T & C’s of Service Agreement with Intello Pty Ltd

 

 TERMS AND CONDITIONS OF THE SERVICE AGREEMENT (“T&C’S’)

 

 1. Definitions and interpretation

1.1 Words and phrases used in this Agreement, unless otherwise defined and where applicable, have the same meanings as are given by the Corporations Act.

1.2 For the purposes of this Agreement, the following words have the meaning set opposite them unless inconsistent with the context or subject matter:

 

ACT means Superannuation Industry (Supervision) Act 1993 or Superannuation Industry (Supervision) Regulations 1994.

 

AFSL means an Australian Financial Services Licence issued by the ASIC.

Agreement means the agreement entered into between the Company and the Practice for the provision of Services by the Company to the Practice.

 

After Acquired Property has the same meaning given to the term “after-acquired property” in the PPSA.

 

ASIC means the Australian Securities and Investments Commission.

Business Day means a day on which banks are open for business in Brisbane, Queensland.

Client means a person who has been engaged by the Practice, and to whom the Practice provides self managed superannuation fund (“SMSF”) establishment and administration services, or financial product advice, or dealing services, regardless of any remuneration that is paid or is not paid by the Client to the Practice or a related entity of the Practice. For the purposes of meeting the Practice’s AML Obligations, a Client includes an agent of the Client.

Client Information includes details of the name, address and contact details, platform or account access details, documentation and other information directly connected to the Client that is held by the Company.

Commencement Date means the date set out in Item 5 of Schedule A.

Company includes its employees, agents, directors, permitted assigns and successors.

Company means the party detailed in Item 2 of the Schedule and is Intello Pty Ltd ACN 152 685 49.

 

Company Insolvency Event means any event analogous or having a substantially similar effect to any of the Practice Insolvency Events except for the definition under Practice Insolvency Event

Confidential Information includes the provisions of this Agreement; the Client Information;all of the Company’s and the Practice’s intellectual property (including but not limited to copyright), its trade secrets, methods, systems, processes, know- how, documentation, reporting systems and all of its business systems and practices; and any other information, data, practices and techniques supplied or disclosed by a party to the other party other than information, data, practices and techniques in the possession of the receiving party prior to the date of its disclosure to that party.

Consultation Fees includes ad-hoc work outside the scope of the administrative services provided by the Company levied at rates of between $100 and $500 per hour.

 

Corporations Act means the Corporations Act 2001 (Cth).

Fees means the remuneration payable by the Practice to the Company for the provision of the Services, calculated and payable in accordance with the Pricing Page on the Intello website, as varied from time to time.

Financial Services means financial services within the meaning of the Corporations Act, and includes the provision of financial product advice and dealing services in relation to financial products.

Financial Services Laws has the meaning given to that term in the Corporations Act;

Financial Product means financial product within the meaning of the Corporations Act.

GST means GST within the meaning of the GST Act.

GST Act means A New Tax System (Goods and Services Tax) Act 1999.

Intellectual Property means the trade marks, designs, patents and copyrights of the parties to this agreement, and includes the design, functionality and layout of any materials either physical or electronic provided by the Company to the Practice.

Partner means any person who is a partner of the Partnership.

Partnership means the partnership named in Item 3 of the Schedule A, if the Practice is a partnership.

Payment Date means the date set out in Item 6 of Schedule A.

Personal Information means all information about a Client that is “personal information” as defined in the Privacy Law or other applicable law, which is collected by or provided to the parties in connection with this Agreement.

Personal Property has the same meaning given to that term in the PPSA.

Possession has the same meaning given to that term in the PPSA.

PPSA means the Personal Property Securities Act 2009 (Cth) (as amended).

Practice includes the entity named in Item 3 of Schedule A and includes its officers (if it is a body corporate), partners (if it is a partnership), employees, agents, permitted assigns and successors.

