PRODUCT DISCLOSURE STATEMENT PO BOX 1409 Potts Point NSW 1335 ABN

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1 PRODUCT DISCLOSURE STATEMENT PO BOX 1409 Potts Point NSW 1335 ABN

2 SMSF Product Disclosure Statement CONTENTS SMSF Product Disclosure Document...1 GENERAL ADVICE WARNING!...2 SELF MANAGED SUPER FUNDS WHAT ARE THEY?...2 HOW SUPER WORKS...2 RISK OF SUPER AND SMSFS...3 DIVERSIFICATION...4 OTHER IMPORTANT RISKS FOR SMSF INVESTMENTS...4 HOW THE SMSF INVESTS YOUR MONEY...5 FEES AND COSTS...6 SUPER BENEFITS IN THE SMSF...6 HOW SUPER IS TAXED...7 TAXATION ON DEATH...8 INSURANCE IN YOUR SUPER...8 HOW TO OPEN A SMSF ACCOUNT...8 CLOSING THE FUND...8 CONTACTING THE FUND TRUSTEE P age

3 GENERAL ADVICE WARNING! The following document is general advice only and relates to an investment by a person into a SMSF. As such it is for educational purposes only. Please note that there is no recommendation for a person to make any such investment in a SMSF and great care should be had to the terms of this Product Disclosure Statement ( PDS ) but also the trust deed proposed for the fund. Any adviser, their firm and employees or SMSF Trustee cannot be regarded as providing personal advice by virtue of the presentation of this PDS. SELF MANAGED SUPER FUNDS WHAT ARE THEY? Superannuation is well recognised in Australia and through the Super Guarantee scheme (where employers contribute 9.25% or more of an employee s salary into a superannuation fund of their choice to go to 12% by 2023) there are more than 28 million superannuation accounts. There are five different types of superannuation funds: employer super funds generally limited to employees of a company that maintains the super fund; industry super funds generally linked to particularly industry sectors such as construction where the CBus super fund is the predominant industry fund; public super funds primarily for public servants whether State or Commonwealth; retail super funds owned by big banks, insurance companies and other companies in the wealth management space; and, SMSFs the type of super fund which is the subject of this Product Disclosure Statement. In short a SMSF is a regulated superannuation fund with less than five members, who are primarily family members or close associates. The sole purpose of the fund is to provide income streams and/or lump sum benefits to members where allowed under the Superannuation Laws such as on the retirement, death or disability of the member. Unlike other super funds the fund is an active collaboration of all members with each member, subject to a few exceptions, being required to become a Trustee of the fund or director of the fund s Corporate Trustee. This guarantees the member s involvement in the decision making process of the fund including investing. This means that all members of the fund, upon joining the fund and becoming a Trustee or director of a Corporate Trustee, agree to be bound by the Rules of the fund and the Superannuation Laws and declare that they have read the fund s Product Disclosure Statement. They must also ensure that the fund remains a regulated and a complying SMSF under the Superannuation Laws. As Trustees or directors of a Corporate Trustee of a SMSF, there is considerable responsibility and risk involved in running, operating and maintaining a SMSF and being a Trustee/member of a SMSF should not be entered into lightly. HOW SUPER WORKS Superannuation has been in existence for more than 40 years in Australia. Once the primary reserve of public service employees and employees of banks, life insurance companies and big mining companies the introduction of the Superannuation Guarantee system ( SGC ) in 1992 has seen superannuation become a major investor in the Australian sharemarket, property market and fixed interest. From a micro level, superannuation is fast becoming the leading component of many Australian employee s wealth. In summary superannuation works thanks to the constant flow of employer superannuation contributions into super funds of the member s choice. The contributions, to go to 12% of a 2

4 member s salary in the early 2020 s, are not taxed under the Pay as You Go tax system but are subject to a 15% contributions tax payable by the trustee of the fund. For members on higher marginal tax rates greater than 15%, there is a tax benefit to the employer making mandatory SGC contributions and for many, the ability to go above the SGC threshold with further salary sacrifice contributions. However there is a limit on the amount of concessionally taxed contributions that can be made to the fund without excess contributions taxes (to find out the limit check on the ATO website as the limits are constantly being updated to cater for indexation and also special rules for over 60 s and over 50s). RISK OF SUPER AND SMSFS All financial decisions carry risk, so it's important to think carefully about how you choose your investment options to balance the level of risk against the level of financial return and particularly with superannuation. At the end of the day, your superannuation is for your retirement and as retirement can last a very long time, great care must be had when investing your super assets particularly in a SMSF. As one of the Trustees of the SMSF it is your responsibility to ensure that your investments are tailored for the long term unless you are close to retirement or taking your benefits as a transition to retirement income stream as allowed under the superannuation laws. It's important to think carefully about how you choose your SMSF investment options. When thinking about how to manage the risks associated with the Trustee s possible investment options, we recommend you also consider: your age and the other age of members of the fund what level of risk you and they are comfortable with the objectives of the fund. 3

