By accepting this Agreement you agree to pay the fees applicable for the provision of the above Services and authorise Stake to debit your SMSF bank account for those fees.
Fees are determined based on the accounts and investments of your SMSF as per the fee tiers listed in our SMSF Fee Schedule and charged in AUD. If you select one fee tier and subsequently change or add to the accounts and/or investments of your SMSF, higher fees will be payable from the date of change as per the higher fee tier. This means we may be required retrospectively charge additional fees to your SMSF.
Your SMSF fees will renew annually at the earlier of the anniversary date of the set up of your SMSF or on completion of the annual return of your fund. The fee tier applicable will be determined by the accounts and investments your SMSF holds at the time of renewal.
We reserve the right to change and amend the fees published in our SMSF Fee Schedule from time to time and will provide 30 days notice of any such changes.
1. Service Offer
These Terms and Conditions form part of the Agreement and should be read in conjunction with it. If you are unsure of the meaning of any of the terms or clauses herein, you should contact us. The scope of the services that we will be providing to you is expressed in our communication to you, together with what our charges to you will be for the provision of these services.
2. Acceptance of Offer
Before accepting this offer, you have the right to obtain independent legal advice about the terms and effect of this Agreement. You are deemed to have accepted and will have entered this Agreement, which means you will be bound by the Terms and Conditions set out in this document (including being charged fees in accordance with it) if you either:
- Sign and return a copy of this document to us;
- Give us instructions to proceed with providing the services after receiving this document;
- Accept this agreement verbally;
- Accept this agreement via electronic means.
3. Stake SMSF’s Commitment
We agree that we will:
- exercise all reasonable care and skill in providing the Services;
- provide the Services by appropriately trained, qualified and adequately supervised staff;
4. Your Commitment
The accounts and assets of your self-managed super fund (Fund) are held in your name(s) as Trustee and under your control. Accordingly, we need your cooperation so that we can effectively provide our services.
As Trustee (including as Director of a corporate trustee) you acknowledge and agree that you will:
- ensure that any activity of the Fund is in compliance with the rules contained within the SMSF Trust Deed of the Fund and the laws then applicable. If in doubt you can contact us at any time to receive professional advice around these rules;
- 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 under this Agreement;
- pay any tax or regulatory fees relating to the SMSF on or before the due date;
- sign any third-party authorities, other documents or take any steps necessary to ensure that we can either directly or via intermediaries receive all applicable bank account, share broker, wrap account or other provider transaction feeds and holding balance information. Access to this information is vital for our delivery of the services.
- ensure that all investments are made in the Trustee’s name;
- provide us 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. If we are required to 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.
- indemnify us against all claims made against us or suffered by us as a direct or indirect result of you failing to comply, or failing to comply in sufficient time, with any of your responsibilities. You acknowledge and confirm that, for the purposes of this Agreement, any reference to the obligations of you applies to both you as the Trustee and you as a member of the Fund
5. Tax Agency
Stake SMSF Pty Ltd is not a registered tax agent. You authorise Stake SMSF to appoint a Tax Agent on behalf of your Fund. In addition you authorise Stake SMSF to replace or change the nominated Tax Agent for your Fund from time to time as long as this agreement remains in force.
We will ensure any Tax Agent nominated will remain appropriately registered as a Tax Agent and comply with the code of professional conduct as set out in the Tax Agent Services Act 2009.
All taxpayers including your SMSF have certain rights and obligations when a Tax Agent is appointed including:
- The Trustee(s) of the Fund have sole responsibility for the timely and accurate lodgment of the SMSF Annual Returns (income tax returns) of the Fund;
- The Trustee(s) of the Fund have an obligation to keep proper records that will substantiate the taxation returns prepared and which will satisfy the substantiation requirements of the taxation laws. Failure to keep such records could result in claims being disallowed, additional tax being imposed, and the imposition of penalty or general interest charges;
- The Trustee(s) of the Fund are responsible for the accuracy and completeness of the particulars and information required to comply with the various taxation laws;
- Your rights as a taxpayer include: The right to seek a private ruling, the right to object to an assessment by the Commissioner and 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 the Tax Agent to arrange advice.
