions in order for your SuperAstute account to be established. As part of the application process, we will request that you give us read-only access to the bank account you use for operating the Fund. This read-only access is necessary for us to have access to the information we need to be able to prepare reports and to send you updates and alerts. If you do not provide us with such access, you will not be able to access the full functionality available through SuperAstute. We will also require you to set up a direct debit arrangement for payment of our fees. Step 2: Establishment documentation There are a number of documents that are required to ensure your Fund is appropriately established. We ll generally prepare these documents and forward them to you, as trustee, for your review and execution. For your convenience some documents will be provided to you electronically. You can view these documents and sign them electronically through the Member Dashboard by logging in to the SuperAstute web site. If a document requires a written signature, if you require a paper document for practical or legal reasons or if you would prefer to maintain your own paper records for your fund we will send you paper versions of documents. The Trust Deed Your Fund is governed by a set of rules known as the trust deed. For new SMSF s a trust deed is sourced from our linked legal supplier unless you advise otherwise. The trust deed is produced electronically and sent to you on paper. Once the trust deed is signed by the trustees and stamp duty (if applicable) has been paid, the governing rules of your Fund are in place. Product information SMSF trustees are required to give fund members (including themselves) all information necessary in order for the member to make informed decisions. This document has been designed to help you satisfy those requirements; however you may need to provide members with additional information, particularly if you have chosen not to adopt a trust deed drafted by our linked legal supplier. SuperAstute Self Managed Super 9

10 As trustee of your SMSF, you have an obligation to ensure that all members of the Fund receive all the information they need to understand their interest in the Fund. You should seek professional advice as to what you need to do to satisfy this obligation. More information on the requirements is available from the ATO website Cash account You will need to set up a suitable cash account or working account for your Fund. You may use our linked Cash account product or any other cash account as the cash account for your Fund. Step 3: Selecting other products and services for use by your Fund SuperAstute can help you manage a range of products and services that you may want to use within your Fund. These include: term deposits online broking audit services actuarial services risk insurance We do not act as your agent or nominee for the purposes of arranging access to these services: our role is simply to process the information and link the services you provide from the various providers of these services. We accept no responsibility for the failure by these third party providers to provide the services to you in accordance with their terms. You should read the terms and conditions associated with each of the products and services and take professional advice if you want to understand your rights and obligations in relation to any of the products or services. Many of these services can be selected during the Fund setup process. Many of them can also be selected after your fund has been set up and is operating and your needs change. You can choose to source products and services from either our linked suppliers or other suppliers directly, the choice is yours. However, whether you choose to obtain a product or engage a service provider directly or choose our linked suppliers, we will not be responsible for the delivery of that product or service to you. The supplier will be solely responsible for delivery of those services. However, as long as you provide us with the necessary information, SuperAstute can incorporate the information and reports about those products and services into the service we provide to you as well. Please refer to Schedule 1 for a list of our linked service providers as at the date of this Guide. You should note that the linked service providers may change from time to time. Any change (including changes to the Fees and Costs section of this document) will be notified at com.au Please note if you choose the linked term deposit and online broking services you will also need to open a clearing account in addition to the cash account as the clearing account is required to settle trades made via these services. We can assist you in establishing the required clearing account. Step 4: Other compliance requirements Once your Fund has been set up there are a range of other compliance and regulatory tasks that need to be completed. We will assist you by preparing: and lodging with the ATO an: application for fund tax file number (TFN) Australian business number (ABN) application election to become a regulated fund trustee resolutions and minutes to meet establishment requirements membership application forms for all Fund members statutory declarations for eligible trustees as required under the law a statement of compliance an auditor appointment minute and the appointment of a tax agent. Finally, to make sure that we can reconcile your Fund s cash account and transactions each month, we need to receive copies of any relevant documents that you receive. 10 Bendigo Wealth Superannuation