Practice Insolvency Event means any one of the following events:

(a) application is made to a court for an order (which is not stayed, withdrawn or dismissed within 7 days), or an order is made, that the Practice be wound up; or

(b) an application is made to a court for an order appointing a liquidator or provisional liquidator in respect of the Practice, (and is not stayed, withdrawn or dismissed within 7 days) or one of them is appointed, whether or not under an order; or

(c) except with the consent of the other party and to reconstruct or amalgamate while solvent, the Practice enters into, or resolves to enter into, a scheme of arrangement, deed of company arrangement or composition with, or assignment for the benefit of, all or any class of its creditors, or proposes a reorganisation, moratorium or other administration involving any of them; or

(d) the Practice resolves to wind itself up, or otherwise dissolve itself, or gives notice of intention to do so, except with the consent of the other party and to reconstruct or amalgamate while solvent, or is otherwise wound up or dissolved; or

(e) the Practice is or states that it is insolvent; or

(f) as a result of the operation of section 459F(1) of the Corporations Act, the Practice is taken to have failed to comply with a statutory demand; or

(g) the Practice takes any step to obtain protection or is granted protection from its creditors under any applicable legislation or an administrator is appointed; or

(h) the Practice is or becomes bankrupt, or enters into a personal insolvency agreement with creditors.

 

Privacy Law means the Privacy Act 1988 (Cth), the National Privacy Principles contained in Schedule 3 to the Privacy Act 1988 (Cth) or any approved privacy code (as defined in the Privacy Act 1988 (Cth)), and any other statute, regulation or law in Australia or elsewhere which relates to the protection of Personal Information and which the parties must observe.

Property means all of the Practice’s right, title and interest in and to all of the Practice’s present Personal Property and all of the Practice’s After Acquired Property including without limitation to, the following Personal Property:

(a) all goods now or hereafter comprising part of the work in progress, inventory of the Practice, including, but not limited to, goods now or hereafter held for sale or furnished or to be furnished under a contract of service that are raw materials, work in progress or materials used or consumed in a business profession, or finished goods;

(b) all Circulating Assets;

(c) all PPSA Retention of Title Property;

(d) all goods now or hereafter used or intended to be used in any business of the Practice (and which are not Inventory) including, but not limited to, fixtures, equipment, livestock, machinery, tools, fixtures, furniture, furnishings, chattels, components, attachments, accessories, accessions, replacements, substitutions, motor vehicles and other tangible Personal Property, whether described hereto or not;

(e) all debts, account receivable, accounts (as defined in the PPSA), claims, demands and choses in action which are now due, owing or accruing due or which may hereafter become due, owing or accruing due to the Practice, and all claims of any kind which the Practice now has or may hereafter have, including, but not limited to, claims against the Crown and claims under insurance policies;

(f) all goodwill, patents, trade marks, trade names, copyrights and other industrial property and all intangibles now or hereafter owned by the Practice.

Services means the services described in Item 7 of Schedule C, to be provided by the Company to the Practice, as varied from time to time in accordance with the terms of this Agreement.

SMSF means a Self-Managed Superannuation Fund.

Termination Date means a date not less than 90 days after the written notification is received from either party to terminate the Agreement or the Agreement is otherwise terminated pursuant to the provisions of this Agreement.

The Practice means the party detailed in Item 3 of the Schedule of the Agreement.

1.3 Headings are descriptive only and do not form part of this Agreement.

1.4 Words which refer to a person include natural persons, partnerships, companies and all other legal entities.

1.5 A reference to one gender includes all other genders and the singular includes the plural and vice versa.

1.6 A reference to any provision of an Act or Regulation is a reference to that Act or Regulation as amended or substituted from time to time and includes a reference to any provision which replaces it in subject matter or effect whether or not in the same act or not in the same act or regulation.

1.7 If any provision or term of this Agreement is or becomes unenforceable for any reason the validity and operation of the balance of this Agreement is not affected/

1.8 Unless otherwise specified, all amounts payable under this Agreement are inclusive of any GST liability which may arise in relation to the supplies dealt with in this Agreement.

