Giving Us Instructions
Our contact details for the purpose of you, or your nominated representative, giving us instructions are:
We will accept instructions in relation to your Fund from you or your nominated representative, subject to the restrictions set out below.
All instructions must be in writing and originate from an email address that we recognise to be yours or that of your nominated representative.
We will also accept your instructions via telephone.
Your Indemnity to Us
You agree to release us from, and indemnify us against, all losses and liabilities arising from any payment or action we make or undertake based on any instruction, even if not genuine, that we receive, whether by fax, email or phone as set out above, which is apparently yours or that of a nominated representative.
Instructions we will not act Upon
We are not obliged to effect instructions if:
- They relate to implementing any investment transactions for your Fund;
- They are contrary to our agreement with you, the law or any market practice;
- They are incomplete or are, in our opinion, unclear;
- You are, or we suspect that you are, in breach of superannuation law;
- You have not made arrangements which we consider satisfactory for payment of any unpaid amounts of our fees or amounts of our fees that we consider will become payable;
- We reasonably believe the instructions are not genuine;
- You have not provided us with relevant documents or other authorities, or information we consider necessary to act on your instructions;
- We are not satisfied that we are sufficiently indemnified against possible liability arising from acting on your instructions; and
- Your participation in Wealthtrac SMSF is suspended or terminated or in the process of being terminated.
To the extent permitted by law, we don’t accept liability, including liability for negligence, for instructions we don’t implement in these circumstances and you release us from and indemnify us against all such liability.
From time to time, we may need to give you notice of certain matters in relation to your participation in Wealthtrac SMSF such as changes to fees or other services available through Wealthtrac SMSF.
Fees Spread Proportionately
Generally fees and charges are deducted proportionately from each member account within your Fund. This means that the member with the largest account balance will bear the largest proportion of the fee. In some cases where a fee or expense can be directly attributed to a particular member, e.g. insurance costs, that amount will be charged solely to their account.
Collection and Remittance of Service Provider Fees
We can collect and remit payments to a number of service providers to the Fund, these include adviser service fees, audit fees, trust deed fees, and actuarial fees.
Following provision of the relevant service to the Fund, and receipt of an invoice from the service provider, we will deduct the cost from your Fund’s Cash Account by the direct debit method. The direct debit authority you provide to us authorises these deductions.
Increases or Alterations to the Fees
If there is an increase in the rate of GST payable on any of the services provided to your Fund, we will pass this increase on to your Fund and reflect these changes in its charges. Further, over time we may vary our charges.
We won’t increase our fees or charges, other than government fees and charges, without first giving you 30 days’ written notice.
Adviser Service Fees
If you have agreed an adviser service fee with your financial adviser, the amount will be deducted from your Fund and paid to your adviser. Any adviser service fee payable is additional to our establishment fee and our ongoing management costs.
Mailing Address for Your Investments
We reconcile your investment transactions with your Cash Accounts daily. You can help this process by also ensuring copies of any documents that you may receive relating to your Fund, such as bank and investment statements, dividend notices, ATO correspondence, and purchase documents for real estate are sent to the Fund. In most cases we will be able to collect the information electronically, however, we may send a task to you to collect information.
Generally you should use your own address for the physical address on any investment documents.
A key area of responsibility for Trustees of SMSFs is investment management. Superannuation law places certain duties and responsibilities on Trustees when making investment decisions concerning such things as loans to members, Funds are prohibited from borrowing money except in limited circumstances, the use of installment warrants, related party acquisitions and so on. Investment restrictions, duties and obligations are not listed here in detail and we recommend that you obtain professional advice in this area. More information is also available on websites such as the ATO website www.ato.gov.au.