Total SMSF Service Guide SMSF Pinnacle March 2018 Service Guide March 2018 Issued by OneVue Wealth Services Limited ABN 70 120 380 627. To read in conjunction with the brightday Direct Investing Guide.
Contents Issued by OneVue Wealth Services Limited ABN 70 120 380 627. To read in conjunction with the Altus Exchange Investor Service Guide. Introduction... 3 Services that Total SMSF provides... 3 Using our investment administration service... 3 Our solutions... 3 Services... 3 1. Fund establishment services... 4 Establishing a new SMSF... 4 The Trust deed... 4 ABN and TFN registration... 4 Company register... 4 Minutes and declarations... 4 Other forms... 4 2. Other optional services... 5 Member interest reporting... 5 Document substantiation service... 5 Document service... 5 Accountant solutions... 5 3. End-to-End solution... 6 Daily Reporting and maintenance of records... 6 Integration with the OneVue Investment Platform... 6 Assisting Trustees with statutory obligations... 6 Ongoing compliance and quarterly checks... 6 Closing or transferring your Fund... 6 Fees and other charges... 7 Legal Disclaimers... 10 PAGE 2
Introduction Total SMSF gives you and your financial adviser a single solution to set up, maintain and transact in your own superannuation fund. Total SMSF is one of the most comprehensive SMSF and investment administration solutions in the market. We provide a range of services to help you operate your fund and fulfill all the responsibilities and obligations that are part and parcel of being a fund trustee and also an investor. You can take control of your retirement planning while we help you manage the complex administrative and compliance burden inherent in a superannuation fund. Services that Total SMSF provides Fund establishment service only including the provision of a trust deed, notice of election to become a regulated fund and registration for an Australian Business Number (ABN), Tax File Number (TFN) and Goods and Services Tax (GST) Compliance administration including fund establishment, providing annual financial and member statements, independent audit facilitation, tax returns and all other necessary reporting to the Australian Taxation Office (ATO) Optional services including document substantiation verification, member interest reporting, actuarial certification, trust deed amendment facilitation and accountant support services. The aim of Total SMSF is to make it as easy and cost effective as possible for you to manage your retirement savings so that you, in conjunction with your financial adviser, have full control of your fund. We do this by providing a comprehensive SMSF and investment administration service that integrates a market leading transaction, administration and reporting system, the OneVue Investment Platform. Using our investment administration service With the use of our investment administration service, you and your financial adviser can manage and report on a variety of assets and liabilities that you hold in your SMSF. Depending on the investment package you select, the investment options can include: Direct shares (custodially or non-custodially held) Separately managed accounts and managed funds, held either directly or through an investment platform such as a wrap Commercial or residential property Cash and term deposits Collectibles such as artworks Derivatives such as futures and options. You should ask your financial adviser for a copy of the OneVue Investor Service Guide. Our solutions We have tailored solutions available to you and your financial adviser outlined in this Guide: Fund Establishment Solution for those trustees who want to set up a SMSF without the compliance and investment administration Other optional services for those trustees using our investment platform but who do not want to have their fund s compliance administered by us Our End-to-End Solution for those trustees using one of our investment packages who do not have an existing accountant and want a comprehensive one-stop, one-step solution. PAGE 3
Services 1. Fund establishment services Our Fund establishment services are for those looking for an easy, efficient and cost effective SMSF establishment without the use of an investment administration solution. Establishing a new SMSF We provide the necessary documents required for the establishment of your Fund. The documentation includes: Establishment Minutes ABN and TFN Registration Member Application Minutes Trustee Consent and Declarations Trust Deed Death Benefit Nomination Form Investment Strategy Form Company Register (if applicable), and ASIC Minute of Appointment (if applicable) The Trust deed Minutes and declarations We will provide minutes to confirm the establishment of your SMSF, and document the member and trustee declarations. These minutes form part of your reporting compliance requirements as trustees and must be kept for a minimum of 10 years (as per the ATO guidelines). Other forms We will provide to you