Private Super Fund. Adviser guide. The issuer of this service guide is Australian Executor Trustees Limited. ABN AFSL No

Transcription

1 Private Super Fund Adviser guide The issuer of this service guide is Australian Executor Trustees Limited. ABN AFSL No Dated June 2011 Part of the IOOF group

2 Our small APRA fund a truly unique offer Support for you to help you develop and grow your practice To help you expand the superannuation services you offer your clients and build a strong base of superannuation funds we have put together a dedicated team of Business Development Managers in each of our state offices, as well as a Technical Services Manager. So, if you have any general enquiries about SAFs or SMSFs, help for you and your clients is just a telephone call away. Why choose us As the trustee of more than 3,000 Private Super Funds, we have been offering this service for over a decade and providing superannuation administration for more than twenty years. Our experience and size makes us the largest provider of trustee services to the Australian superannuation market. About us We specialise in the technical expertise required for self-managed super and have been providing personal financial services to people and businesses throughout Australia for over 130 years. We are an authorised trustee company, hold an Australian Financial Services Licence and have offices in all States and Territories. Dedicated AET staff to support you Contact us We want to help you grow your business. To help you do this, we have a Technical Services Manager and a team of Business Development Managers to support you and your office staff. Our contact details are as follows: Freecall Web aetclientservices@aetlimited.com.au 2

3 What is the Private Super Fund? Like an SMSF, our small APRA fund (SAF) the Private Super Fund is a super solution that gives you and your clients freedom of investment choice but, unlike an SMSF, neither of you have to shoulder the burden of compliance a professional trustee, such as AET, does that for you. Why Choose a SAF? A SAF enables you to offer your clients a selfmanaged super solution without them having the burden of trustee responsibilities. SAFs are similar to SMSFs, however the fund members do not shoulder the often onerous responsibilities of being trustee we do that for them. A SAF is suited to clients who want to have a substantial input into their fund s operation and investment selection but do not want the responsibility of being trustee. A SAF may also be suitable for clients who want their own fund but will not, or cannot, be a trustee. What is the Private Super Fund? The Private Super Fund (PSF) is our comprehensive SAF offering for those of your clients who are looking to have their own fund but don t want the responsibilty of being trustee. Benefits of the Private Super Fund The PSF provides all the benefits of a super wrap service including: the simplicity of administering investments from one platform access to wholesale managed funds sophisticated online reporting.... And more the investment menu is broader than a super wrap tax planning is more efficient than super wraps because all tax credits are passed back to each SAF rather than pooled with all other SAFs your clients can move from the accumulation phase to the pension phase without triggering a CGT event and without having to restart their portfolio. Our PSF provides all-in-one trustee, investment and superannuation administration services; we look after the day to day administration as well as the annual reporting requirements so you and your clients can concentrate on the investment strategy and mix rather than the fund s compliance. 3

4 Financial Adviser Client Private Super Fund Trustee services Super administration Investment administration What are the advantages of PSF? 1. True investment flexibility The only requirement is that you use our cash account for the fund. Otherwise, subject to our approval, you re free to manage your clients investments in line with both your dealer group s approved list or approved investments and the investment strategy selected for the fund. We will ensure that the investments you select are suitable superannuation investments. We currently administer a wide range of investments including: cash domestic and international fi xed interest shares listed on any Australian exchange retail and wholesale managed funds direct property and business real property certain derivatives certain approved private assets. 2. Trustee services We have been providing superannuation administration services for over 20 years, superannuation fund solutions for over a decade and currently provide trustee and administrative services to more than 3,000 Private Super Funds. Using our PSF allows you to recommend a fund structure to your clients, without them (or you) having to take on the trustee responsibilities. 3. Effective tax minimisation and planning opportunities Some superannuation funds use tax credits and offsets to reduce the tax payable by the fund, however individual members may not always receive the full tax benefi t attributable to their investments. With our PSF, although tax remains payable at a fund level, the relevant credits are passed directly to your client s fund. 4

