Terms and Conditions of use

About SMSF Partners

SMSFNow Pty Ltd (ACN 646 280 702) (SMSF Partners) is an innovative technology and services company that provides its members with the ability to establish a self-managed super fund (SMSF) through its online platform available on our website https://www.SMSFPartners.com.au (the “Website”).

Acceptance of terms

By registering for the Services (as defined in clause 4.1 of the Terms), browsing the SMSF Partners Platforms, logging into the SMSF Partners Platforms, or by clicking “Next” or “Agree” in the user interface of the SMSF Partners Platforms, you accept these terms and conditions (the “Terms”). If you do not agree to the Terms, you must immediately cease use of the SMSF Partners Platforms and the Services. 

You may not use the Services and may not accept the Terms if: 

• you are not of legal age to form a binding contract with SMSF Partners; 
• or you are a person barred from receiving the Services under the laws of Australia or other countries, including the country in which you reside or use the Services.

Changes to the Terms

SMSF Partners reserves the right to review and change any of the Terms at its sole discretion by updating this page. When SMSF Partners updates the Terms, we will use reasonable endeavours to provide you with notice of the same. Any changes to the Terms will take immediate effect from the date of their publication. We recommend you keep a copy of the Terms for your records before continuing to use our Services.

Account Registration

In order to access our Services, you must register an account with SMSF Partners (the “Account”) through our online platform or by telephone. If you choose to register by telephone, you acknowledge and agree that your call may be recorded for quality assurance purposes.

During the registration process and throughout your use of our Services, you will be required to provide personal information about yourself, such as your identification, contact details, Tax File Number, and other personal information.

You agree that any personal information you provide to SMSF Partners will be accurate, correct, and up-to-date at all times.

By providing us with your address, email address, and phone number, you acknowledge that you may receive regular emails, newsletters, telephone calls, or SMS updates from SMSF Partners to keep you informed about our activities. If you do not wish to receive updates from us, you may contact us.

SMSF Partners will handle any information provided to us in relation to our Services in accordance with the Privacy Act 1988 (Cth) and our Privacy Policy, which can be found on our website at https://www.SMSFPartners.com.au/privacy-policy. You consent to our Privacy Policy and any changes that may be made to it from time to time.

Services Offered by SMSF Partners

SMSF Partners, along with its Third-Party Providers, provides the following Services:

• Establishment of a SMSF, which includes:
  1. 1. Setting up the SMSF Trust, including the preparation of trustee declaration and trust deed
     2. Incorporation of a special purpose corporate trustee company with you as the director and officer
     3. Creation of SMSF governing rules
     4. Submission of “election to be regulated” compliance statement
     5. Establishment of various accounts with Third-Party Providers, including but not limited to, bank accounts and management accounts with Macquarie Bank Limited
     6. Access to tools to assist with the establishment of your investment strategy and registration of your investment strategy (referred to as the Establishment Services)
• SMSF Partners also provides the following services at no additional cost to you:
  1. 1. Registration of your SMSF with the Australian Tax Office (ATO)

• Annual administration services, including but not limited to:
  1. 1. Annual compliance, administration and maintenance of the SMSF
     2. Annual financial statements and tax return for the Trustee
     3. 24/7 access to the SMSF Partners Platforms
     4. Business hour access to SMSF Partners customer support

(referred to as the Administration Services)

1. 1. 1. Additional services provided by Third-Party Providers include but are not limited to:
      2. Online share trading
      3. Online cash hub
      4. Online deposit hub
      5. Online property data
      6. Life insurance
      7. TPD insurance
      8. Income protection insurance

(referred to as the Third-Party Services)

All of the above-mentioned services are collectively referred to as the “Services”. To be eligible to receive the Services, you must have accounts on the SMSF Partners Platforms and Third-Party Service Providers, and pay the applicable fees as described below.

It is your responsibility to ensure that the Services are suitable for your intended purpose and use.

To use our Services, you agree to provide all necessary consents and sign all documents required to facilitate the process, including, but not limited to:

• • Completing all necessary paperwork and taking all required actions for the registration of your SMSF with the ATO, and attending any required interviews with the ATO if requested (the ATO Registration).
  • Completing all necessary paperwork and taking all required actions to transfer your existing super funds to the Bank Accounts (the Rollover).
  • These must be completed within a reasonable timeframe after the Establishment Services are completed, but no later than 12 weeks after the Trustee’s incorporation.