 

 2. Appointment Of The Company As A Service Provider To The Practice

2.1 In consideration of receiving payment of the Fees and Client Information from the Practice, the Company agrees to provide the Services to the Practice in the capacity of a services provider.

2.2 The Company takes no responsibility for the provision of Financial Services or any other service by the Practice to its Clients.

2.3 Nothing in this Agreement creates a relationship between the parties of employer and employee, principal and agent, partnership or joint venturers.

 

3. Services To Be Provided By The Company To The Practice

3.1 In consideration of the payment by the Practice of the Fees, the Company shall provide the Services to the Practice during the term of this Agreement on the terms of this Agreement. The Services that are provided may vary from time to time as agreed between the Company and the Practice.

3.2 The Company may, upon the provision of 60 days prior written notice to the Practice or sooner if mutually agreed, vary the Services and Fees to reflect changes in its business strategy, business model, business processes or regulatory requirements.

3.3 The Company engages various third parties, some related to the Company, to perform certain services and may change these third parties in its unfettered discretion.

 

4. Payment Of Fees

4.1 The Fees will commence and be due and paid by the Practice as and from the date detailed in Item 6 of Schedule A. The Fees may be mutually agreed to be varied. The Company acting reasonably, may, upon the provision of 90 days’ prior written notice to the Practice, vary the Fees or introduce a new fee.

4.2 The Practice will enter into a direct debit agreement with the Practice’s nominated bank, to pay the Fees to the Company. Unless otherwise agreed to in writing, the direct debit arrangement will have the Fees deducted from the Practice’s nominated bank account on each Payment Date, and continues until this Agreement is terminated and all outstanding Fees, debts and other liabilities owed to the Company are paid in full.

4.3 Notwithstanding the Company has the right to recover any owed Fees or other moneys in any way it sees fit from the Practice.

4.4 The Fees invoiced on each Payment Date may account for all Fees and other moneys owed to the Company that have been incurred prior to that date.

(a) If Fees or other moneys are not paid when they are due, the Company may charge the Practice a late payment fee on the unpaid amount for the period from its due date until it is paid on a daily basis at a rate of 2 per cent above Westpac’s published 90 day bank bill swap rate; and

(b) if the failure to pay by the Practice requires the Company to provide direct assistance to the Practice or the Practice’s Client, such assistance will be considered part of and be calculated as Consulting Services.

4.5 If Fees or other moneys are not paid when they are due, the Company may suspend the provision of the Services until the outstanding Fees or other moneys are paid including deactivation of Client accounts on the administration platform, removal of online access to FundWeb or any other online portal provided by the Company and stopping any or all administration work for the Practice. The Fees and other moneys must be paid before the Company will recommence the provision of Services.

4.6 If the Practice does not promptly provide information or otherwise co-operate with the Company in connection to the provision of the Services or other legal obligations, the Company may liaise directly with the Practice’s Client in order to provide the Services. The Practice will be liable for the time reasonably spent by the Company pursuant to the provision of Consulting Services.

4.7 The Practice is responsible for collecting Fees from its Clients. This has no effect on the terms of this Agreement nor the obligation to pay the Fees or other moneys to the Company.

4.8 The Company reserves the right to charge an additional amount to the Practice should the Client commit a serious breach of the Act or any regulation which requires the lodgement of an Audit Contravention Report by the Auditor of the SMSF. The amount will be a combination of any additional costs incurred by the Company, plus any reasonable Consultation Fees.

5. General Obligations Of The Company

5.1 The Company and any related entity, must:

(a) not directly solicit to provide accounting, administration, taxation or financial services direct to the Clients of the Practice unless agreed by the Practice or this Agreement;

(b) if providing Financial Services to the Practice remain appropriately authorised under an AFSL;

(c) if providing taxation services that are regulated under the Tax Agents Services Act 2009 remain appropriately registered as a tax agent;

(d) provide the Practice with one or more of the Services as elected by the Practice;

(e) not make any representations or warranties to Clients on behalf of the Practice except as is reasonably necessary to perform the Services;

(f) not do anything other than as required by law that would impair or be likely to impair the good name and reputation of the Practice;

(g) not handle directly or indirectly, money or property belonging to Clients, or negotiate any cheques on behalf of Clients; and

(h) not to act negligently, dishonestly, fraudulently, maliciously or criminally act or omit to take action.

