SMSF Administration Service Agreement 2013/14

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1 SMSF Administration Service Agreement 2013/14

2 Welcome to JAS Wealth Our goal is to help successful individuals manage their wealth using the best products, services and investment available in the market today. We are now excited to be able to offer this forward thinking approach to SMSF administration. About our SMSF Service Establishing and operating a self-managed super fund (SMSF) is an exciting and positive step in your lifelong financial journey. SMSFs however do come with a number of administrative and compliance related obligations that should not be taken lightly. To address the needs of our clients we have partnered with a specialist administrator to provide you with a high quality and easy to use SMSF service. The key services included as part of our SMSF Service include: Establishment of a new SMSF including provision of a trust deed, all necessary minutes & declarations, Australian Business Number (ABN) & Tax File Number (TFN) applications with the ATO, election to become a regulated super fund, corporate trustee incorporation (where applicable) and SMSF bank account establishment. Independent auditor appointment and annual liaison and audit facilitation. Annual compliance obligations including preparation of financial statements, member statements and lodgement of the SMSF annual return to the ATO. Additional services where required including actuarial certification, trust deed amendments and lodgement of activity statements. The great thing about our SMSF Service is that you don t need to deal with multiple people such an accountant, auditor or lawyer we remain your sole contact point for all aspects of the management of your SMSF.

3 The SMSF Administration Service Our SMSF administration service has been specifically designed to meet the needs of our clients and to work in conjunction with how we provide our financial planning and advice services to you. The following section outlines in more detail the inclusions of the service. SMSF Establishment Provision of a high quality, strategically written trust deed from Topdocs Pty Ltd. Provision of all minutes, forms and declarations for the establishment of the SMSF. Where a special purpose trustee company is utilised the constitution and associated minutes will be supplied by Topdocs Pty Ltd who will also attend to the registration with of the company ASIC on our behalf. Lodgement of the ABN & TFN application including an election for the SMSF to be a regulated fund. Establishment of Macquarie Cash Management Account (optional). Periodic Administration In most cases we will receive transactional data regarding your fund on a daily basis. This includes bank account transactions, share trading transactions and investment platform transactions. Most of the above transactions received will be automatically processed, however your SMSF accounts will be reviewed and reconciled on a monthly basis. Part of the monthly reconciliation process includes allocation and monitoring of contributions made to the fund and where applicable pension and lump sum payments made from the fund. Digital copies of fund records will be retained where they are required to support the accounts and independent audit of the SMSF. Basic pension commencement and commutation documentation that meets the minimum compliance obligations limited to one commencement and commutation per individual member per year. Annual Lodgement Obligations Preparation of annual financial statements and member statements. Preparation of all necessary minutes and declarations required for your SMSF for the year. Preparation and lodgement of the SMSF Annual Return to the ATO. Liaison and provision of all necessary records and documentation to the selected independent auditor of the fund. Where necessary arrange for the actuarial certificate for the fund to be prepared. Where required prepare and lodge GST annual returns, Business Activity Statements (BAS), Instalment Activity Statements (IAS) and PAYG Payment Summaries. Advise you of the annual taxation liability payment required for your SMSF Reporting You will be provided with copies of the annual financial statements, member statements and annual SMSF return upon completion of the annual lodgement obligations. Online access to your SMSF reports including investment and accounting reports is available at no additional cost.

4 Standard Services - Fees and Costs Our SMSF administration service utilises a transparent fee structure making it easy for you to know how much your SMSF is paying and what you are paying for. Unless otherwise specified all fees will be levied by and payable to us for the services outlined in this agreement. All fees listed include GST. Establishment fees Establishment of new SMSF with individual trustees $ Establishment of a new SMSF with a corporate trustee* $1, *Includes the ASIC company registration fee Administration fees The ongoing administration of your SMSF includes the services listed as part of the periodic administration and annual lodgement obligations sections of this agreement as well as the independent audit. Wrap Friendly Service $ / month o Includes an approved cash management account o Includes an approved wrap account Direct Equities Service $ / month o Includes an approved cash management account o Includes an approved wrap account o Includes an approved direct equities account Residential Property Service $ / month o Includes an approved cash management, wrap & equities accounts as listed above o Includes residential property with an agent appointed o May include a SMSF limited recourse borrowing (SMSF loan) Custom Service o A SMSF that does not fit into one of the above categories $TBA / month Audit For established SMSFs the audit fee is included in the above monthly administration fees. For new SMSFs an additional audit fee of $33.00 per month for the number of months between July and the month the SMSF became active will apply in the first year the administration of the fund is completed. Additional audit fees may be applicable and we will discuss these with you in advance where relevant. Actuarial certificates An actuarial certificate is required for a SMSF to claim exempt pension income where in a particular year the fund has both pension and accumulation accounts and the fund is unsegregated.

5 The cost of an actuarial certificate for a SMSF with account based pensions is $ and a separate invoice will be levied when the annual lodgement obligations are complete for the period the certificate relates to. Other Services - Fees and Costs Sometimes your SMSF requires additional services to ensure you are getting the maximum possible benefit. The items listed below are typically one time only fees rather than year to year. All fees listed include GST. Trust Deed Update and Trustee Change fees Amendment / update of your SMSF trust deed $ Amendment / update of your SMSF trust deed plus the appointment of a corporate trustee* $1, *Includes the ASIC company registration fee Limited Recourse Borrowing fees Establishment of a bare trust with trustee company* $1, *Includes the ASIC company registration fee Additional administration fee in the financial year a SMSF property purchase is completed $ Additional Fees Payable In addition to the previously quoted fees, your SMSF may be liable for other fees payable either to us outside this agreement, or to external parties. The items or services which will likely incur additional costs include: ATO SMSF Supervisory Levy (paid to the ATO directly) o 2011/12 Financial Year $ o 2012/13 Financial Year $ o 2013/14 Financial Year $ ASIC SMSF special purpose company fee (paid direct to ASIC) $43.00 Advice and service fees negotiated with us as your financial adviser.