Bank Account Establishment

By using the Services, you agree to allow the establishment of a cash management account and a cash accelerator account (together referred to as the Bank Accounts). The Bank Accounts are provided by Macquarie Bank Limited (ABN 46 008 583 AFSL 237502), and you accept the terms and conditions of the Bank Accounts available at https://www.macquarie.com/au/advisers/solutions/self-managed-super-funds/. Please note that not all Australian deposit taking institutions can communicate with the SMSF Partners Platforms through application programming interfaces. Therefore, if you choose not to use the Bank Accounts, SMSF Partners may not be able to provide the Services to you, and it reserves the right to terminate the Services to you.

Administration Services

By using our Administration Services, you give your consent and authorise SMSF Partners to engage a third-party auditor (the Auditor) to fulfill your SMSF’s Annual Compliance Obligations. You grant the Auditor electronic access to view all transactions made by your SMSF. You also consent and authorize SMSF Partners and the Auditor to complete and submit all necessary documentation on behalf of your SMSF to meet the Annual Compliance Obligations.

SMSF Risks

Before deciding to establish an SMSF, it’s crucial to understand both the benefits and risks involved. Here are a few things to keep in mind:

• We do not provide financial advice or recommendations regarding whether an SMSF is suitable for your financial plans, circumstances, situation, or needs. It is recommended that you seek advice from a professional financial advisor before deciding to establish an SMSF.
• SMSFs are not eligible for compensation if they suffer loss as a result of fraud or theft.
• Complaints related to SMSFs must be resolved by the members themselves, or by obtaining their own legal assistance. The Superannuation Complaints Tribunal is not available to SMSF members.
• SMSFs are regulated by the ATO and require regular compliance. As the SMSF trustee, you will be responsible for compliance and keeping up with changes in laws and regulations.
• SMSFs have operating costs, including investing, accounting, and auditing fees. These costs can have a significant impact on your retirement savings, so make sure your SMSF has a balance large enough to cover these costs.
• Industry super funds often offer discounted life and disability insurance. With an SMSF, it’s important to consider purchasing your own insurance. Before terminating your existing super fund account, review your insurance options and the costs associated with obtaining your own insurance for the SMSF.

Fees

As a user of SMSF Partners’ Services, you agree and understand the following terms regarding fees:

• All amounts listed are in Australian Dollars (AUD) and include GST, unless otherwise stated.
• SMSF Partners reserves the right to change the Fees at any time by updating the relevant sections on the Website. You will receive an email notification 10 working days before the Fees are changed. The updated Fees will become effective at the end of the month in which you receive the notice.
• You are responsible for paying the following Fees:
  • • Establishment Fee for the Establishment Services listed on the Website or SMSF Partners Platform
    • Monthly Administration Fee for the Administration Services listed on the Website or SMSF Partners Platform
    • ATO Supervisory Levy, which is determined and may vary by the ATO
    • ASIC Company Annual Fees
    • Any other Fees owed to SMSF Partners or Third-Party Providers, including costs, expenses, charges, disbursements, or any other fees.
• All Fees must be paid in advance from the Bank Accounts established for the fund by recurring direct debit.
• To ensure sufficient funds are available for payment processing, you must maintain a minimum balance of $500. If a payment fails, an administration fee of $25 will be charged.

Please note that Fees associated with SMSFs can be significant and may impact your retirement savings. We recommend that you carefully consider these Fees before establishing an SMSF.

Non-Payment

To access and use the Services, you must complete all Sign-up Activities to the satisfaction of SMSF Partners. If you fail to do so, you will be personally liable for the Establishment Fee.

If you do not pay any Fees in accordance with the Terms, SMSF Partners may charge Interest at a rate of 2% plus the Cash Rate Target set by the Reserve Bank of Australia on the unpaid amount after seven (7) days from the due date on the tax invoice.

If SMSF Partners issues an overdue payment notice, you must make immediate payment. Failure to pay within seven (7) days of the notice may result in debt recovery action by SMSF Partners. You will be liable for all associated costs, including legal fees (on an indemnity basis), collection agency fees, disbursements, and any other expenses. You will also be charged an administration fee of $55.00 on the outstanding debt, and SMSF Partners may report the debt to a credit reporting agency.

SMSF Partners may terminate or suspend your access to the SMSF Partners Platforms and the Services if you fail to make any payment under the Terms.

