Last Updated: 01/07/2018
All quoted fees from Superfund Partners are inclusive of GST unless otherwise specified.
Depending on the investments of the Fund, the Trustee may be eligible for a Standard Fixed Fee Administration Package. Alternatively, the applicable fees will be calculated by Superfund Partners using the Fee Calculator or based on the time undertaken to complete the applicable work.
Where fees are determined by the amount of time taken to complete the work, the type of work and level of staff required to complete the assignment is taken into consideration. Wherever possible depending on staffing availability and time constraints Superfund Partners will ensure that any work is carried out in the most cost effective way by allocating the work or components of the work to staff with a lower hourly charge rate. All work is reviewed by an appropriately qualified and experienced senior accountant or manager.
To be eligible for the Standard Fixed Fee Administration Packages all of the following conditions must be met:
- the Fund only holds allowable investments as listed in the Standard Fixed Fee Administration Packages under the applicable fee package and;
- the Trustee has provided Superfund Partners with all requested third party authority forms and;
- the Fund has satisfied points a) and b) above for the entirety of the period to which the work relates and;
- the Trustee has provided a signed Direct Debit Request Authority* to Superfund Partners or all outstanding fees owed to Superfund Partners by the Trustee on behalf of the Fund have been paid and;
- the Agreement has been executed and returned to Superfund Partners
*If agreed between the Trustee and Superfund Partners, the Direct Debit Request Authority may be held on file for payment of the annual work when completed without the necessity of Superfund Partners taking monthly payments for the periodic processing and reconciliation of the Funds accounts.
Calculated fees will only apply where the Trustee is not eligible for the Standard Fixed Fee Administration Packages.
Upon completion of the work for the financial year Superfund Partners will review the time taken to complete the job and together with the calculated fee from our Fee Calculator and the applicable fee for will be determined. This fee will be invoiced to the Fund and payable under the standard invoice terms.
Where a signed Direct Debit Request Authority is in place and Superfund Partners has been taking monthly payments for the periodic processing and reconciliation of the Funds accounts, the calculated fee will be used to determine an updated monthly fee for the following financial year.
Superfund Partners will debit the nominated account of the Fund any difference between the newly calculated monthly fee and the previous monthly fee upon either completion of the previous year accounts or prior to 30 June of the financial year. Superfund Partners will email the Trustee confirming the adjustment amount and the new monthly fee.
There may be Fees for Other Services levied by Superfund Partners in addition to the Standard Fixed Fee Administration Packages. These additional fees generally cannot be determined until the end of the financial year and may include the following:
- actuarial certificate fees required where the Fund has both pension accounts and accumulation accounts running simultaneously during the financial year;
- pension commencement fees relating to the establishment of new pension accounts;
- annual pension management fees including, but not limited to, combining multiple pension accounts (when appropriate), determining the most appropriate split of pension payments across multiple accounts, implementing a withdrawal & re-contribution strategy for either Centrelink optimisation or estate planning purposes, completing partial commutations of pensions, provision of Centrelink / DVA schedules and annual reporting;
- wind up fees relating to the additional work required to wind up the Fund and lodge the final SMSF annual return
- costs relating to obtaining required reports and statements required by our ourselves for the preparation of the SMSF accounts or by our independent auditors including (but not limited to) title searches for properties (including those held by related trust / company entities), ASIC company extracts (for companies where Superfund Partners does not act as the registered agent with ASIC), fees relating to the acquisition of bank transactional data from ‘non-preferred’ accounts.
Please refer to Additional Annual Administration Fees for further information.
The term and commencement date of your Agreement with Superfund Partners commences is specified in your Service Agreement. The Agreement remains in force unless terminated by Superfund Partners or the Trustee in accordance with Part 7 – Termination below.
Where applicable the Agreement replaces any existing agreements, both verbal and written including any engagement letters provided by Superfund Partners to the Trustee.
Superfund Partners is committed to exercising all reasonable care and skill in providing the required service. While we do not undertake an audit of your financial statements or SMSF Annual Return, we are required by the Tax Agents Services Act 2009 to satisfy ourselves as to the reasonableness of the information and claims being made in your SMSF Annual Return. This may require us to make further enquiries with you from time to time in relation to information to be included in the SMSF Annual Return of the Fund.