5 DIVERSIFICATION The Trustees should also avoid risking the member s retirement savings in one or a few investments such as a highly leveraged property. By diversifying the fund s investments the Trustee can help control the total risk of the investment portfolio. If one or more of the fund s investments perform poorly or fail, the other investments may be performing better to help cover the loss. Effectively spreading the fund s risk means investing not just in different companies or different sectors of the market, but in different sectors of the economy. And for some Trustees that choose to remain in cash with members twenty or more years away from retirement this may end up as an investment that does not maximise the returns on all of the member s benefits for retirement purposes. OTHER IMPORTANT RISKS FOR SMSF INVESTMENTS As noted earlier, a SMSF is a superannuation structure where four or less members can pool their superannuation savings or direct their SGC employer contributions to save for their retirement in a concessionally taxed environment. Apart from investment risks in a SMSF, Trustees should be wary and careful of the following risks that are particular to a SMSF rather than a retail, industry or other super fund: Non-compliance risk Where the Trustee of a SMSF makes an investment it must meet all the compliance rules under the superannuation laws (the Superannuation Industry Supervision Act 1993). These are wide and varied and ensure that the Trustees of the SMSF do not invest in a related party with some exceptions, do not lend money to a related party, are not to make investments and carry out investment and other transactions on a non-arm s length basis and most important of all to ensure that a member of a SMSF does not benefit from the fund except as allowed under the superannuation laws. For example a member of a retail super fund aged 40 cannot transfer their superannuation benefits in the retail fund to a recently established SMSF and then as Trustee of that SMSF pay out benefits of the fund to themselves at age 40 before they are allowed to take them under the superannuation laws. A breach of these laws can not only subject the Trustee to a significant financial penalty including taxing the market value of the assets of the fund at a flat rate of 45% but also land the Trustees of the SMSF in jail. Trust Deed risk The Trustee of the Fund must acquire a modern trust deed for the fund one that ensures it copes with changes to the laws and on-going strategies. It is the Trustee s responsibility to read and understand the fund s deed and make sure that it meets the requirements of all the members of the fund. In addition as superannuation laws change and new strategies become apparent or used by Trustees of SMSFs, it is highly advisable for the fund s trust deed to be regularly upgraded. Borrowing Risk The superannuation laws allow the Trustee of a SMSF to borrow money to acquire a single acquirable asset such as a residential or commercial property and in some cases a collection of shares that have the same characteristics such as market value, class of share, etc and acquired at the same time. However with any borrowing there is a risk that the underlying investment may perform poorly and the lender may seek to foreclose on the borrowing. The 4

6 superannuation borrowing laws commonly known as a limited recourse borrowing arrangement, limits any recourse by the lender to the asset only and not the remaining superannuation assets of the fund. However great care should be had to ensure that the borrowing meets the compliance rules of the fund; is properly documented; is over an asset that the Trustee can invest in and has appropriate insurance or other cover should something happen to the asset. HOW THE SMSF INVESTS YOUR MONEY The Trustee of the SMSF has broad investment powers under the proposed trust deed that the fund is using and is able to invest in private or public company shares; cash and fixed interest; commercial, rural and residential property; unit trusts and pooled superannuation trusts and is able to engage in property development and other pursuits provided the investment is in accordance with the Superannuation Laws. The Trustee of the fund may also borrow to acquire an asset provided the acquisition of the asset is permitted by the Superannuation Laws see Risk of Super and SMSF above. The structure for any borrowing must be by way of a holding trust to ensure the borrowing is non-recourse. The borrowing may be from a bank, building society, non-bank or a related party. The Commissioner of Taxation has issued extensive guidelines in relation to SMSF borrowing. The fund s Trustee can create separate investment strategies for each member of the fund. Alternatively a Trustee may establish separate investment strategies for differing member accounts including a member s lump sum or pension account where applicable. However this is not a mandatory requirement. In addition the Trustee can use their power to create a pooled investment strategy for all members of the fund and all accounts provided the investment strategy meets the necessary requirements of the Superannuation Laws. However any investment made by the Trustee must be in accordance with the fund s written investment strategy. The Commissioner of Taxation has established guidelines as to what should be in an investment strategy. These guidelines can be found in the Commissioner s fact sheet Investment Strategy and Investment Restrictions SMSF (NAT 2063) and must be strictly adhered to or the fund may become a non-complying SMSF. The key principles raised by the Commissioner in terms of investment strategies are: the trustees of a SMSF are solely responsible and directly accountable for the prudential management of their members benefits. They can use an adviser but in the end it is their responsibility. as part of this prudential responsibility the trustees of a SMSF are required to prepare and implement an investment strategy for the superannuation fund. the strategy must reflect the purpose and circumstances of the fund and have particular regard to the membership profile, benefit structure, tax position and liquidity requirements of the fund. an investment strategy should set out the investment objectives of the fund and detail the investment methods the trustees will adopt to achieve those objectives. it is the trustees duty to make, implement and document decisions about investing fund assets and to carefully monitor the performance of those assets. the trustees must ensure all investment decisions are made in accordance with the investment strategy, and breaches of the investment strategy requirement may result in the trustees being fined or sued for loss or damages. In addition, the fund could lose its complying status. 5