11 Fortunately, because of the online, electronic nature of the SuperAstute system many of these documents will flow into your Fund records automatically making the reconciliation process quick and easy and ensuring you always have an up to date view of your Fund s position. Transferring an existing SMSF If you have an existing SMSF, you may transfer this fund into SuperAstute. You can complete the transfer process by using the SuperAstute web site The process involved is outlined below: Step 1: Assessment Complete the online forms and provide all the noted information as applicable. The SuperAstute web site contains more details on the information that we will need. Once we have reviewed the information provided, we ll advise you of any further information or requirements in order for us to agree to administer the Fund. Step 2: Legal documentation We recommend that all trust deeds for SMSF s using SuperAstute be prepared and reviewed by our linked legal supplier to ensure ease of compliance, monitoring and update. For existing SMSF s, we can arrange for the trust deed to be reviewed and amended by our linked legal supplier to ensure it is adequate and complies with the law. Once the trust deed has been reviewed and, if necessary, amended, our linked legal supplier will continue to provide updates and changes when needed. If the Fund does not adopt our standard recommended deed rules, we assume no responsibility for organising updates to the trust deed until such time as it is upgraded to the standard. Similarly, if your Fund does not adopt our linked standard deed, it may not be able to offer the full range of features and benefits as described in this Guide. It is important to note that we assume no responsibility for the content of the trust deed of a fund using our service as to whether it is adequate or complies with the law. You should speak to your financial and/ or tax adviser before executing any deed of amendment as there may be stamp duty and CGT consequences particularly if the amendments are such that the old fund is taken to have been replaced by a new SMSF (sometimes referred to as a resettlement). Step 3: Collate and reconcile fund information We will undertake a review of the Fund s present position. This involves recording all of the Fund s transactions from the most recent audit up to the present date in our system. At the same time we confirm the CGT history of the assets and the exact asset holdings. The length of time that this will take to complete will depend for example on the types of assets held, the frequency of purchases and sales and dividend reinvestment and other relevant transactions, as well as the quality of the data received. If we find that prior work is incomplete or requires rectification, we ll inform you and provide an estimate of the cost for us to complete that work. You will also need to make sure that we receive a copy of all statements and transaction notices for your Fund s investments. Step 4: Managing pensions Where an existing fund is paying a pension, we ll require full details about the pension including the Tax File Number and declaration forms lodged on commencement, together with details of the current year pension calculations. We may not be able to establish the pension and make pension payments until we have all the required information. Step 5: Takeover completion Once the Fund is established within SuperAstute, you will have access to all the services available through SuperAstute. We will let you know who your client services person is such that you have a direct contact. SuperAstute Self Managed Super 11

12 Your Fund s Investments We recommend that you seek financial advice in relation to your Fund s investments. Your financial adviser can assist you with this. If you don t have a financial adviser we can refer you to one who can help with selecting appropriate investments for your Fund if you request it. Formulating your Fund s investment strategy Your Fund must have an investment strategy which is based on the objectives your Fund seeks to achieve. As your Fund s trustee, you must formulate and implement this investment strategy. Issues to consider when formulating your Fund s investment strategy include: the risk and likely return from the types of assets held diversification (the range of investments within the portfolio) liquidity of investments (the ease with which they can be sold to meet liquidity needs) and the ability to meet Fund expenses and obligations of the Fund. An appropriate investment strategy will set out the investment objectives of the SMSF and detail the investment methods the Fund will adopt to achieve these objectives. In your capacity as trustee, you need to be aware that implementing an inappropriate investment strategy may result in your investments not meeting your needs. Setting an investment strategy for a super fund should be looked at in the same way as setting an investment strategy in any financial plan, that is, by having regard to the risk tolerance levels of the members and meeting their medium to long term objectives. Typically, this will lead to the Fund adopting asset allocation ranges (or limits within different assets types) within which the Fund s investments will be made. The ranges should be set so that investment strategy monitoring can be done in a meaningful manner. Wide ranges suggest either you have not thought about the strategy at all or that the Fund is going to be a heavy trader and hence have a highly speculative investment strategy. Asset allocation ranges are not a wish list but should be set so that the Fund can reasonably achieve them. An asset class allocation should not be selected just because you think you might invest in it one day. Care needs to be taken to make sure your investment strategy provides for adequate liquidity. Factors to consider include whether the Fund is paying pensions, the level of income being generated from the assets and the level of fees, tax and expenses that the Fund has to pay. We suggest that a Fund using SuperAstute should maintain cash holdings of a minimum of 2% of the fund size or $10,000 to allow for payments to be met without the need to redeem investments. On establishing an SMSF within SuperAstute you should establish the Investment Strategy for your Fund. This can be done on the SuperAstute website using the Member Dashboard. Once an Investment Strategy is established we will notify the trustees of any deviation from the chosen strategy on a weekly basis using the communication preferences you establish. This will assist the trustees in choosing one of the following options: adjust the investment mix to align with the stated strategy or review the strategy and adopt an alternate one. Once your chosen investment strategy is adopted by the trustees, you can select investments for your Fund in accordance with the investment strategy, either personally or working with your authorised adviser. Selecting your investments You should not make contributions or rollovers to your Fund until an investment strategy is in place. Trustees must make sure all investment decisions are made in accordance with the documented investment strategy of the Fund. Disclosure for your investments You ll need a copy of the disclosure document for any investment or investment vehicle you wish to make for your Fund if one is required to be given to you before you make an initial or additional investment. Your adviser will provide this when they make investment recommendations to you. 12 Bendigo Wealth Superannuation

