Profile February 2009

Transcription

1 Profile February 2009

2 Like an SMSF, the Private Super Fund is a DIY super solution; it gives you freedom of investment choice but, unlike an SMSF, you don t have to shoulder the burden of compliance a professional trustee, such as AET, does that for you. DIY Super the options available Many clients are aware of the benefits of do-it-yourself (DIY) superannuation investment flexibility and control which are generally not available through most other superannuation vehicles. The most common DIY vehicle is a self-managed superannuation fund (SMSF). Using this structure, each member of the fund acts as trustee and, therefore, bears the compliance burden and legal responsibility for running the fund. But did you know there is another DIY vehicle available, a Small APRA Fund (SAF), that doesn t involve you taking on the trustee responsibilities? Utilising this option, a professional trustee takes on the responsibility of ensuring that the fund remains compliant. A SAF offers the investment flexibility and control associated with an SMSF but removes the onerous compliance accountability associated with acting as a trustee. Our Private Super Fund is a comprehensive SAF that provides all in one trustee, investment and superannuation services. About us AET Super Solutions is part of Australian Executor Trustees Limited (AET) and we specialise in the technical expertise required for small superannuation funds. AET has provided personal financial services for people and businesses throughout Australia for over 120 years, is an authorised trustee company, holds an Australian Financial Services Licence and has offices in all States and Territories. Why choose the Private Super Fund? 1. Professional trustee services One of the best reasons to use our Private Super Fund is the flexibility and freedom of investment choice that comes with having your own fund, but without having to shoulder the burden of compliance as we do all that for you. We ll do all the necessary work to ensure your Private Super Fund meets its ongoing compliance responsibilities. Australian Executor Trustees Limited is a corporate trustee licensed by the Australian Prudential Regulation Authority (APRA). 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 services for more than twenty years. Our experience and size makes us the largest provider of trustee services to the Australian superannuation market. We are responsible for ensuring all legal requirements for your Private Super Fund are met in order for it to be considered a complying fund and therefore eligible for concessional tax treatment. Our Private Super Fund lets you concentrate on your long term retirement needs without having to shoulder the compliance responsibilities in the interim. 2. Extraordinary investment flexibility The only requirement is that you use our cash account for the fund; otherwise, subject to our approval, you are free to manage your superannuation investments in conjunction with your financial adviser. We will ensure that the investments selected are suitable superannuation investments.

3 We currently administer a wide range of investments including: cash domestic and international fixed interest shares listed on any Australian exchange retail and wholesale managed funds direct property and business real property certain derivatives certain approved private assets. 3. Efficient fund administration As well as acting as trustee, we provide comprehensive administration services, including: establishing the fund under a trust deed formulated and maintained in accordance with superannuation law requirements monitoring the fund s portfolio of investments so it complies with the approved investment strategy accepting your contributions or those made on your behalf purchasing and disposing of assets collecting fund income and paying fund expenses completing and lodging fund income tax and regulatory returns completing and lodging business activity statements (BAS) facilitating compliance and financial audit by an independent auditor retaining fund records for prescribed periods (up to 10 years) establishing a superannuation pension and making regular pension payments 4. You get all the benefits of a super wrap A Private Super Fund provides all the benefits of a super wrap including: the simplicity of viewing your investments online from one platform access to wholesale managed funds sophisticated online reporting. the investment menu is broader than most super wraps tax planning is more efficient than super wraps because all tax credits are passed back to your fund rather than pooled with all other funds you can move from the accumulation phase to the pension phase without triggering CGT or having to restart your portfolio. 5. Comprehensive online access Our website AET My Portfolio has extensive functionality, simplified navigation and a contemporary design. You can access a full suite of reports including: cash transaction statements portfolio valuation reports realised and unrealised capital gains tax reporting. SAMPLE provding regular reports as well as online access maintaining the fund s complying fund status and ensuring all legal obligations are met.