7 Once one or more income streams are commenced the Trustee of the fund may run separate investment strategies for members where they have a lump sum and an income stream account. This will require the Trustee creating and authoring separate investment strategies and appropriate confirming documentation. There may be significant taxation and estate planning advantages in creating separate investment strategies for lump sum and pension interests. FEES AND COSTS There are a range of costs associated with establishing, operating and maintaining a SMSF. The level of costs incurred will also depend on the extent to which the Trustee has sought expertise in ensuring the fund remains complying and also has the best possible strategic set up for the Trustee and members. These costs should be compared carefully to the costs associated with being a member of an industry or retail superannuation fund. Saving on not getting the best possible advice or for that matter, acquiring the most strategic and up to date SMSF Trust Deed and Rules is a false saving as it limits far larger taxation savings as well as opening up the Trustee to potential fines, imprisonment and having the fund s assets subject to tax as a non-complying SMSF if there is a compliance breach by the Trustee of the fund. The extent of the costs will depend on the specific service provider and Trustees should discuss all costs with their SMSF professionals. SUPER BENEFITS IN THE SMSF At any time, if the Superannuation Laws allow, a member may seek to be paid a superannuation benefit from one or more of their super accounts held by the Trustee of the Fund on their behalf. However, it is not a compulsory requirement of the Fund for a member, upon reaching age 65 or retirement to automatically take their super as a lump sum or commence a pension or income stream. A member is entitled to maintain their super for the benefit of their dependants or legal estate in the event of their death. There are several circumstances where a member of the Fund can officially access their super. These circumstances include the following: Temporary Incapacity and Permanent Incapacity; Terminal Illness; Retirement or at aged 65; Under Severe Financial Hardship or on Compassionate Grounds; When a Member reaches Preservation Age and can commence a Transition to Retirement Income Stream such as age 55 if the member was born before On the death of a Member of the Fund, numerous Superannuation Laws apply to the payment of Death benefit lump sums and Death benefit pensions. The Trustee shall pay due regard to any Member SMSF Will or Binding Death Benefit Nomination in making any Death benefit payments. Benefits that may be paid at the time of the death of a Member include, but are not limited to: a Super lump sum may be paid on the death of a member to a dependant, the deceased member s legal estate, charity or public benevolent institution; and a super pension may be paid to a dependant for taxation purposes which includes all those persons who are dependants but in the case of a child, only a child who is aged less than 18 unless they were financially dependent upon the deceased member. Where an income stream is paid to a child in accordance with the superannuation laws, it must be commuted or taken as a lump sum no later than the 25 th birthday of the child. 6

