Terms of Service
Fund trustees or advisers/accountants (on their behalf) are required within the Triple A Super application form (or agreed alternative agreement) to read, understand and accept the following:
Declarations and Consents
- I/We authorise my Adviser/Accountant as nominated in this form or advised separately to act on my behalf in all dealings with Triple A Super Pty Ltd and other service providers for the administration of my SMSF.
- I/We hereby declare that the information contained in this Application is true and correct.
- I/We hereby appoint Triple A Super Pty Ltd as the fund administrator to complete the financial accounts and prepare the required tax return for the fund. Where selected, Triple A Taxation Services is hereby appointed as the Tax Agent to lodge the tax return.
- I/We agree to promptly provide all documents or information when requested to enable my SMSF financials, audit and Tax Return to be completed.
- I/We agree to Triple A Super Pty Ltd and my/our adviser (and any other person so designated by me/us) providing all information, documents and records to each other regarding my/our interests in the fund so that Triple A Super Pty Ltd may perform all tasks associated with the administration of the fund.
- I/We hereby authorise payment of the administration and estimated audit fees by monthly direct debit deduction from the fund’s bank account, until I/We notify you otherwise. I/We further acknowledge that I/We have read the Direct Debit Authority Agreement detailed below under which this authority is hereby given.
- I/We understand that an amount equal to the entire twelve (12) months of fees are due and payable within the first fiscal year regardless of which month the fund is established. I/We authorise the deduction of any catch up administration and estimated audit fees covering the elapsed months from 1 July to the date of the first monthly administration fee deduction, plus one month in advance, (to bring the administration and audit fees for the elapsed months up to date) to be deducted from the Fund’s bank account (either advised or evidenced by receipt of rollover money or a contribution into a fund’s bank account), upon completion of the Fund’s first set of financials. These catch up fees are acknowledged and accepted by the execution of this Application.
- I/We acknowledge and accept that if I/We terminate the Triple A Super administration service at any time from commencement until completion of the fund’s Annual Accounts in any one year that no refund for fees paid up to the date of termination will be refunded and it is hereby agreed and accepted that Triple A Super will be under no obligation to complete the Annual Accounts save for and except if a complete year of deductions plus 1 month in advance has been paid. Any fees paid, including the monthly in advance payment, will be agreed and accepted as payment for administration services for the period from commencement of the year to the date of termination (inclusive of any monthly catch up fees that would be payable from 1 July to the date of the first monthly deduction) as acknowledgement of fees due for the fiscal year to date of termination. Any audit fees deducted will be refunded if the respective annual audit is not required.
- I/We hereby further authorise payment for any additional required services fee as and when these respective invoice/s become due and payable (e.g. Actuarial, BAS, PAYG / IAS or ASIC Registered Agent service fee) as a direct debit deduction from the fund’s bank account as and when an invoice is issued.
Terms of Engagement if Triple A Taxation Services Pty Ltd is to act as Tax Agent
The purpose and scope of this engagement is to prepare and lodge the annual income tax returns for your SMSF and where requested to be the Registered Agent for ASIC for any related company. These services which will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB). The extent of our procedures and services will be limited exclusively for this purpose only. As a result, no review will be performed and, accordingly, no assurance will be expressed. Our engagement cannot be relied upon to disclose irregularities including fraud, other illegal acts and errors that may exist. However, we will inform you of any such matters that come to our attention.
This engagement only covers the tax return preparation for the Self-Managed Superannuation Fund, BAS lodgement and ASIC annual renewal activities. The annual ATO taxation return will be prepared for distribution to the Trustees for review and signing. The annual audit of the fund must be undertaken and signed by the trustees of the fund before the SMSF annual return is lodged. The audit will not be undertaken by this office and where requested we will make arrangements for the audit to be undertaken by an external party and you will be billed and be liable for all costs associated with the completion of the audit.
In engaging us to provide ASIC related services, it is important for you to understand that although we act as your agent that you are responsible for advising us of any changes to the Annual Statement details within the required 28 day period. You are responsible for all corporate obligations including payment of the ASIC renewal fee.
There is no assumption of responsibility for any reliance on our report by any person or entity other than the Trustees. The report shall not be inferred or used for any purpose other than for which it was specifically prepared. Accordingly, our report may include a disclaimer to this effect. Any advice we provide is only an opinion based on our knowledge of your particular circumstances.
Period of Engagement
This engagement will start from the date of signing this application. The first period for which we will be responsible is for the current financial year. We will not deal with earlier periods unless you specifically ask us to do so and we agree. This engagement document will be effective for future years unless we issue an amended one to you.
In conducting this engagement, information acquired by us in the course of the engagement is subject to strict confidentiality requirements. That information will not be disclosed by us to other parties except as required or allowed for by law, or with your express consent. We wish to draw your attention to our firm’s system of quality control which has been established and maintained in accordance with the relevant APESB standard. As a result, our files may be subject to review as part of the quality control review program of CPA Australia which monitors compliance with professional standards by its members. We advise you that by accepting our engagement you acknowledge that, if requested, our files relating to this engagement will be made available under this program. Should this occur, we will advise you.
The Fund is responsible for the reliability, accuracy and completeness of the accounting records, particulars and information provided and disclosure of all material and relevant information. The trustees are required to arrange for reasonable access by us to relevant individuals and documents. It is the Fund’s responsibility to keep those records for five (5) years. Where you are unable to provide us with complete and accurate records, we may be unable to prepare and lodge your return. Tax agents are subject to a Professional Code of Conduct which prevents them from acting for a client where insufficient records or information exists.