Term

The Service has a minimum term that ends on June 30th of the Financial Year in which the SMSF was established or transitioned to SMSF Partners (Minimum Term). After the Minimum Term, the Service will automatically renew at the start of the new Financial Year on July 1st for a further 12 months. If you terminate the Service or transfer the funds held in the Bank Accounts before the expiry of the Minimum Term or during the renewal term, such that there are insufficient funds to pay the Fees, you will be responsible for paying the entire Administration Fee until the end of the Minimum Term or renewal term (Termination Fee). The Termination Fee is due and payable within seven (7) days of receiving a written demand from SMSF Partners, and will be reduced by any monthly Administration Fees already paid.

Identity Verification

As a condition of using our Services, you acknowledge and agree that SMSF Partners may need to verify your identity to prevent illegal or fraudulent activities.

You guarantee that if SMSF Partners informs you in writing that further identity verification is necessary, you will make reasonable efforts to comply with the request within two (2) days of receiving it.

You confirm that any details provided by you for identity verification will be accurate and complete to the best of your knowledge, and that any noncompliance with this clause will result in immediate suspension or termination of our Services to you.

Copyright and Intellectual Property

The Material, Services, and related products of SMSF Partners are subject to copyright. The Content and Material on the SMSF Partners Platforms are owned or controlled by SMSF Partners, and all rights (including copyrights) are reserved by SMSF Partners or its contributors.

SMSF Partners retains all rights, title, and interest in its Platforms, Services, and all related Material content (SMSF Partners IP), and nothing you do will transfer any interest in the Material or SMSF Partners IP to you.

During the Term of the Services, SMSF Partners grants you a worldwide, non-exclusive, royalty-free, revocable license to download, use, copy, store, and print pages of the Material and Content for personal or commercial use as required for the maintenance of your SMSF.

You are not allowed to broadcast, republish, upload to a third-party, transmit, post, distribute, show or display or publish in public, adapt, or change the Material or Content without the prior written consent of SMSF Partners and any other relevant rights owner, except for the Material and Content which are freely available for re-use or in the public domain.

SMSF Partners makes no guarantees, representations, or warranties about the accuracy or legal correctness of any Material or Content on its Platforms.

Third-Party Providers

SMSF Partners collaborates with several partners and affiliates, who may link their websites and services to the SMSF Partners Platforms or use them in delivering the Services. These partners and affiliates are known as Third-Party Providers, and are not controlled by SMSF Partners.

SMSF Partners neither endorses nor assumes responsibility for the availability, contents, products, services, or use of any Third-Party Provider, any website accessed through their services, or any updates or changes to such websites or services. Additionally, SMSF Partners makes no guarantees as to the quality or content of the products or services provided by Third-Party Providers. The Third-Party Providers may contact you by email or phone to provide instructions on accessing your benefits and to update you on their services. You may also be required to agree to additional terms found on the Third-Party Providers’ website or services.

Certain Services offered on the SMSF Partners Platforms may be delivered by Third-Party Providers. By using the SMSF Partners Platforms, you agree to SMSF Partners sharing information with Third-Party Providers to enable the provision of the Services.

General Disclaimer

The Terms do not limit or exclude any guarantees, warranties, representations, or conditions imposed by law, including any liability that cannot be excluded under the Australian Consumer Law, Australian Securities and Investments Commission Act 2001 (Cth) and the Corporations Act 2001 (Cth).

If you are not a Consumer (as defined by the Australian Consumer Law), you acknowledge that SMSF Partners is not liable in any way for your use of the SMSF Partners Platforms, whether directly or indirectly (including in negligence).

If you are a Consumer (as defined by the Australian Consumer Law), SMSF Partners’ liability to you, whether directly or indirectly (including in negligence), is limited to the Consumer Guarantees under the Australian Consumer Law.

In the event of a breach of the Consumer Guarantees, SMSF Partner’s liability to you is limited to the re-supply of the Services to you, less all associated costs, fees, disbursements, expenses, and third-party fees, paid by you over the previous 12 months from the date of your initial complaint, inquiry, claim or demand regarding the Services. Alternatively, SMSF Partners may choose to pay you the above-mentioned amount. However, this is at the absolute discretion of SMSF Partners.

Subject to the above clause and to the extent permitted by law:

• • SMSF Partners excludes all representations, warranties, or guarantees, whether express or implied, by statute, trade, or otherwise; and
  • SMSF Partners will not be liable for any claims, causes of action, damage, or expenses arising out of or in connection with the Services or the Terms, including not being able to use the Services or the late supply of the Services, whether at common law, in equity, pursuant to statute, or otherwise.