13 Mailing address for your investments We reconcile your investment transactions with your cash accounts daily. You can help this process by also ensuring copies of any documents that you may receive relating to your Fund, such as bank and investment statements, dividend notices, ATO correspondence and purchase documents for real estate are uploaded to the Fund where appropriate. In most cases we will collect the information electronically, however, we may send a task to you to collect information as required, depending on the asset. Generally you should use your own address for any investment documents. Changing your investment strategy As your circumstances change, you can select another investment strategy that more effectively meets your needs as a member by updating the Investment Strategy on the SuperAstute web site through the Member Dashboard facility. Investment restrictions A key area of responsibility for trustees of SMSF s is investment management. Superannuation law places certain duties and responsibilities on trustees when making investment decisions concerning such things as loans to members, funds are prohibited from borrowing money except in limited circumstances, the use of instalment warrants, related party acquisitions and so on. Investment restrictions, duties and obligations are not listed here in detail and we recommend that you obtain professional advice in this area. More information is also available on websites such as the ATO website Liquidity and cash flow considerations From a prudent management and investment perspective all funds should hold sufficient cash to cover expenses and taxes that are payable throughout the year. Where benefits are being paid, additional cash balances should be held to meet these requirements. Contributing to your Fund To establish your SMSF through SuperAstute, you must make either an initial contribution into the Fund s cash account or transfer existing assets into the Fund. Initial contributions You can make initial and additional contributions to your Fund by depositing money into the Fund s cash account. We will need a breakdown of the contribution from you and will contact you to obtain a breakdown of any contributions each month. You may use our linked cash management account as the cash account for your Fund or you can use any other bank account. Details of our linked cash management account are available on the SuperAstute web site. The cash account is used to: collect any investment income pay our fees, adviser fees, other costs incurred in the administration of your Fund and any taxes that are due receive rollovers make pension and lump sum benefit payments buy Fund assets receive the proceeds of any sales of Fund assets (note certain trades will need to be settled through the clearing account) have any direct debits authorised by the Fund s trustees remitted as required e.g. insurance premiums. Transferring existing assets Where permitted by superannuation law, existing assets may be transferred into your Fund. Assets are transferred into the name of the trustee/s (as trustee/s of the Fund). This may result in an amount of stamp duty being incurred and as such it is recommended that professional advice is sought before any such transfers occur. The asset information you provide will be used in the ongoing administration of your Fund. To ensure this information is reliable, we must be able to obtain details of the assets, including their CGT history, in a form acceptable to us at the time the assets are transferred. SuperAstute Self Managed Super 13

