SMSF Live – Self Managed Superfund terms of use

1. Fees and charges

All fees quoted by SMSFlive are GST inclusive unless otherwise specified.

Subject to the investments held by the Fund, the Trustee may be eligible for one of the SMSFlive Fixed Fee Administration Packages. Alternatively SMSFlive will provide you with a Customised Fixed Fees. This Customised Fixed Fee is determined by SMSFlive based on the work involved and the level of experience and qualification of the accountant required to complete the work.

All SMSFlive fees are determined by the amount of work involved to complete the work by a suitably qualified accountant in an efficient manner. Once the work is completed an appropriately qualified and experienced senior accountant or manager will then review the work to ensure completeness and accuracy.

1.1 Fixed Price Administration Package

To be eligible for one of the SMSFlive Fixed Fee Administration Packages conditions naturally apply to the superannuation fund investments as follows:

  • The Fund only holds investments as listed in the Fixed Fee Administration Packages under the applicable fee package;
  • The Trustee provides SMSFlive with all requested third party authority forms;
  • The Fund has satisfied points a) and b) above for the period of the administration work;
  • The Trustee has provided a signed Direct Debit Request Authority to SMSFlive and there are no outstanding fees;
  • The Agreement has been executed and returned to SMSFlive; and
  • The Trustee and SMSFlive, agree for the Direct Debit Request Authority to be held on file for payment of the monthly fee in accordance with the Annual Fixed Fee Package.

Where there are amounts outstanding for work completed then the Direct Debit Request Authority will also be relied upon for payment of such outstanding fees.

1.2 Customised Fixed Fees

Customised Fixed Fees will only apply where the Trustee is not eligible for one of the Standard Fixed Fee Administration Packages.

Where this is the case then preferably before the commencement of the work for the financial year SMSFlive will review the work to determine the work involved and provide the trustee with a Customised Fixed Fee before work begins. Where a signed Direct Debit Request Authority is in place then SMSFlive will apply the appropriate monthly fee to the Trustee and this will then be the monthly fee payable by the Trustee for the financial year.

Where there is no change to the fund investments then this Customised Fixed Fee will also apply to future years also.

Where a Customised Fixed Fee becomes applicable during the year, or a new Customised Fixed Fee is required, then the difference between the newly calculated monthly fee and the previous monthly fee will be payable to SMSFlive for the current year work and for work prior to 30 June of the current financial year. In this case SMSFlive will advise of the adjustment amount required to be paid at this time and the new monthly fee. The adjustment amount will be paid using the direct debt authority form.

1.3 Additional Annual Fees

There may be Fees for Other Services provided by SMSFlive in addition to our Standard Fixed Fee Administration Packages. These additional fees generally cannot be determined until the end of the financial year and or as they become necessary, for example;

  • Actuarial certificate fees required for the Fund where it 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; and
  • Costs relating to obtaining required reports and statements required by us or by the 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 SMSFlive does not act as the registered agent with ASIC), fees relating to the acquisition of bank transactional data from ‘non-preferred’ accounts.

Where such additional fees are applicable SMSFlive will endeavour, where ever possible, to advise of the additional fee upfront in order to avoid confusion, unless this is not possible at the time or may not be suitable for the work involved.

2. Terms of Engagement

The term and commencement date of your Engagement Agreement with SMSFlive is noted in your client engagement agreement which specifies the terms of the engagement. This Agreement remains in force unless terminated by SMSFlive or the Trustee in accordance with Part 9 – Termination below.

Where applicable the Engagement Agreement replaces any existing agreements, both verbal and written including any engagement letters provided by SMSFlive to the Trustee.

3. SMSFlive pledge

SMSFlive shall always ensure 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.

SMSFlive will perform the services and duties identified below.

4. Scope of Services

SMSFlive 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 may apply.

5. Independent Audit

SMSFlive 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 SMSFlive 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.