 

6. General Obligations Of The Practice

 6.1 The Practice must:

(a) where applicable, ensure that any products and platforms that form part of the Services are included on the Practice or its authorising AFSL holder’s approved product list;

(b) communicate with the Company in a timely manner and act faithfully, diligently and professionally in performing its obligations under this Agreement;

(c) ensure that any and all necessary third party authority forms required by the Company to obtain direct transactional data Feeds or financial information are signed and promptly provided by either the Practice or the Client promptly after the Commencement Date.

(d) keep its own copy of all Client data and forms that are generated by the provision of the Services, and maintain these records for no less than 7 years;

(e) ensure that its Clients do not contact the Company directly unless otherwise agreed;

(f) promptly provide the Company with all Client information that the Company requires in order to provide the Services and where applicable;

(g) not do anything other than as required by law that would impair or be likely to impair the good name and reputation of the Company;

(h) not do or refrain from doing anything that would result in a breach of Financial Services Law, the Practice’s AML Obligations (where the Practice provides Financial Services to Clients), the Privacy Law or any other relevant law;

(i) notify the Company immediately of any breach or likely breach by the Practice, its representatives, partners, directors, employees, agents or assigns, of the Financial Services Law or its AML Obligations (where the Practice provides Financial Services to Clients) or Privacy Law in connection with the Services;

(j) fully co-operate in the investigation and resolution of any breach or likely breach referred to in clause (i);

(k) not make any representations or warranties to Clients on behalf of the Company except as is necessary to perform the Services;

(l) ensure that the Client understands that the Company is only providing the Services to the Client indirectly via the Practice and cannot provide the Services to the Client directly;

(m) notify the Company immediately of any complaint or dispute with a Client relating to the provision of the Services by the Company;

(n) fully co-operate in the investigation and resolution of any complaint or dispute referred to in clause (m);

(o) provide timely and correct provision of information and documentation to the Company and the Practice’s Clients in connection with the Services;

(p) not negligently, dishonestly, fraudulently, maliciously or criminally act or omit to take action.

 

6.2 The Practice warrants that where Financial Services are provided to Clients:

(a) that the Practice has the appropriate AFSL authorisations to provide the relevant Financial Services to the Client and will immediately notify the Company of any changes to the AFSL authorisations under which it is authorised;

(b) that the Practice is responsible for all communications, including specific Financial Product recommendations and disclosure documents between it and its Clients; and

(c) that it will take reasonable steps to ensure that the Practice and its directors, partners, employees, agents and assigns maintain its AFSL authorisations, will comply with the law including the Financial Services Law, its AML Obligations and the Privacy Law at all times.

 

7. Indemnity by Each Party

 7.1 The Company and the Practice agree to indemnify and keep the other party indemnified in respect of all claims, losses, liabilities, damages, amounts paid in settlement, costs and expenses, including reasonable legal fees and expenses, incurred or suffered by the Practice or the Company and arising from:

(a) any breach of this Agreement by the Company or the Practice;

(b) the provision of Services by or to the Company;

(c) any negligent act or omission by the Company or the Practice; or

(d) any breach of the law including Financial Services Law, Privacy Law and AML Obligations by either party.