Where possible, we will endeavour to identify the information that will be required in advance. To ensure the efficient completion of your work, you agree to make available all information as is reasonably required in order for us to complete the various engagements agreed.
Superfund Partners will perform the services and duties identified below.
Superfund Partners will provide the following services:
- preparation of the special purpose financial statements for the Fund;
- preparation of annual Member Statements;
- preparation of the SMSF Annual Return for the Fund;
- preparation of minutes and resolutions of Trustees to comply with statutory requirements;
- maintenance of Capital Gains Tax and Deferred Tax records;
- preparation of pension commencement and drawdown documentation*;
- notification of adjustments required to pensions paid to ensure compliance*;
- calculation of allowable pension levels*;
- preparation & lodgement of Business Activity Statements where applicable;
- facilitation of external Audit and liaison with the independent auditor;
- facilitation of the provision of an Actuarial Certificate if necessary*; and
- production of PAYG payment summaries, if applicable
*Additional Annual Administration Fees will apply.
Superfund Partners will not be undertaking any independent audit of the financial statements or income tax returns prepared, however we will facilitate the provision of such audit with an approved independent Auditor. The Trustee confirms that the choice of independent Auditor will be made by Superfund Partners unless agree otherwise and that the Trustee will sign the relevant Auditor Engagement Letter and any other documentation required by the Auditor to complete the audit of the Fund.
The Fund is in the Trustees’ name and under the control of the Trustee. Superfund Partners has no authority to deal with Fund assets, and therefore Superfund Partners needs the cooperation of the Trustee so that it can provide the Trustee with the benefits of Superfund Partners Administration Services.
Accordingly the Trustee acknowledges and agrees that the Trustee will:
- Ensure that any activity of the Fund is in compliance with the Trust Deed of the Fund and the laws then applicable. If in doubt the Trustee should contact to Superfund Partners to discuss any possible breaches to the rules contained within the Trust Deed or the laws applicable to the Fund;
- Ensure at least one bank account is open and maintained as the Cash Account of the Fund. The Cash Account must only be used for transactions relating to the Fund and will not be used for personal banking purposes;
- Retain sufficient funds in the Cash Account to pay regular outgoings including any applicable fees which are debited on a monthly basis under a Direct Debit Request Authority;
- Sign any third party authorities, other documents or take any steps necessary to ensure that Superfund Partners can either directly or via intermediaries 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 the Trustee not being eligible for any applicable standard fixed fees that are conditional upon the use of specific providers and provision of the relevant third party authorities;
- Ensure that all investments are made in the Trustee’s name;
- Provide Superfund Partners 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 Superfund Partners is required contact you on more than two occasions to provide requested 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 in the Standard Fixed Fee Administration Packages or any other previously agreed fee.
- Indemnify Superfund Partners against all claims made against Superfund Partners or suffered by Superfund Partners as a direct or indirect result of the Trustee failing to comply, or failing to comply in sufficient time, with any of the Trustee’s responsibilities pursuant to this Part 4. The Trustee acknowledges and confirms that, for the purposes of the Agreement, any reference to the obligations of the Trustee includes the obligations of the member and vice versa.
The Tax Agents Services Act 2009 requires us to advise you of your rights and obligations where we are acting for you on taxation matters. In relation to the taxation services provided:
- You are subject to the self-assessment system in relation to any of your income tax returns. The Commissioner is entitled to rely on any statements made in your income tax returns. Where those statements are later found to be incorrect, the Commissioner may amend your income tax assessments and, in addition to any tax assessed, you may also be liable for penalties and interest charges.
- You as Trustee (or as director of the corporate Trustee) have sole responsibility for the timely and accurate lodgement of the income tax returns of your fund.
- You have an obligation to keep proper records that will substantiate the taxation returns prepared and which will satisfy the substantiation requirements of the Income Tax Assessment Act. Failure to keep such records could result in claims being disallowed, additional tax being imposed, and the imposition of penalty or general interest charges.