forms to record your death benefit nominations and investment strategy. You should consult your financial adviser to assist in setting your death benefit nomination and your investment strategy. Your Fund is governed by the trust deed. For new SMSFs, your trust deed is sourced from our preferred legal supplier. Once the trust deed is signed by the trustees and stamp duty (if applicable) has been paid, the trustee is bound to the deed and the rules therein. ABN and TFN registration We will lodge the necessary forms with the ATO to have your fund registered for an ABN and TFN. The ABN and TFN is recorded on your bank accounts and also your investments. Company register If you wish to select a corporate trustee as the trustee for your SMSF, we will lodge the necessary paperwork with ASIC and provide to you a company register. The documents prepared include the company constitution, director s consents, shareholder register and other minutes pertaining to the establishment of the company. PAGE 4
2. Other optional services For clients who choose to administer their SMSF assets and liabilities on our platform, but do not wish to use our End-to-End SMSF solution, we have the following optional services for you and your financial adviser. Member interest reporting We will: provide daily updated member balances provide daily reporting of contributions and pensions at the member level assist in meeting minimum pension withdrawal requirements. Document substantiation service This process applies primarily to trustees who have an existing SMSF. The substantiation documentation audit process involves us investigating and compiling all the relevant substantiation documents required to commence administering or assist in the administration of your SMSF. This is particularly useful if you choose to use your own accountant and auditor as it assists them in their tax return and audit process for your SMSF. We will attempt to locate documents on a best efforts basis noting that some product providers will not supply them except to you; and in some cases the documents may be with you. For documents we haven t been able to access, there will be a comprehensive list of missing documents for you to source with your financial adviser. Document service We offer the below standalone services with regards to changes in your trustee structure or your deed: Subsequent Trust Deed Amendments Add/Remove SMSF Member Change of SMSF Trustee SMSF Lost Deed Replacement Update to SMSF Deed Variation (initial). Accountant solutions Total SMSF provides you and your adviser support when working with accountants. Platform log-on for accountants Advisers and accountants have online access to substantiation documents, ATO formatted reports, simple portfolio reporting and member interest reporting For a negotiated fee, our complete Accountant-Ready solution provides additional services: Data upload and reconciliation into BGL Simple Fund software Work papers prepared and uploaded ready for your accounting partner to audit and lodge PAGE 5
3. End-to-end solution Our end-to-end solution is one of the most comprehensive solutions available to you and your financial adviser. It suits those who do not have an existing SMSF accountant or administrator and require a complete investment administration solution. To access the End-to-End solution, it is a requirement that all assets and liabilities be administered through the OneVue Investment Platform. This service is inclusive of the items in the Fund Establishment Services (page 4) and Optional Services (page 5), with extra benefits such as: Daily reporting and maintenance of records We will provide to you daily reporting on your fund s: Investments Income Expenses Asset performance. We will also assist in maintaining your fund s records, including: The monitoring of your fund s investment strategy Record Insurance values Recording minutes Recording death benefit nominations made by trustees All other statutory superannuation information. Integration with the OneVue Investment Platform The investment administration service seamlessly integrates with our SMSF administration system; thereby giving you greater control and visibility of your current investments. Your investment platform allows you to: Transact through your financial adviser using our comprehensive selection of investments through our order pad Monitor your asset allocations, and thereby comply with your fund s investment strategy Monitor daily movements in your investments, including income allocation View your member balances daily. The end-to-end solution includes the Document substantiation service and SMSF Member interest reporting service at no additional cost. Assisting Trustees with statutory obligations We will assist the trustees in meeting their statutory obligations including: Preparation and Lodgement of the fund s ATO Annual return Preparation and Lodgement of all quarterly activity statements as required by your fund Lodgement of