 

8. Commencement And Termination

8.1 This Agreement will commence on the Commencement Date and will continue in force until terminated.

8.2 The Company may terminate this Agreement by giving written notice to the Practice if in the reasonable opinion of a director of the Company:

(a) the Practice is no longer authorised under an AFSL to provide Financial Services; or

(b) the Practice sells, transfers or restructures its business and the Company does not accept the buyer, transferee or other new entity; or

(c) the Practice is fraudulent, or convicted of an indictable offence; or

(d) the Practice is the subject of a banning order, disqualification, suspension or cancellation under the Corporations Act; or

(e) the Practice commits a material breach of this Agreement and fails to remedy the breach within 7 days of the Company serving a notice notifying the Practice to remedy the breach;

(f) the Practice causes a significant breach or likely breach of the Practice’s Licence or the Practice’s obligations under the Corporations Act, Privacy Act, its AML Obligations or under the Australian Securities and Investments Commission Act 2001(Cth); or

(g) the Practice substantially injures the reputation or brings the Company into disrepute; or

(h) the Practice fails to respond to requests to update or otherwise deal with Client Information and in the reasonable view of the Company, the Client or Client Information may give rise to a liability on the Company; or

(i) an Practice Insolvency Event occurs; or

(j) the Practice agrees to terminate this Agreement.

8.3 The Practice may terminate this Agreement by giving not less than 7 days prior written notice to the Company if:

(a) the Company commits a material breach of this Agreement; and

(b) the Practice gives the Company notice of the breach and advises the Company what the Practice requires to remedy the breach; and

(c) the Company fails to remedy the breach within a reasonable time and in any case not more than 28 days from the date of service of the notice.

8.4 Either party may terminate this Agreement without need for cause by giving no less than 90 days’ prior written notice to the other party.

 

9. Obligations And Rights On Termination

9.1 On termination of this Agreement:

(a) the Practice must, unless otherwise agreed:

(i) return to the Company all documentation, software, information and other property which the Company has provided to the Practice;

(ii) not operate or carry on business under any name or in any way indicates that it is associated with the Company or related companies or persons;

(iii) where the Practice has used the Services to provide its own services to a Client, ensure that it securely holds those Clients records and makes them available and accessible to the Company for a period of 10 years from the Termination Date to allow the Company to meet its AML Obligations and other legal obligations.

(b) the Company will, unless otherwise agreed, maintain a backup of Client Information for as long as legally required;

(c) if the Practice consents or if the Agreement is terminated pursuant to 2(h), the Company has the right to transfer the Client Information and the Client, to a third-party Practice which may be related to the Company, to take over the receipt of all or part of the Services from the Practice. That third-party Practice has the right to enter into a new Agreement with the Company;

(d) if required by the Practice the Company will provide reasonable transition assistance to the Practice including completing the required forms and providing the relevant documentation to the Practice. If this situation, the Company reserves the right to charge the Practice Consultation Fees as defined in this agreement.

9.2 Where the Company has received notification of a Termination Date that coincides with the end of a financial year, and the Practice has paid all Fees for Clients for the entire financial year, the Company must complete any annual requirements specified under Item 7(a) of Schedule A, including:

(a) Preparation of the annual financial statements and SMSF annual returns;

(b) Facilitation of the annual audits of the SMSF conducted by an independent auditor chosen or approved by the Company;

(c) Lodgement of the SMSF annual returns

10. Dispute Resolution

 10.1 If a dispute arises as to any terms or validity of this Agreement, and the dispute cannot be resolved between the parties, then the parties agree to resolve the dispute by mediation. The mediator shall be as agreed or failing agreement within 7 days of a party giving written notification that it wishes to submit the dispute to mediation, by a mediator nominated by the President for the time being of the Law Society of Queensland. The costs of the mediation shall be met equally.

10.2 The dispute resolution procedure set out in clause 1 does not apply to termination of the Agreement under clause 8.4.

 

11. Confidentiality And Privacy

 11.1 All Confidential Information disclosed by any party or a related body corporate to any other third party or agents (“recipient”) is so disclosed on terms of strictest confidence, prohibiting any further disclosure or use not authorised under this Agreement.

11.2 A party may not at any time make or assist any other person to make any unauthorised disclosure or use of any Confidential Information.

11.3 Nothing in this clause 11 prohibits the disclosure of Confidential Information:

(a) to a legal adviser or other person or body acting under similar obligations to the extent necessary to enable it to protect or advise upon the rights of a party in relation to the obligations of that party under this Agreement;

(b) to the extent necessary and in a manner or to a person to whom disclosure is contemplated under this Agreement;

(c) to the extent required by law;

(d) by operation of law, if the recipient has taken all practicable legal steps to prevent the disclosure or use; or

(e) by the recipient with the prior written consent of each of the parties.