A taxpayer is responsible under self-assessment to keep full and proper records in order to facilitate the preparation of a correct return. Whilst the Commissioner of Taxation will accept claims made by the fund in an income tax return and issue a notice of assessment, usually without adjustment, the return may be subject to later review. Under the taxation law such a review may take place within a period of up to four (4) years after tax becomes due and payable under the assessment. Furthermore, where there is fraud or evasion there is no time limit on amending the assessment. Accordingly, you should check the return before it is signed to ensure that the information in the return is accurate.
Liability limited by a scheme approved under Professional Standards Legislation.
Where Triple A Taxation Services Pty Ltd is engaged as the Tax Agent, the taxation lodgement fee which is part of the total administration fee is included in the administration fee deducted.
Ownership of Documents
All original documents obtained from the Fund arising from the engagement shall remain the property of the Fund. However, we reserve the right to make a reasonable number of copies of the original documents for our records. Our engagement will result in the production of the Fund Taxation Return. Ownership of this document will vest in you. All other documents produced by us in respect of this engagement will remain the property of the firm. Should any disputes arise, Triple A Taxation Services Pty Ltd has established dispute resolution processes.
We may identify one or more issues that are not clear under the tax laws and you have a right to request a Private Binding Ruling from the ATO. Upon providing the ATO with all the relevant facts, they will provide you with a ruling setting out their view on the proper tax treatment of the issue requested to be ruled upon. The Tax Agent Services Act 2009 (TASA) and complimentary amendments to the applicable taxation administration legislation provide statutory protections for taxpayers who engage registered tax agents. In particular, as your tax agent we are bound by a statutory Code of Conduct which is administered by a new national Tax Practitioners Board. That Code requires us, amongst other things, to act lawfully in your best interests and with honesty and integrity in the performance of our duties. In addition, as the client of a registered tax agent, you have statutory “safe harbour” exemptions from penalties in certain circumstances.
New Fund Establishments
- I/We hereby appoint Triple A Super Pty Ltd to act as our agent to procure a Trust Deed and ancillary legal documentation from a Solicitor, the particulars for such Trust Deed and legal documents being set out in the application submitted by ourselves or our Adviser on our behalf.
- I/We consent to being a Director of the SMSF Trustee Company (applicable if a Corporate Trustee is selected).
- I/We acknowledge that Triple A Taxation Services will register the fund with the Australian Taxation Office for the purpose of acquiring an Australian Business Number and Tax File Number (where Triple A Taxation Services are the appointed Tax Agent).
- I/We hereby authorise payment of the administration and the once off transition fee from the fund's bank account.
Direct Debit Authority Agreement
- This Direct Debit Authority is to pay for the nominated expenses for the administration services provided by Triple A Super.
- By signing this Agreement, you are authorising us to arrange for funds to be debited from your account. The amount shown on the Direct Debit Authority is a close estimate of the amount due and payable by you. If your circumstances change and a different amount is due and payable we will make an adjustment for any over or under charging after the assessment is made.
- The Direct Debit Authority remains in force until it is cancelled. At least 10 working days needs to be given if the Direct Debit Authority is to be cancelled. This may be given to Triple A Super in writing, by email, or by phone on 03 90217420. The financial institution also needs to be advised by you.
- Where a payment cannot be processed on the nominated day, it shall be carried over on consecutive days and repeated twice before you are notified of the failure to execute. You will then be required to pay the amount/s due using another payment method.
- It is the responsibility of you to have sufficient funds in the nominated bank account on the requested or due date to permit the payment of debit items in accordance with this Direct Debit Authority.
- If there are insufficient clear funds in your account to meet a debit payment:
- A dishonour fee on that payment may be charged by both your financial institution and Triple A Super to cover reasonable administrative and processing costs; and
- You must arrange for the debit payment to be made by another method or arrange for sufficient clear funds to be in your account by an agreed time so that we can process the debit payment.
- If the direct debit details change then the nominated contact shall contact Triple A Super with the details of the changed account to ensure continuance of the Direct Debit Request.
- We will keep any information in your Direct Debit Request confidential. We will only disclose information that we have about you:
- To the extent specifically required by law; or
- For the purposes of this Agreement (including disclosing information in connection with any query).
- If you wish to notify us in writing about anything relating to this Agreement, you should write to Triple A Super, PO Box 170, Canterbury VIC 3126.
Termination of Services Refund Policy
- The total annual fee is payable regardless of when the SMSF was established or transitioned. Triple A Super advises that once the operating bank account transaction data, fund information and member particulars are evident, no refund is payable from the commencement of the first financial year we have been requested to complete up to the date of termination, except any audit fee component that has been paid if the respective annual audit is not required.
- Termination of services must be in writing and will attract a termination fee of the monthly fee paid in advance. The termination fee is not payable for funds transferring between Triple A Super and Preset Super.
- The termination fee will be deducted from the fund's operating bank account or paid separately by the client.
- Triple A Super will be under no obligation to complete the Annual Accounts save for and except if a complete year of deductions has been paid.
Establishment of New Funds
- Once the deed provider has forwarded a soft copy of the requested and ordered deed, no refund will be payable. Any mistakes or oversight of required information necessitating any changes or replacement of the deed will payable by the client where required.
SMSF Administration Services
- The Triple A Super SMSF administration service entails an oversight of the fund's operating bank account and the maintenance of fund compliance with the prescribed SIS regulations. As such, Triple A Super will not refund any fees that have been paid by monthly deduction up to the date of termination.
- Triple A Super is under no obligation to complete the Annual accounts or Audit unless the total fee due has been paid for the financial year. Any termination that occurs, Triple A Super will forward all files and information to the client or their appointed representative. Triple A Super requires the client to execute a formal acknowledgement releasing Triple A Super from any legal obligations arising from the termination of services.