14 Winding up your Fund Your Fund will wind up (terminate) in a number of circumstances as governed by the trust deed. Generally however a fund will terminate if: all members request the trustees in writing to wind up the Fund or the trustees are removed or retire as trustee, and you have not appointed a replacement trustee after a specified period. Upon receipt of a request from the trustees to wind up an SMSF we ll require notice of how the members balances are to be treated (that is, rolled over or paid to the member). If a condition of release has not been met, the member s balance must be rolled over to another complying superannuation fund. In some circumstances we may seek confirmation as to the receiving fund s complying status. In addition, as the SMSF is required to lodge all regulatory returns in the year in which it is wound up, money will need to remain in the Fund s cash account to meet any expenses or taxes that we anticipate will be incurred. Where an SMSF is paying a term allocated pension the law does not generally allow the pension to be commuted and a lump sum paid to the member. In these circumstances we can only roll over the commuted pension to another complying fund (of your choice), in order to commence a new complying pension or complying annuity (of your choice). Where the benefits have been paid out or rolled over from the Fund, we may require the members to indemnify us for any further expenses in relation to the wind up of the Fund. The wind up process generally takes a minimum of six to eight weeks or longer, depending on how quickly the assets of the Fund can be realised. During this time we ll continue to charge our fees. Superannuation choice of fund Many Australians may choose their own superannuation fund and direct their future employer superannuation guarantee contributions into their fund of choice. To see if you are eligible, contact your employer, visit the Government s website at or phone the ATO on Your employer s obligations If super choice applies to you, and you are a new employee who commenced employment after 1 July 2005, your employer should provide you with a standard choice form within 28 days of commencement of your employment with them. Existing employees wishing to exercise choice of fund may also be able to obtain a standard choice form from their employer, the Government s website at or from the ATO on How to exercise choice of fund The standard choice form enables you to choose a superannuation fund to which your employer is to contribute. To instruct your employer to make contributions on your behalf into your Fund, simply complete the standard choice form with your Fund and member details and return it to your employer together with a letter confirming the complying status of your Fund. 14 Bendigo Wealth Superannuation

15 Operating your Fund Contributions Once established, your Fund is able to accept contributions and rollovers. Contributions may be made by cash, cheque, or transfer of assets into the Fund according to the law. You must provide us with full details of all contributions made to your Fund so that we can ensure they receive the correct tax treatment. Contributions are required to be allocated and fully vested by the trustee for the benefit of the relevant member. As per eligibility requirements, there are restrictions on the amount of contributions that can be made into your Fund. These limits are often referred to as the contribution caps or simply caps. As trustees of your Fund you are responsible for monitoring your contributions (both concessional and non-concessional) against the caps and we recommend that you obtain appropriate professional financial and/or tax advice to understand the contribution limits for each member of your fund. Information on these limits and eligibility requirements can also be found via websites such as Superannuation rules are complex, which is why we recommend that you obtain appropriate professional financial and/or tax advice before deciding to make a particular type of contribution. Benefits and preservation We recommend that you discuss your superannuation benefit payments with your financial and/or tax adviser, as there are a number of tax matters that impact on these payments, especially if you are under age 60. As trustee of your Fund you are required to understand your responsibilities and ensure they are properly discharged. We provide all the administration support required by you as trustee to ensure benefits are correctly accrued, calculated, preserved and paid. Superannuation benefit payments If you satisfy a condition of release, and wish to have your superannuation benefit paid in the form of a lump sum, the trustees should write to us detailing the condition of release you have satisfied and providing us with an authority for the amount to be paid to you. You can receive your superannuation benefit payment, excluding pension payments, as cash or in specie (actual assets). If you choose to take your benefit payment as assets, transfer costs such as stamp duties and CGT may be included in the calculation of fund earnings allocated to your member account in the Fund. Transfers and rollovers Any partial transfer or rollover of benefits to another fund that you may request will also be made proportionately from the taxable and tax-free components of your total benefit. Pension benefits Rather than having your entire superannuation benefit paid as a lump sum, you may wish to receive all or part of your entitlement as a pension benefit payment. SuperAstute Self Managed Super 15