11.4 If the Company discloses information under sub-clauses 11.3(b) or 11.3(e) it must use all reasonable endeavours to ensure that any recipient does not disclose or use the information except in the circumstances permitted in this clause 11.

11.5 Each party must observe the Privacy Law and any privacy protocol as agreed between parties in respect of all Personal Information.

 

12. General Provisions

12.1 GST

Unless otherwise specified, all amounts payable under this Agreement are inclusive of any GST liability which may arise in relation to the supplies dealt with in this Agreement.

12.2 Giving of Notice

A notice required or permitted to be given by one party to another under this Agreement shall be in writing and shall be treated as being duly given and received if it is:

  1. delivered personally to that other party;
  2. left at that other party’s address;
  3. sent by pre-paid mail to that other party’s address; or
  4. sent by electronic mail to that other party’s address.

12.3 Service of Notice

A notice given to a party shall be duly given and received:

  1. when delivered (in the case of it being delivered personally or left at that party’s address) provided that a notice delivered after 5.00 p.m. on any day or on a day which is not a Business Day shall be treated as having been duly given and received at 9.00 a.m. on the next Business Day;
  2. on the third Business Day after posting (in the case of it being sent by pre- paid mail); and
  3. immediately it was sent and has not bounced or been refused provided that a notice sent before 00p.m. on any day or on a day which is not a Business Day shall be treated as having been duly sent and received at 9.00 a.m. on the next Business Day.

 12.4 Address for Service

The address of the Company and the Practice are set out in Schedule A. The Company and Practice may from time to time give Notice to each other party of new or other addresses where Notice can be served.

12.5 Intellectual Property

 At no time shall either party enter into commitments for or in the name of the other party or use their Intellectual Property for any purpose whatsoever except for the provision of Services as set out in this Agreement. Except as specifically provided for in this Agreement, neither party will:

  1. use the other party’s name or Intellectual Property without the prior written approval of the other party; or
  2. represent itself as being affiliated with, or authorised to act for, the other party.

12.6 Practice as Partnership

(a) This clause 12.6 applies to this Agreement if the Practice is a Partnership only.

(b) The Practice acknowledges and agrees that:

(i) all obligations and liabilities owing to the Company now or in the future in relation to this Agreement are incurred as an obligation and liability of the Partnership and of each Partner (jointly and severally);

(ii) each Partner, in exercising the rights and performing the obligations conferred on the Practice by this Agreement, is taken to be acting for and on behalf of the Partnership and to have been so authorised by the Partnership and any action, approval, consent or agreement given or granted under this Agreement is done with the authorisation of each Partner.

12.7 Further Assurances

Each party shall sign, execute, deliver and all deeds, documents, instruments and acts reasonably required of it or them by notice from another party to effectively carry out and give full effect to this Agreement and the rights and obligations of the parties.

12.8 No Merger

 (a) The rights and obligations of the parties in respect of agreements, indemnities, covenants and warranties contained in this Agreement shall remain in full force and effect, be continuing agreements, indemnities, covenants and warranties and not be merged or extinguished by or upon termination of or completion of any obligations under, this

(b) Upon termination of this Agreement, clauses 4, 6.1 and 7 (including all sub-clauses) of this Agreement survive and are fully enforceable between the parties.

 

12.9 Entire Agreement

 This Agreement constitutes the entire agreement between the parties with respect to its subject matter and supersedes all previous communications, representations, inducements, undertakings, agreements or arrangements between the parties or their respective Partners, officers, employees or agents.

12.10 Waiver

 The failure, delay, relaxation or indulgence on the part of a party in exercising any power, right or remedy conferred upon that party by this Agreement shall not operate as a waiver of that power, right or remedy, nor shall the exercise or any single or partial exercise of any power, right or remedy preclude any other or further exercise of such power, right or remedy or the exercise of any other power, right or remedy under this Agreement.