6. Trustee Commitment

The Fund is in the Trustee’s name and under the control of the Trustee. SMSFlive has no authority to deal with Fund assets. SMSFlive needs the cooperation of the Trustee in order to then be able to provide the Trustee with the SMSF 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 SMSFlive to discuss any possible breaches to the rules contained within the Trust Deed or the laws applicable to the Fund;
  • The Trustee each year will sign the SMSFlive Trustee Representation letter to confirm the Trustee has not breach its duties;
  • 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 SMSFlive 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 SMSFlive 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; and
  • Indemnify SMSFlive against all claims made against SMSFlive or suffered by SMSFlive 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 Engagement Agreement, any reference to the obligations of the Trustee includes the obligations of the member and vice versa.

7. Obligations & Rights

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; 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 us so that we can provide you with the relevant time frames and to discuss any additional requirements which may exist.

8. Changes to Fees and Conditions

SMSFlive reserves the right to change any of these Terms and Conditions including the Standard Fixed Fee Administration Packages (or Customised Fixed Fee Package), or Fees for Other Services and Additional Annual Administration Fees by providing 30 days notice in writing by either post or electronic mail a notification of the changes.

The Trustee has then taken to have accepted changes specified by SMSFlive unless the agreement is terminated by the Trustee.

9. Termination

The Agreement may be terminated by either party giving the other 30 days notice in writing or by the issue a professional objection letter provided by an alternate accountant or SMSF administrator engaged by the Trustee. SMSFlive 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 this Agreement.

Provided that all fees have been paid to the date of termination, SMSflive will forward the file relating to the Fund to the Trustee or an alternate accountant or SMSF 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 SMSF 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 9.

10. Limitation of Liability

Except to the extent that any such loss is attributable to wilful negligence, deceit or default of SMSFlive, which includes Waterford Accountants and Waterford Financial Services 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; and
  • Any act, omission, deceit, neglect, mistake or default of any person not authorised by the Trustee or SMSFlive.

11. Support Centre

The SMSFlive Support Centre service does not form any part of the SMSFlive service agreement and is a free service provided at the full discretion of SMSFlive. All of the responses and resources provided by SMSFlive Support Centre are factual in nature and at no time should this be considered advice.

SMSFlive recommend each Trustee seek out their own SMSF Financial Advice from a Suitably Qualified Financial Advisor who can assist them with personal financial advice.

12. Confidentiality

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 SMSFlive and the Trustee the Agreement provides SMSFlive 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.

13. SMSFlive App

The SMSFlive App is available for download from the Apple App Store and Google Play Store. This is a free bonus feature available for use under the SMSFlive Terms and Conditions and so is not a service which is provided to trustees as part of their service agreement.

The information available on the SMSFlive may only be accurate at the time of processing and may not be complete or accurate at all times. This information is unaudited and so should therefore not be relied upon for decision making and the trustee should seek financial advice from your SMSF advisor based on information and facts provided to your SMSF financial advisor as part of their financial advice process.

14. Records

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 SMSFlive and will be retained by us to support any future queries on work completed.

Any original source records provided by the Trustee to SMSFlive 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.

15. Acceptance of Agreement

The Engagement Agreement is deemed to be accepted when executed by the Trustee and returned to SMSFlive either by physically returning the Engagement Agreement to our offices, 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. In addition other conduct of the Trustee will also demonstrate that the Engagement 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.

16. Scheduling of Work

As your work may be subject to specific lodgement dates it is our objective to ensure that all of your work is completed in time to meet these lodgement dates. This relies on us receiving your work within a reasonable time period before the lodgement due dates and attending to our queries in a timely manner.

SMSFlive will schedule your work to be completed at a suitable time 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 SMSFlive;
  • The requirement of the Trustee to reporting pension information to Centrelink; and
  • Whether the Trustee has provided a Direct Debit Authority.

In most cases any information required for reporting to external parties will be available at anytime throughout the year where SMSFlive is taking monthly payments for the periodic processing and reconciliation of the Funds accounts.