16 Insurance Life insurance Your Fund is able to hold life insurance for you. On your death, the net proceeds of any life policies will form part of the assets to be distributed to your beneficiaries. Total & Permanent Disablement (TPD) insurance Your Fund is able to hold TPD insurance for you; however most insurers only offer TPD in conjunction with life insurance. If you become permanently incapacitated, any TPD benefit paid under the terms of such a policy will form part of your assets in the Fund. You should note that in order for a TPD benefit to be paid from the Fund, a condition of release must have been met. It is important to seek advice on conditions of release. Salary continuance insurance Your Fund is able to hold salary continuance insurance for you. If you can t work due to illness or injury you may be eligible to receive a partial replacement of your income depending on the terms of the insurance policy you take out. Arranging insurance policies All policies must be held in the trustee s name and you ll need to arrange for a suitable policy yourself, which may require insurance underwriting. Your financial adviser will be able to assist you. Please contact your financial adviser prior to completing any insurance applications to ensure the policy can be held by your Fund. Please also contact your adviser when the policy has been issued to provide them with a copy of the policy schedule and to make premium payment arrangements. 16 Bendigo Wealth Superannuation

17 Fees and services and other costs This section shows fees and other costs that you may be charged to establish and maintain an SMSF in SuperAstute. Unless otherwise stated, fees and costs disclosed in this section are inclusive of 10% GST. If your Fund is registered for GST purposes it may be entitled to claim a reduced input tax credit in relation to the GST portion of relevant fees, which reduces the net cost of relevant fees to your Fund. Please seek professional advice on this matter. You should read all the information about fees and costs because it is important to understand their impact on your Fund. Fees for administering your Fund Amount (including GST) How and when paid Administration fee Minimum Fee Funds using Linked Services Only 0.44% on the fund value p.a. $2,750 p.a. Funds valued at $2m or more are individually priced Minimum Fee Only Applies Payable monthly in arrears from your Fund s cash account. Charged by direct debit on or around the 15 th day 1 of the following month, based on the most recently available reconciled Fund value. Fees for setting up your Fund Amount (including GST) How and when paid New Fund The fee to set up a new SMSF $550 Plus a Trust Deed fee of $440 Existing Fund The fee to transfer an existing fund into the service Plus a possible Trust Deed Amendment fee if your existing Trust Deed requires updating Plus a fee for each incomplete year where we need to prepare prior year accounts and tax returns Plus a fee for each month s processing in the current financial year up to the date of receipt of the fund application $0 $480 $1,650 minimum 2 for each year $229 per month The establishment fee is payable once only when you begin using the Service. Not all of these fees will apply to your Fund. Whether a particular fee is chargeable or not depends on the circumstances of your Fund. If a particular fee applies it is payable from your Fund s cash account and charged by direct debit on or around the 15 th day 1 of the month following establishment of the Service. Plus a fee for converting the fund from a Small APRA Fund to an SMSF Corporate Trustee Establishment fee The fee for establishing a company to be the corporate trustee of the fund, if required $660 $990 Payable by direct debit from your Fund s cash account upon set up of the Corporate Trustee 1 Invoices are distributed on or around the 10 th day of the month and direct debits are charged on or around the 15 th day of the month. 2 The actual fee will be determined based on the individual circumstances of the Fund. SuperAstute Self Managed Super 17

18 Fees for moving money into and out of your Fund Amount (including GST) How and when paid Contribution fee $0 Withdrawal fee 3 $0 Rollover administration fee The fee for managing rollovers from other funds into your Fund including liaison with other administrators $0 Termination fee The fee charged when you cease using the Service: Within the first 12 months of commencing the Service After 12 months The full outstanding management costs for the remainder of the 12 months Administration costs payable to the end of the month in which you request the transfer of your fund Payable by direct debit from your Fund s cash account on termination of the Service. 3 Please refer to the Administration Services Guide for further information on expenses that may be incurred when realising investments to fund withdrawals. 18 Bendigo Wealth Superannuation