5 4. Estate planning certainty Unlike most other types of superannuation funds, our PSF allows your clients to provide direction to the trustee as to how their death benefits are to be paid, without having to update a binding death benefit nomination every three years. Simply by nominating a valid beneficiary, your clients have certainty and peace of mind about their death benefits. 5. Our administration solution is purpose built Services to funds can be very fragmented. For example, for one SMSF you may need the services of an accountant, actuary, solicitor, financial adviser and an administrator. Our administration solution has been purpose built to provide financial advisers with all-in-one trustee, investment and superannuation administration services from one platform. On behalf of the fund you only need to liaise with one service provider, us. 6. Transfer SMSF clients without realising capital gains If your SMSF clients circumstances change and they no longer wish to be trustees, an effective strategy to release them from this responsibility, without subjecting the SMSF to capital gains tax, is to transfer the trusteeship to us, using PSF. This way, the fund continues to exist and hold title to the investments while the SMSF members resign as trustees and we are appointed in their place. Importantly, before we accept trusteeship of an existing SMSF or SAF, we need to be certain that the transferring investments are suitable superannuation investments. For further information about changing trustees and the transfer of assets, please refer to the PSF Product Disclosure Statement or your BDM. We enable financial advisers to: participate in corporate actions at a fund level or with one click you can provide a response for all your funds recommend direct property and business real property solutions to funds while we liaise with your chosen property manager on all day-to-day property matters access a comprehensive menu of wholesale managed funds. How to set up a PSF Simply complete the application form that is available from the PSF Product Disclosure Statement. You don t have to worry about fund set up, tailoring trust deeds, or registering the new entity with any government body; our establishment process takes care of every aspect of fund set up. The minimum investment is $200,000. We ll notifiy you when the fund is set up and ready to trade, and you ll be able to view all the fund and client details online at our website: 5

6 A complete suite of services is provided to your PSF clients On establishment we will: apply for the fund s ABN and TFN from the ATO apply for the fund s Registrable Superannuation Entity Licence from APRA prepare the fund s trust deed and organise for the deed to be stamped register the fund for GST set up segregated accounts for each fund member. The trustee services we will provide to the fund include: monitoring your clients investments to ensure they remain within the elected investment strategy ensuring the investments selected for, or traded by, the fund are suitable superannuation investments maintaining each fund s trust deed to ensure it is up-to-date with all superannuation legislative requirements maintaining the complying status of each fund to ensure that each fund meets its legal obligations. The day-to-day administration services we will provide to the fund include: mail handling. We take care of all fund correspondence (eg with government agencies, brokers and fund managers) purchase and disposal of all unlisted assets through the AET cash account held with us settlement of listed investment purchases or disposals through the AET cash account held with us (you will need to place the trade with your preferred broker) collection of fund income and payment of fund expenses reconciliation of member contributions for accumulation accounts payment of pension income. The year-end administration services we will provide include: preparation of member superannuation statements preparation of fund operating and financial statements completion and lodgement of tax and regulatory returns completion and lodgement of Business Activity Statements actuarial certificates facilitation of compliance and financial audit by an independent auditor. 6

7 AET My Portfolio AET My Portfolio is our secure online tool for you and your clients. You can access extensive information about your practice and your clients, while your clients can access information and reports about their investments. Navigation is simple and the design is contemporary. Information about investment prices and superannuation is refreshed daily and you have access to a complete suite of customised reports, including: itemised report of practice FUM, cash balance and investment strategies operating cash statements portfolio valuation reports performance reports realised and unrealised CGT reporting. SAMPLE 7

8 Australian Executor Trustees Limited ABN AFSL No Australian Executor Trustees Limited (AET) provides a range of professional estate planning, superannuation, trustee and investment services to clients across Australia. This document provides general advice only and you should seek professional advice before relying on its contents. AET believes the information to be reliable as at the date of issue but excludes all liability to the extent the law allows. AET is part of the IOOF group. PLA-2582