Limitation of Liability

SMSF Partners’ total liability arising from the use of the SMSF Partners Platforms, the Services, or the Terms, however arising, including at law, in equity, or under statute, is limited to the extent permitted by law.

You agree that SMSF Partners will not be liable to you for any direct, indirect, incidental, special, consequential or exemplary damages, including but not limited to loss of profit, loss of goodwill, or business reputation, or any other intangible loss, however caused and under any theory of liability.

You agree to indemnify SMSF Partners from any and all actions, suits, claims, demands, liabilities, costs, expenses, loss, and damage, including legal fees on a full indemnity basis, arising out of or in connection with the information provided by you, your access or use of the SMSF Partners Platforms, or any breach of the Terms. This indemnity will survive the termination of the Terms.

Termination of Services

You may terminate the Services at any time and for any reason with one (1) months’ notice after the expiry of the Minimum Term. SMSF Partners may terminate the Services at any time and for any reason by notifying you in writing. Any Fees already paid by you will not be refunded. If you terminate the Services, it is your responsibility to also terminate the Third-Party Services.

SMSF Partners may terminate, discontinue, suspend, or cancel the Services or access to the SMSF Partners Platforms at any time and without notice if you have breached any provision of the Terms, if SMSF Partners is required to do so by law, or if providing the Services is no longer commercially viable.

Upon termination, all the legal rights, obligations, and liabilities that you and SMSF Partners have benefited from, been subject to, or which have accrued over time whilst the Terms have been in force, or which are expressed to continue indefinitely, shall be unaffected by this cessation, and the provisions of this clause shall continue to apply to such rights, obligations, and liabilities indefinitely.

Governing Law and Jurisdiction

The Services offered by SMSF Partners are intended for residents of Australia. These Terms are governed by and to be construed in accordance with the laws of the State of New South Wales, Australia. You submit to the exclusive jurisdiction of the courts situated in Sydney, Australia, in respect of all matters arising out of or relating to these Terms or the SMSF Partners Platforms and their performance.

Notices

This is an agreement regarding electronic communication and notice between parties. An Information System refers to a system for processing electronic communications. Electronic Communication involves the transmission of information in the form of data, text, images or speech using electromagnetic energy, including email correspondence, short text messaging services and automated voice recognition systems. The parties agree that any party can accept, vary or amend these terms in writing using Electronic Communication, and the time of receipt of the communication is deemed to be when it enters the Information System.

Once both parties have confirmed in writing the acceptance, variation or amendment of the terms, the communication is considered to be validly executed in writing by all parties and binding in accordance with the relevant electronic transactions acts. SMSF Partners may provide notice to you via email or SMS, and it will be considered properly given on the date it was sent, regardless of whether you received it. If you need to provide notice to SMSF Partners, it must be in writing and delivered in person or via registered post to:

SMSFNow Pty Ltd

PO Box 449

St Leonards NSW 1590

If you have a complaint about the services or advice provided, you should contact SMSF Partners to attempt to resolve it. If it is not resolved to your satisfaction, you may send a written complaint to the Compliance Manager. If a satisfactory outcome is not reached within 45 days, you may complain to the Australian Financial Complaints Authority.

AFCA can be contacted as follows:

GPO Box 3 Melbourne VIC 3001

Phone: 1800 931 678

Email: info@afca.org.au

Website: www.afca.org.au

Severance

In the event that any provision of the Terms is deemed void or unenforceable, that specific provision will be removed, and the remaining provisions of the Terms will continue to be valid and enforceable.

Waiver

For a waiver of any right, power or remedy under this Agreement to be effective, it must be in writing and signed by the party granting it. Such waiver is limited to the specific obligation or breach for which it is granted and does not imply a waiver of any other obligation or breach, nor does it waive that obligation or breach for any other occasion.

Failure or delay by a party in exercising any right or entitlement under this Agreement does not constitute a waiver of such right or entitlement.

SMSF Partners is allowed to assign or transfer its rights or obligations under the Terms without seeking your consent. However, you are not permitted to assign or transfer your rights or obligations under the Terms without obtaining the prior written consent of SMSF Partners. Any attempt to do so without such consent shall be deemed null and void, and no rights will be conveyed.