19 Fees for other services that may be provided to your Fund Amount (including GST) How and when paid Using Linked Services Only Using Other Services Adviser Service fee 4 The fee charged by your adviser for advice provided As agreed between you and your financial adviser Adviser service fees are calculated and paid monthly in arrears by direct debit from your Fund s cash account on or around the 15 th day 5 of the following month. If it is a percentage amount it is based on the most recently available reconciled Fund value. If it is a flat charge it is 1/12 th of the annual amount. Investment Switching fee 6 The fee charged for changing investments in your fund or in your member account within the Fund $0 $280 where all fund data is sourced electronically Audit fee 7 The fee charged for conducting the audit of your Fund $180 $580 minimum 8 fund data is sourced manually This fee only applies where our linked auditor is used. The Trustees must negotiate their own fee with any other auditor Payable annually from your Fund s cash account. Charged by direct debit on or around the 15 th day 9 of the month following completion. Audit Re-work fee The fee charged by us when there is re-work required to your Fund s statutory accounts as a result of the audit $330 This fee only applies where our linked auditor is used. The Trustees must negotiate their own fee with any other auditor The fee will be deducted from your Fund s cash account five business days after we have provided you with an invoice notifying you that work is required on your Fund s statutory accounts. 4 Please refer to Adviser Remuneration on page 23 for further information. 5 Invoices are distributed on or around the 10 th day of the month and direct debits are charged on or around the 15 th day of the month. 6 Please refer to the Investment manager fees and transaction costs on page 22 for investment manager fees that may be charged and transaction costs that may be incurred depending on your investments. You should also refer to the Product Disclosure statement or other disclosure document from the product issuer. 7 Please refer to Fund Audit on page 22 for further information. 8 The actual fee will be determined based on the individual circumstances of the Fund. 9 Invoices are distributed on or around the 10 th day of the month and direct debits are charged on or around the 15 th day of the month. SuperAstute Self Managed Super 19

20 Fees for other services that may be provided to your Fund Amount (including GST) How and when paid Using Linked Services Only Using Other Services SMSF Supervisory Levy 10 An annual levy payable to the ATO by each SMSF $180 per annum Payable annually to the ATO by direct debit from your Fund s cash account following lodgement of your Fund s return. Trust Deed fees 11 The fees charged to amend and update your Trust Deed to ensure it continues to comply with legislation Initial review and amendment Subsequent amendments $480 $220 This fee only applies where our linked deed provider is used. The Trustees must negotiate their own fee with any other deed provider Payable on request for amendment of your deed. Payable from your Fund s cash account and charged by direct debit on or around the 15 th day 12 of the month following completion. Actuarial Service fee 13 The fee for preparation of your Fund s Actuarial Certificates where required Account based, allocated and term allocated pension annual certificate Defined benefit pension certificate $220 flat fee $440 flat fee Fees are for any number of pensions in the fund This fee only applies where our linked Actuarial Service provider is used. The Trustees must negotiate their own fee with any other Actuarial Service provider Payable on commencement of your pension and then as required from your Fund s cash account. Charged by direct debit on or around the 15 th day 14 of the month following completion of the actuarial review. Valuation fees 15 The fee for valuing assets when the value is not otherwise readily available (e.g. direct property or unlisted shares in unlisted trusts) As agreed between the Trustee and the Valuer Paid directly to the Valuer by the Trustee as required. 10 Please refer to SMSF Supervisory Levy on page 22 for further information. 11 Please refer to Trust Deed fees on page 22 for further information. 12 Invoices are distributed on or around the 10 th day of the month and direct debits are charged on or around the 15 th day of the month. 13 Please refer to Actuarial Review on page 23 for further information. 14 Invoices are distributed on or around the 10 th day of the month and direct debits are charged on or around the 15 th day of the month. 15 Please refer to Valuation Fees on page 23 for further information. 20 Bendigo Wealth Superannuation

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