- You are responsible for the accuracy and completeness of the particulars and information required to comply with the various taxation laws. We will use this information supplied in the preparation of your returns.
- Your rights as a taxpayer include:
- The right to seek a private ruling;
- The right to object to an assessment by the Commissioner;
- The right to appeal against an adverse decision by the Commissioner.
Certain time limitations may exist for you to exercise these rights. Should you wish to exercise these rights at any time you should contact us so that we can provide you with the relevant time frames and to discuss any additional requirements which may exist.
Superfund Partners may change any of these Terms and Conditions including the Standard Fixed Fee Administration Packages, Fees for Other Services and Additional Annual Administration Fees by providing 30 days notice in writing either by physically posting a notification of the changes or via electronic communication such as email.
The Trustee has the taken to have accepted changes specified by Superfund Partners unless the agreement is terminated by the Trustee.
The Agreement may be terminated by either party giving the other 30 days notice in writing or by the issue an ethical clearance letter provided by an alternate accountant or administrator engaged by the Trustee. Superfund Partners may terminate the Agreement immediately if the Trustee has failed to pay any fees or otherwise breaches its duties under and in accordance with the provisions of the Agreement.
Provided that all fees have been paid to the date of termination, Superfund Partners will forward the file relating to the Fund to the Trustee or an alternate accountant or administrator engaged by the Trustee within 30 days after termination of the Agreement. The file or files will be provided to the Trustee or an alternate accountant or administrator engaged by the Trustee as either paper copies, electronic copies or a combination of both.
Where the Trustee is an individual, in the event of the Trustee’s death, the Agreement will continue to be enforceable against the Trustee’s estate until the Trustee’s legal personal representative terminates the Agreement in accordance with Part 7.
Except to the extent that any such loss is attributable to wilful negligence, deceit or default of Superfund Partners, which includes Superfund Partners staff, Superfund Partners will not be responsible or liable for any claims that arise, whether directly or indirectly as a result or consequence of:
- a Trustee breaching the provisions of the Trust Deed or any applicable laws which result in the Fund being deemed non compliant with the Superannuation Laws;
- the Trustee failing to comply, or failing to comply in sufficient time, with any of the Trustee’s responsibilities pursuant to the provisions of the Agreement;
- any act, omission, deceit, neglect, mistake or default of any person not authorised by the Trustee or Superfund Partners;
We will treat as confidential and maintain the confidentiality of all information and records that you provide to us. This information will only be disclosed to a third party where you provide specific authority for us to provide this information to them, or where we are subject to a legal duty to disclose the information.
Unless otherwise agreed between Superfund Partners and the Trustee the Agreement provides Superfund Partners with the authority to provide all necessary information to an independent Auditor we nominate.
From time to time during the completion of your work, we may engage various staff and or contract personnel who we consider appropriate for the completion of your work. These personnel will have access to your accounting and taxation records only for the purpose of completing the accounting and taxation engagements agreed. In all cases these personnel will be subject to our supervision and control.
As part of the Agreement we will prepare various electronic records and notes consistent with our internal quality control system. These records remain the property of Superfund Partners and will be retained by us to support any future queries on work completed.
Any original source records provided by the Trustee to Superfund Partners to assist in the completion of the work required as part of the Agreement will be returned to the Trustee upon completion of the work for the relevant financial year. Where appropriate we will take copies to retain on our records.
The Agreement is deemed to be accepted when executed by the Trustee and returned to Superfund Partners either by physically returning the Agreement to our office, an office of one our associated companies, via mail, fax, email or through any other form of electronic communication or service.
As per the Electronic Transactions Act 1999 the Agreement may be executed electronically by the Trustee and will be enforceable and have the same legal status as the application of a manual written signature provided the method used to sign electronically identifies the Trustee and indicates the Trustees approval of the content of the Agreement.
