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Stake Super Administration Service Agreement
Stake SMSF Pty Ltd (‘Stake Super’, ‘we’, ‘us’, ‘our’) is a self-managed super fund (‘SMSF’) administration service. Customers who join Stake Super either by creating an SMSF or transferring an SMSF to Stake Super agree to the terms of this SMSF Administration Service Agreement (‘Agreement’) which governs your engagement of Stake Super as your SMSF service provider.
When establishing an SMSF via Stake Super, you will be referred to Stakeshop Pty Ltd (‘Stake’) to enable your trading account and bank account to be set up in order to use the Stake Website and/or App. Please read the applicable Terms & Conditions and Financial Services Guide for more information.
We reserve the right to amend the Agreement from time to time. Any amendments shall come into effect 20 days after publication of the amendment on the Website. If the amendment is required for urgent technical, risk, or regulatory compliance reasons, the amendment will come into effect immediately upon publication on the Website.
Under this Agreement, Stake Super will provide the following services:
- Establishment of an SMSF with the Australian Taxation Office (‘ATO’) and the Australian Securities and Investment Commission (‘ASIC’);
- Creation of your Stake Super account and Airwallex bank account;
- Facilitation of the independent audit of your SMSF conducted by an independent auditor partner of Stake Super’s choice; and
- Lodgment of the SMSF annual return for your fund (lodgment by Stake Super’s registered tax agent).
You agree to pay the fees applicable for the provision of Stake Super services and authorise Stake to withdraw these fees from your Stake AUD wallet with Airwallex. You must ensure there are sufficient funds in your wallet to cover any fees. If your fees remain outstanding for more than 30 days, we reserve the right to take any action we deem necessary, including taking other steps to recover the fees from you and suspending or closing your account.
All Stake Super fees are charged in AUD. You can view our annual fee pricing here.
Your initial annual fee will be paid upfront when you join Stake Super. For all following years, the annual fee will be withdrawn on the third day of the month following the anniversary of your Stake Super account creation date.
If you use your SMSF to invest in assets outside of Stake, additional accounting and audit fees will be charged as part of your annual fees. We may also charge additional fees where we reasonably consider that more work is required than is standard. We will use our best endeavours to notify you of any additional fees as soon as we become aware of them.
We reserve the right to change and amend the fees published in our annual fee pricing from time to time and will provide 20 days notice of any such changes.
Representations, Warranties and Obligations
The accounts and assets of your SMSF are held in your name(s) as Trustee and under your control.
As Trustee (including as Director of a corporate trustee) you agree that you will:
- ensure that any activity of your SMSF is in compliance with the rules contained within the SMSF Trust Deed of the fund and applicable laws;
- only use the funds within your Stake Super AUD wallet (Airwallex bank account) for transactions relating to the SMSF and will not be used for personal banking purposes;
- retain sufficient funds in your Stake Super AUD wallet to pay regular outgoings (insurance) and annual fees under this Agreement;
- pay any tax or regulatory fees relating to your SMSF on or before the due date;
- do all things reasonably necessary to give full effect to this Agreement, including without limitation executing documents;
- ensure that all investments are made in the Trustee’s name; and
- 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.
Further, you represent and warrant that the information you give us is complete and correct, you have authority to enter into this Agreement, your instructions are lawful and that you are over the age of 18.
Stake SMSF Pty Ltd is not a registered tax agent. You authorise Stake Super to appoint a Tax Agent on behalf of your Fund. In addition, you authorise Stake Super 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; and
- 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; and
- 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.
You agree to indemnify us, our service providers, officers, employees, agents and our related bodies corporate for any losses arising directly or indirectly out of:
- 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 with respect to your SMSF. 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;
- your use of Stake Super;
- our acting on your instructions; and
- your failure to comply with this Agreement or any applicable laws.
We will exercise all reasonable care and skill in the provision of our services. However, we, our directors, service providers, officers, agents or related bodies corporate are not liable for any actions, claims, demands, proceedings, liabilities, losses, damages, costs and expenses (except resulting from or caused by our negligence, fraud or dishonest) due to:
- us acting upon, or refusing to act upon, your instructions;
- your default;
- any legal action;
- error, omission, non-receipt or invalidity in your instructions;
- any events or circumstances we cannot reasonably control;
- any delay, interruption, omission, failure, error or fault by us in passing on and executing your instructions;
- faults, errors, defects, failures in our systems, or loss of access to your account;
- a change in any applicable law;
- our decision to cease providing Stake Super; and
- any tax, fees, levies or fines issued by the ATO or ASIC in regards to the SMSF or trustee company of the SMSF.
To the extent permitted by law, you release us, our directors, employees, service providers, officers, agents and related bodies corporate 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 SMSF 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 do not exclude or limit the application of any statute where it would be unlawful to do so.
We will treat it as confidential and maintain the confidentiality of all information and records that you provide. Such 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 Super 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 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.
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.
Set Up Fee - When you submit an application for Stake Super to establish a new SMSF on your behalf, you are required to pay our set-up fee before Stake Super processes your application. The set-up fee is used to pay a company registration fee to ASIC for your special purpose trustee company as well as the associated legal documents, including the SMSF Trust Deed. Except as set out at 10.2, the set-up fee is non-refundable, even if the ATO does not accept registration of your SMSF.
Stake Super will only refund the set-up fee if you meet all of the following criteria:
- you notify us in writing that you no longer wish to register an SMSF within 24 hours of paying the set-up fee;
- we have not yet commenced work on the Trust Deed; and
- we have not yet commenced work related to the ASIC ABN submission.
Annual Fees - Your Stake Super annual fees are withdrawn annually from your Stake Super AUD Wallet (Airwallex bank account) on the anniversary date of your Stake Super application. An annual fee will only be refunded if all of the below criteria are met:
- a notification has been received by Stake Super in writing from the trustee(s) of the relevant SMSF that the ongoing service is being terminated at least 30 days prior to the date the annual fee is due;
- no financial accounts or SMSF annual return has been prepared for the financial year that the annual fee relates to; and
- no audit work has been performed for the financial year that the annual fee relates to.
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 Super the ability to complete third party data authorities on your behalf to enable investment, transaction and account data to be electronically fed to our nominated 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 Stake Super AUD wallet or dealing in anyway with the acquisition or disposal of investments or assets of the SMSF (i.e. the authority is read-only).
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.
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.
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.
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.