6 Service Providers We have entered into a service agreement with Superfund Wholesale Pty Ltd (Superfund Wholesale) to enable us to provide the SMSF administration services outlined in this agreement. SMSF Administrator and Tax Agent The following services as outlined in this agreement are provided by Superfund Wholesale: Periodic Administration Annual Lodgement Obligations Reporting Superfund Wholesale may also assist us with the establishment of a new SMSF, trust deed updates, change of trustee services and limited recourse borrowing arrangements from time to time. Superfund Wholesale is a registered tax agent. We do not undertake any services that are considered to be a tax agent service as per Section 90-5 of the Tax Agent Services Act Auditor By accepting this agreement you enable us in conjunction with Superfund Wholesale to appoint an auditor to your SMSF. The appointed auditor must be registered with ASIC as an approved auditor from 30 June The current approved auditors on our audit panel are: ASF Audits Evolv Pty Ltd An alternate auditor may be arranged by either us as your adviser or you as trustee of the SMSF provided this is agreed upon by Superfund Wholesale. Actuary By accepting this agreement you enable us in conjunction with Superfund Wholesale to appoint an actuary to your SMSF where necessary. Our current approved actuarial certificate providers are: Heffron Consulting Pty Ltd Bendzulla Actuarial Pty ltd Act2 Solutions Pty Ltd Trust Deed and SMSF Document Supplier By accepting this agreement you enable us in conjunction with Superfund Wholesale to appoint a trust deed and SMSF document supplier for your SMSF. Our current approved document supplier is Topdocs Pty Ltd.

7 Release of Information to Third Parties We respect and value the professional relationship we have with our clients and are committed to protecting the privacy and confidentiality of information we collect from you. Like other financial services companies, there are situations where we may disclose your personal information in circumstances where it is: Required by law (such as to the Australian Tax Office) and; Authorised by law (such as where we are obliged to disclose information in the public interest or to protect our interests). We also will need to disclose some of your personal information to external service providers who assist us in providing our SMSF Service. By accepting this agreement you authorise us to: Provide copies of all information or documentation relating to your SMSF and investments to the nominated service providers. Organise for duplicate or electronic copies of information including any investment statements, dividend notices, broker account reports or bank statements relating to your SMSF to be forwarded to the nominated service providers directly or via an intermediary service. Permit the above service providers to directly receive in electronic format via or secure download facility information including bank statement transactions, share trading transactions including contract notes, holding balance details and client details, wrap / investment platform account transactions and balances. Termination This Agreement may be terminated by either you or us as your adviser by providing 30 days notice in writing. We may also terminate this Agreement immediately if you have failed to pay any fees or you otherwise seriously breach your duties under this Agreement. Provided that all fees have been paid to the date of termination, we will forward the file relating to the SMSF to you personally or an alternate accountant or administrator that you engage within 30 days after termination of this Agreement. The file or files will be provided as either paper copies, electronic copies or a combination of both at our discretion. Variation of Agreement This Agreement may be varied from time to time by notifying you of any changes. If any changes are materially, namely to the applicable fees payable, we will give you 30 days written notice.

8 Commitment of the Trustee You acknowledge and agree that you will: a) Ensure that any activity of your SMSF is in compliance with the Trust Deed and the laws applicable. If in doubt you should contact us to discuss any possible breaches to the rules contained within the Trust Deed or the laws applicable to your SMSF; b) Ensure at least one bank account is open and maintained in the name of your SMSF. This bank account must only be used for transactions relating to your SMSF and will not be used for personal banking purposes; c) Retain sufficient funds in the bank account to pay regular outgoings including any applicable fees which are debited on a monthly basis under a Direct Debit Request Authority with us for provision of the SMSF services contained in this agreement; d) Sign any third party authorities, other documents or take any steps necessary to ensure that we or any of the service providers appointed under this agreement can either directly or via other intermediary service providers receive all applicable bank account, share broker, wrap account or other provider transaction feeds and holding balance information. Failure to sign any requested third party authorities will result in your SMSF not being eligible for any applicable fixed fees quoted in this agreement; e) Ensure that all investments are made in the name of the Trustee of your SMSF; f) Provide us with any documentation or information requested for the completion of your accounts, SMSF annual return or compliance audit including the issuance of the annual report by the independent auditor of the fund within 14 days. Where we are required to contact you on more than two occasions to request documentation or information, we reserve the right to pass on additional costs resulting from our time spent obtaining this information from you. These charges will be in addition to any fees outlined this agreement. g) Indemnify us and any service providers listed in this agreement against all claims made against or suffered by us and any service providers listed in this agreement as a direct or indirect result of you failing to comply, or failing to comply in sufficient time, with any of your responsibilities and commitments listed above. You acknowledge and confirms that, for the purposes of this Agreement, any reference to your obligations includes the obligations of the trustee to the member and vice versa.

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