statutory report forms Preparation of minutes for the trustees to sign Arranging actuarial calculations and certificates as required. Ongoing compliance and quarterly checks Whether you are in Accumulation or Pension, we will assist trustees with their compliance and administrative requirements such as: Pension Establishment Minutes and Calculations when requested Contribution cap and pension minimum reporting Quarterly reporting of assets outside of the fund s investment strategy Yearly reminders to revalue non-standard assets Yearly preparation actuarial certificates Ongoing preparation of required minutes. Closing or transferring your Fund Whether you wish to wind up the fund or transfer to another administrator, we will do the following: Prepare the final roll-over benefit statements Work alongside your newly chosen administrator to help facilitate a seamless transfer of the applicable accounting and investment transactions for the relevant financial year As per our fee schedule, we reserve the right to charge the balance of 12 months' administration fees if you request this within the first 12 months of this agreement. PAGE 6
Fees and other charges FEE Fees for setting up your Fund New Fund The fee to set up a new SMSF Trust Deed fee 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 Corporate Trustee Establishment fee The fee for establishing a company to be the corporate trustee of the Fund, if required AMOUNT (incl GST) $0 $374 $0 $374 $1,650 minimum for each year NOTES Payable by direct debit from your Fund s cash account upon set up of the Fund Not all of these fees will apply to your Fund. Whether a particular fee is charged depends on the circumstances of your Fund If a particular fee applies it is payable from your Fund s cash account $694 Payable by direct debit from your Fund s cash account upon set up of the Fund Fees for moving money into and out of your Fund Contribution fee The fee payable on each amount contributed to your Fund Withdrawal fee The fee payable on each amount withdrawn from your Fund Rollover administration fee 1 The fee for managing rollovers from other funds into your Fund including liaison with other administrators Termination fee The fee charged when you cease using the Service Within the first 12 months of commencing the Service After 12 months $0 $0 $55 per rollover The full outstanding management costs for the remainder of the 12 months Administration costs payable to the end of the following month in which you request the transfer of your Fund Please refer to section Limitation of Liability in the OneVue Investor Service Guide Payable from your Fund s cash account on termination of the Service 1 Rollover process will be dependent on the information provided and timeliness is dependent on third party processes PAGE 7
FEE Fees for the SMSF End-to-End solution Administration fee Administration fee (including Audit and tax lodgement) PLUS processing of depreciation schedule* AMOUNT (incl GST) $1,495 per annum $250 per property per annum NOTES Payable monthly in arrears from your Fund s cash account *Depreciation schedule must be provided by you Fees for other services that may be provided to your Fund 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 $440 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 ASIC agent surcharge The fee charged by us if you elect to appoint us as the ASIC agent for your fund. Applicable only to companies acting as corporate trustee and/or bare trust company trustees $250 Payable monthly in arrears from your Fund s cash account SMSF Supervisory Levy An annual levy payable to the ATO by each SMSF Actuarial Service fee The fee for preparation of your Fund s Actuarial Certificates where required Account based, allocated and term allocation pension annual certificate Defined benefit pension certificate SMSF borrowing The fees for helping you to set up a borrowing arrangement within your Fund Bare Trust, warrant documents and Company establishment (Bank lender) Loan agreement, Bare Trust, warrant documents and Company establishment (related party lender) As per ATO guidelines $300 flat fee $520 flat fee (Fees are for any number of pensions in the Fund) $1,684 $1,884 Payable annually to the ATO from your Fund s cash account following lodgement of your Fund s return, and can be subject to change Payable on commencement of your pension and then as required from your Fund s cash account. Charged in the month following completion of the actuarial review Payable on request for the SMSF Borrowing facility and charged by direct debit
FEE Optional services (can be standalone) Member interest reporting Document substantiation service Document Service includes the following: Subsequent Trust Deed Amendments to our preferred Deed Add/Remove SMSF Member or Change of SMSF Trustee SMSF Lost Deed Replacement Convert your existing Deed Convert your existing Deed with Trustee/Member Change AMOUNT (incl GST) $100 per Fund per annum $200 per Fund per annum $374 $374 $467 $374 $467 NOTES The end-to-end solution includes the Document substantiation service and SMSF Member interest reporting service at no additional cost Payable on request for any document and payable you re your Fund s cash account PAGE 9
