Agreement on Terms of Use

Self-managed superannuation fund product ruling

 
I, ……………………………………….... (the principal or implementer of this product), in consideration of Commissioner of Taxation (the Commissioner) issuing a self-managed superannuation fund product ruling (SMSFPR) with respect to <name of product> (the product), agree that the description of the arrangement is recorded accurately.

I further agree to be bound by the terms of use set out in Schedule 1 below.

I acknowledge that if I or any current or future associate of mine or any person or entity at any time connected with or providing services to the product fails to comply with the terms of use in Schedule 1 the Commissioner may withdraw the SMSFPR without notice at any time.

I accept that this agreement does not operate to bestow any rights upon me or my associates nor to exclude the operation of any of the powers granted to the Commissioner.

DATED:	this ……….…..…………….. day	of …………………………………
SIGNED:	……………………………………	……………………………………
FULL NAME:	…………………………………… The Principal	…………………………………… Witness
SIGNED:	……………………………………	……………………………………
FULL NAME:	<Approving Officer>	<Author>
For the Commissioner of Taxation		Witness

 

Schedule 1 – Terms of use of SMSFPR

1. The SMSFPR may only be reproduced in full. Extracts, paraphrases or quotations from the SMSFPR must not be produced.
   
2. Unless reproduced in full in the prospectus or in any equivalent or similar document used in the marketing of the product, copies of the SMSFPR will be provided to all potential investors free of charge.
   
3. In any promotional or other material, presentation or discussion provided to or engaged in with a potential investor by the principal or implementer of this product, an associate of the principal or implementer or any person or entity in any way connected with the product, in which the SMSFPR or its content is referred to, it must be clearly stated that the SMSFPR is only a non-binding advice on the application of the Superannuation Industry (Supervision) Act 1993 and/or Superannuation Industry (Supervision) Regulations 1994 and is in no way expressly or impliedly a guarantee or endorsement of the commercial viability of the product, of the soundness or otherwise of the product as an investment, or of the reasonableness or commerciality of any fees charged in connection with the product.
   
4. In any promotional or other material, presentation or discussion provided to or engaged in with a potential investor by the principal or implementer of this product, an associate of the principal or implementer or any person or entity in any way connected with the product, in which the SMSFPR or its content is referred to, it must be clearly stated that the SMSFPR is not binding on the Commissioner and that is applicable only to self-managed superannuation funds and former self managed superannuation funds where they remain regulated by the Tax Office. The basic administrative policy of the Tax Office is to only depart from what is said in SMSFPR if there are good and substantial reasons to consider the advice to be incorrect or inappropriate. Any departure would be confined to situations where:

there have been legislative changes since the advice was given that affects the basis for the SMSFPR, a tribunal or court decision has affected the interpretation of the law on which the SMSFPR is founded since the SMSFPR was given, or for other reasons, the SMSFPR is no longer considered appropriate; for example,   there have been legislative changes since the SMSFPR was published that affects the basis of the advice a tribunal or court decision has affected our interpretation of the law since the SMSFPR was published that affects the basis of the advice commercial practice which provided the context for the advice has changed, the SMSFPR has been exploited in an abusive or unintended way such that it is no longer an accurate reflection of the Tax Office’s position in relation to the scheme, or the SMSFPR is no longer considered to be correct, because it is found on reconsideration to be based on or to express a view of the law that is wrong

1. In any promotional or other material, presentation or discussion provided to or engaged in with a potential investor by the principal or implementer of this product, an associate of the principal or implementer or any person or entity in any way connected with the product, in which the SMSFPR or its content is referred to, it must be clearly stated that the weight and consideration given to trustees of SMSF relying on SMSFPR will only be available where the product is implemented in the specific manner provided in the SMSFPR.
   
2. Any promotional or other material, presentation or discussion provided to or engaged in with a potential investor by the principal or implementer of this product, an associate of the principal or implementer or any person or entity in any way connected with the product, may only refer to the SMSFPR in connection with the product. The SMSFPR may not be referred to in connection with any other product, other than to advise potential investors that the SMSFPR is of no relevance to any other product and that is applicable only to self-managed superannuation funds.
   
3. The principal or implementer of this productwill notify the Tax Office if the product is implemented in a manner which is in any way different to the description of the arrangement contained in the SMSFPR and/or supplied to the Tax Office by the principal or implementer.
   
4. The principal or implementer of this product will supply the Tax Office with copies of any information provided to any other Government agency (Federal, State or territory) by the principal or implementer, an associate of the principal or implementer or any person or entity in any way connected with the product.

Self-managed superannuation fund product ruling – Consent to publication of SMSFPR

 
I, ……………………………………….. (the principal or implementer of this product), in consideration of Commissioner of Taxation (the Commissioner) issuing a self-managed superannuation fund product ruling (SMSFPR) with respect to <name of product> (the product), consent to the publication of the SMSFPR, including the identification of the product and the name of each of the entities involved as principals..

DATED:	this ……………….…..…….. day	of …………………………………
SIGNED:	……………………………………	……………………………………
FULL NAME:	…………………………………… The Principal	…………………………………… Witness