The execution and return of the Agreement is one of the conditions required for the Trustee to be eligible for a Standard Fixed Fee Administration Package. n addition other conduct of the Trustee will also demonstrate that the Agreement has been accepted. Other conduct includes actions undertaken by the Trustee or a person authorised by the Trustee including but not limited to forwarding documentation and information to us to complete applicable work as outlined in Part 2, contacting Superfund Partners for advice relating to the Fund or providing acceptance in either verbal or written form including any other form of electronic communication or service.
Some of your agreed work is subject to specific lodgement dates. Our objective is to ensure that all of your work is completed in time to meet these lodgement dates. This is reliant on receiving your work within a reasonable time period prior to those due dates (our recommendation is not less than 30 days) and having timely answers to any queries raised.
Superfund Partners will schedule your work to be completed at a suitable month throughout the financial year taking into consideration factors including:
- the specific lodgement date for the SMSF Annual Return;
- whether the Fund will be receiving a refund or have tax payable;
- availability of information including annual tax statements from investment providers where applicable;
- availability of the Trustee to provide information and records;
- the completion of accounting and taxation work of the Trustee or associated business entities;
- staffing resources of Superfund Partners available;
- the requirement of the Trustee to reporting pension information to Centrelink;
- whether the Trustee has provider a Direct Debit Authority
In most cases any information required for reporting to external parties will be available at anytime throughout the year where Superfund Partners is taking monthly payments for the periodic processing and reconciliation of the Funds accounts.
Additional Annual Administration Fees
Additional fees may apply to the Standard Fixed Price Administration Packages and will be levied on a per annum basis unless otherwise specified.
|Investments||Additional Annual Fee|
|Bank account where transactions obtained via BankLink intermediary service (non-preferred)||$60|
|Bank account where no electronic transaction feed is available or where feed authority has not been provided||$132|
|Each term deposit not under the Australian Money Market service, wrap account or alternate service||$60|
|Issuer sponsored shareholdings (per holding)||$60|
|Broker account with no direct feed (i.e. non-preferred) unlimited individual shares and trades||$132|
|Additional broker account where fund holds a total more than 40 share holdings instances||$600|
|Wrap account or other investment platform with no data feed available (multiple investments)||$360|
|Managed funds outside one of our preferred wrap platforms||$90|
|Additional residential property||$360|
|Residential property with no property manager||$240|
|Other non-standard investments – including crypto-currency(each)||$180|
|Pensions, Payments and Members||Additional Annual Fee|
|Pension Commencement or Commutation Documentation (implementation only – no advice given)||$220|
|Partial Pension Commutation & CGT Election for 30 June 2017 (implementation only – no advice given)||$440|
|Annual Pension Management Fee – One Member*||$180|
|Annual Pension Management Fee – Two Members*||$240|
|Actuarial Certificate – Account Based Pensions||$220|
|Actuarial Certificate – Defined Benefit Pensions||$495|
|Lump Sum Payment Documentation (per lump sum /discounts may apply for multiple payments from fund)||$220
|Segregated Fund Management Fee (for SMSFs where accounts segregated for accounting or tax purposes)||$240
*Applicable to all funds where a pension account is active and includes the annual ‘re-boot’ of transition to retirement pensions.
|Other Items||Additional Single Fee|
|Upgrade of Existing SMSF Trust Deed||$495|
|Establishment of New SMSF Trustee Company and Change of Trustee||$1,540|
|Preparation of a Related Party LRBA Loan Agreement and Loan Schedule||$275|
|Binding Death Benefit Nomination – One Member||$275|
|Binding Death Benefit Nomination – Two Members||$495|
|Contributions Reserving Strategy – One Member||$440|
|Contributions Reserving Strategy – Two Members||$660|
|Addition of a New Member to an SMSF||$275|
|Specific SMSF Compliance Advice (per hour)||$275 – $385|
|SMSF Investment Strategy||$220|
|SMSF Wind Up Fee||$480|
|Conversion of a Standard Company to a Special Purpose Company||$220|
|ROPS (QROPS) Registration Fee (UK Pensions)||$440|
|Property Title Search Fees||Additional Annual Fee|
|New South Wales||$55.00|
Please note that multiple title search fees may apply (typically 1 per property).
These fees are typically charged only every three years or more regularly if our independent auditor requests them.