Legal disclaimers Administrator Total SMSF is offered by OneVue Services Pty Limited ABN 71 104 037 256. OneVue Services Pty Limited ( We/Our/Us ) reserves the right to replace any of its service providers, at any time. The investment platform is administered by us. OneVue Wealth Services Limited ABN 70 120 380 627 AFSL 308868 is the Responsible Entity for the OneVue Managed Account ARSN 112 517 656 offered through the platform. Combined Investor Directed Portfolio Service (IDPS) Guide and Product Disclosure Statement (PDS) You should obtain and read the OneVue Investor Service Guide (containing the IDPS Guide and PDS) before making any decision in relation to the OneVue Platform. These Service Guides are available through your adviser and on our secure website. Should you choose to have your SMSF administered through the OneVue Platform then you will be bound by the conditions contained in the Service Guide. Advice We do not provide you with financial product advice in this document because we do not know your financial circumstances, objectives or needs. If in doubt you should discuss these matters with a financial adviser. Administration agreement This Administration Services Guide, the OneVue Investor Service Guide and your completed application together make up the legally binding agreement between you and us ( Agreement ). We encourage you to read all documents carefully to ensure that Total SMSF is appropriate for you and your fund. By submitting your application, you will be liable for the fees payable for using Total SMSF. You will be liable both personally and in your capacity as a trustee, or director of the corporate trustee, of your fund (including any newly established fund). Variation of agreement We can generally amend this agreement immediately by notifying you of any changes. However, if we consider the amendment to be materially adverse to your interests we will give you 30 days prior written notice. Trustee acknowledgements You, as trustee, acknowledge that: We are only responsible for providing the administration services described in this Administration Services Guide, we are not responsible for the management of the fund or compliance of the fund with superannuation law and we do not provide financial advice or advice on aspects of fund compliance to you We provide guidance only to help you in the administration of your fund and you should obtain professional advice regarding your specific obligations about the management and compliance of the fund We are not responsible for the delivery or performance of any of the products or services that you may use or engage We are not liable to you or the superannuation fund for any losses (direct or indirect) relating to Total SMSF except to the extent that the liability directly results from our fraud, wilful default, dishonesty or negligence. Trustee undertakings You, as trustee, undertake to: Ensure that you register all fund investments in the trustee s name but care of the Pinnacle Self Managed Super Administration postal address (unless otherwise agreed in writing) Ensure that Pinnacle Self Managed Super Administration is the sole administrator of the investments of your superannuation fund Immediately notify Pinnacle Self Managed Super Administration in writing if you receive a determination that your superannuation fund is non-complying or for any reason ceases to exist or of any other matter that may affect the administration of the superannuation fund.
Termination of agreement Either party may terminate this Agreement by giving the other party 30 days written notice. We may terminate this Agreement at any time without notice if you breach your obligations to us (and you have not rectified the breach within 30 days notice from us) or become insolvent or of unsound mind. The Agreement will also cease after we finalise the fund accounts following the death of the last member of the fund. If this Agreement terminates, we will deem this to be an instruction to finalise any incomplete aspects of your instructions, to continue to deduct our usual fees and charges until we transfer all your records to the trustees (or their nominee), and to deduct any outstanding service fees and charges. Following termination of this Agreement, we will prepare and promptly deliver stored data, files and related material regarding the fund s administration, in our preferred format, to the trustees or their nominee. Where this Agreement terminates by a request to wind up the fund or transfer to another administrator within 12 months of entering into the Agreement, we will also charge you the balance of 12 months' administration fees. See the Fees and other costs section on page 7 for more information. PAGE 11