12.11 Severability

 If any provision of this Agreement is invalid or not enforceable in accordance with its terms in any jurisdiction, it is to be read down for the purposes of that jurisdiction, if possible, so as to be valid and enforceable and shall otherwise be capable of being severed to the extent of the invalidity or unenforceability without affecting the remaining provisions of this Agreement or affecting the validity or enforceability of that provision in any other jurisdiction.

12.12 Assignment

 Each party agrees that it shall not, at law or in equity, assign, transfer or otherwise deal with any of its rights or obligations under this Agreement without the prior written consent of the other party to the Agreement.

12.13 Counterparts

 This Agreement may be executed in any number of counterparts and all of those counterparts taken together shall constitute one and the same document.

12.14 Governing Law

 This Agreement shall be governed by the laws of the State of Queensland and the parties agree to submit to the courts of that jurisdiction.

12.15 Costs

 The parties agree to pay their own legal and other costs and expenses in connection with the preparation, execution and completion of this Agreement and other documentation.

 

 

SCHEDULE A

Items Subject

Details

 

Item 1 Date of Agreement

The date that it is completed in the Agreement.

 

Item 2

Details of Company

 

 

 

Office

 

Contacts

Intello Pty Ltd ACN 152 685 491

ABN 63 152 685 491

ASIC Authorised Representative number: 414346

 

10 Short Street, Southport, Qld 4215

 

Phone:  1300 362 943

Email:    info@intello.com.au

Web:     www.intello.com.au

 

Item 3

Details of Practice

 

 

As completed and detailed in the Agreement.
Item 4 Commencement Date

The date as completed in the Agreement

 

Item 5 Fees payable

As per the Pricing Page on www.intello.com.au

 

Item 6

Payment Date

 

The 15th day of the month, or the first Business Day following the 15th day of the month if the 15th day is not a Business Day

 

Item 7

Services

 

As detailed in Item 7 of the Agreement or as detailed below which include:

 

(a)    The Standard SMSF Administration Service includes:

(i)         Access to the Adviser Portal including an online SMSF set-up application

(ii)        Monthly administration and reconciliation of bank accounts and investments;

(iii)       Maintenance of member details, pension limits and contribution caps;

(iv)      Maintenance of the clients investment portfolio, portfolio valuation, asset allocation & strategy, and CGT records;

(v)       Maintenance of up to date accounting reports including balance sheet, operating statements, income and member benefit estimates;

(vi)          Provision of online access to fund information via fund web;

(vii)         Preparation of SMSF’s annual financial statements and annual SMSF return;

(viii)        Preparation of the annual SMSF tax return;

(ix)          The annual audit of the SMSF conducted by an Auditor independent of the Company;

(x)           The preparation and lodgement of business activity statements for the Client;

(xi)               Basic pension commencement and pension commutation documentation;

 

(xii)         Ongoing general technical support to the Practice in regards to SMSF compliance requirements for their Clients;

 

No variations to standard form documents are allowed under this service without prior written consent of the Company.

 

The Standard SMSF Administration Services do not include:

 

(i)             Actuarial certificate Fees which are to be paid by the Client or Practice directly;

(ii)            Personal financial product advice to the Client or the Practice; or

(iii)           Consultation Fees provided to the Practice;

(iv)          Additional Auditor Fees levied when an Auditor Contravention Report is required to be lodged for a Client;

(v)           Property valuation or rental appraisal Fees for Clients that utilise direct property investment;

(vi)          ASIC search or company extract Fees when an annual statement where required cannot be provided by the Practice;

(vii)         Pension commencement or commutation documentation that is complex, tailored or customised to the Client;

(viii)        Provision of any legal documentation including SMSF trust deeds, deeds of amendment, change of trustee documentation, company constitutions or estate planning documents including binding death benefit nominations

 

(b)             The Consulting Service, includes any services as agreed to between the Company and the Practice and the Fees will be as defined in this agreement.