We will exercise all reasonable care and skill in the provision of our Services. We are not liable for any loss that occurs due to your actions or inaction. We are not responsible for any act, omission, deceit, neglect, mistake or default of any person, including our staff, except for any proven direct loss attributable to the gross negligence, deceit or fraud by us.
To the extent permitted by law, you release us, our staff and our representatives from all liability in respect of any loss and expenses incurred by you. We, and our staff, will not be responsible or liable for any claims that arise, whether directly or indirectly, as a result or consequence of:
- you breaching the provisions of the Trust Deed of the Fund or any applicable laws which result in the Fund being deemed non-compliant with the Superannuation Laws; or
- you failing to comply, or failing to comply in sufficient time, with any of your responsibilities pursuant to the provisions of this Agreement.
We will treat as confidential and maintain the confidentiality of all information and records that you provide. This information will only be disclosed to a third-party where you provide specific authority for us to do so, or where we are subject to a legal duty to disclose the information.
Unless otherwise agreed between us, this Agreement provides us the authority to provide all necessary information to an independent Auditor nominated by us. From time to time whilst carrying out our services, we may engage various staff and or contractors who we consider appropriate for the effective provision of our services. These personnel will have access to your accounting and taxation records only for the purpose of completing their agreed engagements
As part of this Agreement we will prepare various electronic records and notes consistent with our internal quality control systems. These records remain the property of Stake SMSF and will be retained by us to support any future queries on work completed.
Any original source records provided by the Trustee to Stake to assist in the completion of the Services upon written will be returned to the Trustee upon completion of the Services for the relevant financial year. Where appropriate we will make copies to retain for our records.
9. Termination and Dispute Resolution
- This Agreement may be terminated by either Party for any reason by giving 30 days’ notice in writing to the other party;
- If the Agreement is terminated, each party will remain liable for any outstanding fees under this Agreement or under any separate agreement.
- Following termination of the Agreement, not all information maintained by us will belong to you. For example, file notes, working papers, or internal emails will remain our property. If the Agreement is terminated, we will provide all appropriate information to you or an alternative service provider nominated by you within 30 days.
- Notwithstanding the foregoing, we reserve the right to retain documents and information if there is money owing to us under this Agreement.
- This Agreement will continue to be enforceable against the Trustee’s estate until the Agreement is terminated by the Trustee’s estate representative.
- If a dispute arises as in relation to any aspect of this Agreement or the performance thereof and the dispute cannot be resolved between us, then the parties agree to resolve the dispute by mediation. The mediator shall be as agreed or failing agreement within 7 days by a mediator nominated by the President of The Law Society of New South Wales. The costs of the mediation shall be met equally.
10. Authority Delegation
Access to relevant information and data from third parties including banks and other financial institutions is essential for the efficient delivery of our services.
You agree to delegate to Stake SMSF the ability to complete third party data authorities on your behalf to enable investment, transaction and account data to be electronically feed to our nominated SMSF administration platform(s) or to obtain required reports or documentation for the completion of your SMSF Annual Return or audit where the provision of the authority does not include the authorisation of payment of monies from the SMSF Cash Account or dealing in anyway with the acquisition or disposal of investments or assets of the SMSF (i.e. the authority is read-only).
11. Scheduling of Work
Some of your agreed work is subject to specific lodgment dates. To allow us to comply with lodgment dates we rely on your timely provision of information. We will schedule your work to be completed at a suitable month throughout the financial year taking into consideration various factors.
12. Duration of Agreement
This Agreement remains in force from the financial year in which it is signed and for future years until terminated in accordance with the Agreement.
13. Scope of Service
If there is more than one individual acting as Trustee personally or as Directors of a corporate Trustee, then each individual is deemed to be an agent of each other individually and you each authorise and direct us to accept instructions from any one individual without the need to seek confirmation of those instructions from any other individual.
Each of you agree, jointly and severally, to pay our tax invoices. Our costs are payable up to the termination of the services and for any work that we are required to do for you after termination.
14. Entire Agreement
This Agreement is the entire agreement and understanding between the parties on everything connected with the subject matter and supersedes any prior understanding, arrangements, representation or agreements between the parties as to the subject matter contained in this agreement.