8 Subject to the superannuation laws and the fund retaining its complying SMSF status, a dependant includes a child of the member, a person in an inter-dependant relationship with the member, any financial dependant of the member irrespective of age and anyone who in the opinion of the trustee is a dependant of the member. The member may request the trustee to allot, rollover or transfer a superannuation benefit for their spouse as part of the contributions splitting laws. Similarly, a member can request the trustee to allot, rollover or transfer a superannuation interest for the benefit of an ex-spouse or spouse pursuant to a family law payment splitting notice. With respect to any family law payment splitting notice, subject to the superannuation laws and the fund retaining its complying SMSF status, it shall be at the trustee s total discretion as to how any superannuation interest or superannuation benefits are to be paid and to which eligible entity payment will be made. HOW SUPER IS TAXED The taxation of contributions and how they are applied by the Trustee for investment purposes was considered in the section Why Super above. Once contributions are received by the super fund, the monies are invested by the Trustee of the fund according to the fund s investment strategy a document created by the Trustee on how and where the monies of the fund are to be invested. There are some investment limitations that particularly apply to SMSFs such as investing in assets of a related party, lending to a member, lending to a related party, providing a benefit to members of a fund outside of the superannuation laws. Otherwise the Trustee of a SMSF has a broad discretion where to invest the assets of the SMSF. The benefit of investing in superannuation is that any investment earnings are taxed at a maximum rate of 15% (unless non-arm s length income). Any capital gain received by the fund attracts a 33 1/3% discount with the resulting capital gain being taxed at 15%. If the assets are being held by the Trustee of the fund solely for the purpose of the fund paying pensions or income streams to members, any income or capital gains are tax free. Quite apart from the concessional taxation of contributions and income in the fund one of the key reasons that many people add further contributions of their own account to their SMSF is due to the tax treatment of benefits out of the fund. On the benefit side, any after tax contributions the member has made to the fund are known as tax free benefits and when withdrawn from the fund, provided the superannuation laws allow, will always be tax free. Any other contributions such as employer contributions will be taxable contributions and will be taxed according to Table Two below: *The tax free lump sum amount for persons under age 60 changes each year and the $180,000 limit is for the income year ending 30 June

9 TAXATION ON DEATH Where a member dies then any tax free component payable to deceased s child, dependant or legal estate is tax free. However any taxable component is generally tax free to a dependant, child under the age of 18, or 25 if financially dependant or disabled. For any other recipient, whether from the fund directly if allowed or by way of the estate, the taxable component is subject to tax at 17% which includes the Medicare and NDIS levy. If some of the taxable component is sourced from an insurance payout in the fund and paid to a non-dependent then taxation on the taxable component is 32%. INSURANCE IN YOUR SUPER Recent statistics from the Commissioner of Taxation show that members of SMSFs are underinsured compared to their counterparts in retail, industry and other larger super funds where group insurance policies are in place for the benefit of members. Any consideration of transferring benefits from another super fund to a SMSF without due consideration of the insurance consequences may prove costly. For that reason many SMSF members when transferring their super benefits to a SMSF continue to maintain a balance in their original super fund to guarantee preservation of their insurance benefits. Due to the low insurance benefits in SMSFs, it is now a requirement as part of the fund s investment strategy for the Trustee to consider the insurance in the fund for all of the members of the fund. Failure to do so may result in a fine or possible loss of compliance. HOW TO OPEN A SMSF ACCOUNT Where a SMSF has yet to be established a Trustee should be set up or appointed as a Trustee of a SMSF. It is vital that a strong and strategic trust deed and set of governing rules is put in place for the benefit of the Trustee and members of the fund. Once the fund is established a cash management or bank account should be set up to accept member contributions and then members may be admitted along with contributions and transfers from other super funds. A Trustee may allow a member to commence a pension or transition to retirement income stream where they have met the relevant conditions for these benefits under the superannuation laws. CLOSING THE FUND In accordance with the provisions of the Superannuation Laws the Fund will continue in perpetuity or until the Fund is wound up. The Fund may be wound up under the following circumstances: 1. On the death of the last remaining Member of the Fund any replacement Trustee or the Corporate Trustee determines that the Fund is to be wound up; 2. The Regulator or any other person or body authorised to wind up the Fund under the Superannuation Laws orders the Fund is to be wound up; 3. The Superannuation Laws are amended such that the Fund can no longer remain a Complying SMSF and the Members agree to wind up the Fund; 4. The Trustee simply resolves that the Fund is to be wound up. In the event of the Fund being wound up the Trustee is to disburse any remaining proceeds, Cash or Assets of the Fund. Any remaining proceeds, Cash or Assets of the Fund may be distributed by the Trustee, subject to the Superannuation Laws, to any of the following parties: Members and former Members of the Fund; 8

10 Relatives of any Member or former Member; to any Legal Estate of a Member or former Member; or to any other entity or any trust or entity of a charitable, public benevolent, sporting, animal or political nature as the Trustee sees fit. CONTACTING THE FUND TRUSTEE The contact details for the Fund will be the registered office of the fund s corporate trustee which may be obtained from the company s directors or the fund s administrator or accountant. Alternatively the details may be retrieved from the Australian Securities and Investment Commission As all members must be Trustees or directors of the corporate trustee, details of other trustees or directors are kept on file at the Trustee s office or registered address. 9

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