4 Private Super Fund (continued) Ongoing management charges For more information about fees please refer to the Product Disclosure Statement. Fees fall into two categories: annual flat fees for year-end services and annual management fees (deducted monthly) for the administration and trustee services provided to your fund. Annual flat fees Fee APRA levy Audit fee BAS fee Tax return preparation fee Management fee Tier First $250,000 Next $250,000 Over $500,000 Amount (including GST) $500 per fund $220 per fund $250 per fund $235 per fund Amount (including GST) Up to 1.38% pa Up to 0.92% pa Up to 0.54% pa Contribution charges Exit charges Switching charges Increases and alterations in fees and charges Financial adviser payments and remuneration Cooling-off period Reporting frequency Online access % up to a maximum of $1,500 on each contribution and rollover Nil Nil We are required to provide 30 days notice before any increase to fees or charges Negotiated between you and your financial adviser, the agreed fee will be charged monthly and may be payable via: standard remuneration Adviser Service Fee contribution fee commission Cash Deposit Fund commission 14 Days. Amount repaid will be adjusted for any change in the investment value and any tax paid or payable Quarterly reports include: operating cash statement investment strategy portfolio valuation report income and expense summary summary of assets purchased and sold Members are provided with an Annual Fund Package which includes: annual report from the trustee fund financial and operating statements member benefit statements risk management statement (if derivatives form part of the portfolio) Online access to daily account information at

5 Private Super Fund Product description Product type Account types The Private Super Fund is a small superannuation fund, established especially for you, with a professional trustee. Each fund is governed by its own trust deed. Each Private Super Fund has four or less members and is regulated by the Australian Prudential Regulation Authority (APRA) The Private Super Fund is a financial product, categorised under legislation as a Small APRA Fund (SAF) Accumulation accounts Transition to retirement pensions Account-based pensions All funds are set up on a segregated basis Product provider Australian Executor Trustees Limited Trustee Australian Executor Trustees Limited ABN SPIN AUX0010AU Issue document Private Super Fund Product Disclosure Statement Contribution options member contributions spouse contributions employer contributions self-employed contributions Government Super Co-contributions Minimum investment $200,000 per fund Value The value of your Private Super Fund is equal to the current value of the fund s investments, including investment earnings, less payment to members and amounts deducted to cover charges Benefits true investment flexibility trustee services estate planning certainty purpose built administration solution access to wholesale managed funds Restrictions minimum withdrawal is $5,000 you are required to use our cash account for collection of fund income and payment of fund expenses your fund s assets must be suitable superannuation assets you must appoint a financial adviser Investment strategies conservative moderately conservative balanced balanced to moderately conservative aggressive shares aggressive property Investment strategy features we monitor by asset allocation/investment category we monitor single investment exposure we do not set the fund s investment list we will ensure the investment is a suitable superannuation investment

6 Who should apply for a Private Super Fund? A Private Super Fund may be suitable for you if you are looking for a comprehensive small fund structure but do not want the responsibility of being trustee nor the burden of compliance. The minimum investment is $200,000. How to apply for a Private Super Fund Firstly, you need to read and consider the Private Super Fund Product Disclosure Statement (PDS), complete the relevant application forms available in the PDS and return them to us. If you are joining an established Private Super Fund you will need to read and consider the PDS, complete the relevant application forms as well as the Admittance of New Member Form that is available from our website. Please note the Private Super Fund is only available through a licensed financial adviser. Contact us If you need assistance, or have any questions, please contact us. Our contact details are: Freecall Web aetclientservices@aetlimited.com.au Australian Executor Trustees Ltd (AET) ABN AFSL No RSE Licence No L is the Trustee of the Private Super Fund. Part of Australian Wealth Management AET Super Solutions and AET My Portfolio are trade marks of AET. While all efforts have been made to ensure the information contained in this document is accurate, errors may occur. To the extent permitted by law, AET, its related companies, employees and consultants, advisers and officers are not liable for any loss or damage as a result of any reliance place on the contents of this document. This document contains general advice only and has been prepared without taking into account your particular objectives, financial situation and needs. Before making an investment decision based on this information, you should assess your own circumstances or consult a financial adviser. You should consider the Product Disclosure Statement for PSF, available from AET, before investing. AETHO4929