About Best Practice SMSF Pty Ltd (“BPS”, “we”, “us”, “our”)

BPS provides practical tools and resources to Trustees, Accountants, Advisers and anyone with an interest in Self-Managed Superannuation Funds (“SMSF”). Our Videos, Templates, Checklists and Newsletters are designed to help with increasing knowledge about SMSF so informed decisions can be made and costly unwanted outcomes are avoided.

About the BPS Member

For the purposes of this agreement, the BPS Member (“you”, “your”) is the person who buys the BPS Membership and who is, either, a:

Person who has already made the decision to establish an SMSF
Person who already has an SMSF

Scope of Work

This Service Agreement is to confirm the terms of our engagement with the Member and replaces any previous agreement between you and us. It sets out the nature and limitations of the Product and Services that we provide as follows:

1)BPS Membership Portal

Our BPS Membership Portal includes all the practical tools and resources available to our BPS Members.

Any information provided in our BPS Membership Portal is purely factual in nature and does not take account of your personal objectives, situation or needs. The information is objectively ascertainable and, therefore, does not constitute financial product advice. It is not intended to be financial product advice, legal advice or tax advice and should not be relied upon as such. Best Practice SMSF Pty Ltd is not licensed to provide financial product advice under the Corporations Act 2001. If you require personal advice, you should consult an appropriately licensed or authorised financial adviser.

Specific Exclusions

Our engagement excludes any other services, including the following:

Financial Advice Service

BPS is not licensed to provide financial product advice under the Corporations Act 2001. If you require financial advice you should consult an appropriately licensed or authorised financial adviser.

Actioning SMSF Transactions

As BPS is not licensed under the Corporations Act 2001, we cannot action any SMSF transactions involving financial products. This includes but is not limited to effecting/maintaining/changing/cancelling insurance policies and making/changing/redeeming investments. You are responsible for actioning SMSF transactions.

Legal Advice Service

By law we are not allowed to provide legal services including attending to stamp duty obligations and providing advice on the legal validity of the SMSF’s statutory and other documents. If you require legal services we can refer you to an appropriately qualified legal professional.

Technical Advice Service

Any communication provided by us to you is intended to consist only of factual information and/or technical information to assist you in maintaining SMSF compliance. Any advice you require should be sought from an appropriately licensed or authorised financial adviser or legal professional.

State Based Legislation

We do not provide services relating to state based legislative requirements such as land tax. You are solely responsible for compliance with State based legislative requirements.

Ongoing Legislative Compliance

Industry practice, ATO practice and Australia tax and superannuation laws are subject to frequent change. We are not required to keep you abreast of these changes.

Confidentiality

We will not disclose any information relating to your affairs to any third party without your consent, unless required by law. You may provide us with permission to disclose your confidential information in certain circumstances, or place conditions on the disclosure of certain confidential information. If you do so, we will have permission to disclose the relevant information accordingly, in the performance of our services, unless you instruct us otherwise in writing.

By accepting this agreement, you authorise us to provide any information relating to you to any service provider chosen by us pursuant to this agreement.

Outsourced and Cloud Computing Service Providers

We engage Outsourced and Cloud Computing Service Providers in respect of the services included under our Scope of Work, including:

Independent Auditors – Elite Super – West Kempsey, NSW, Australia

Actuarial Services – Act 2 Solutions – Bellerive, TAS, Australia

Actuarial Services – Accurium – Hobart, TAS, Australia

Legal Services – Trusted Legal Solutions – Baulkham Hills, NSW, Australia

Customer Care Services – PLHJ Pty Ltd, Forresters Beach, NSW, Australia

Administration and Document Agent Services – Keep It Simple Super, Bateau Bay, NSW, Australia

Legal Document System – AS Digital – Sydney, NSW, Australia

Company Compliance Software – CAS360 by BGL Corporate Solutions – Brighton East, VIC, Australia

SMSF Administration Software – SimpleFund360 by BGL Corporate Solutions – Brighton East, VIC, Australia

Website Services – Podia Labs, Inc. – New York, USA

Payment Services – Stripe, Inc. – California, USA

Document Storage and Applications – Sharepoint by Microsoft 365 – Sydney, NSW, Australia

We reserve the right to change the Outsourced and Cloud Computing Service Providers we engage as we see fit. Where required, we

will separately notify you of any changes made to the Outsourced and Cloud Computing Service Providers engaged by us.

To perform the services, we may provide these third parties with access to your data to the extent this is required to perform the services.

Your data will be stored in accordance with the security practices of the third party service provider and our Privacy Policy.

By accepting this agreement, you acknowledge that BPS is not liable in any way for the unlawful or unauthorised actions of any party

with respect to your records and is only required to take reasonable steps to protect the data.

Consumer Data Rights

You may consent for an Accredited Data Recipient under the Consumer Data Right (CDR) to disclose your CDR data to us. You may nominate

us as your Trusted Adviser for this purpose. As your Trusted Adviser, we will only access the data necessary to provide the services in this

Service Agreement.

By accepting this agreement, you acknowledge that BPS is not liable in any way for the unlawful or unauthorised actions of any party

with respect to your CDR records and is only required to take reasonable steps to protect the data.

Quality Management

We wish to draw your attention to our firm’s system of quality management which has been established and maintained in accordance with the relevant Accounting Professional and Ethical Standards Board (“APESB”) standard. As a result, our records may be subject to review as part of the quality and review program of Chartered Accountants Australia and New Zealand which monitors compliance with professional standards by its members.

By accepting this agreement you acknowledge that, if requested, our records relating to this engagement will be made available under this program.

Fees

Fees charged by us are based on the fee quoted on our website BPS Membership page which is agreed with and payable by you at the time of purchase or as otherwise agreed with you in writing. The fees quoted on our website BPS Membership page are subject to change at any time.

Ownership of Documents

Where you provide us with hard copy documents, we will endeavour to return these to you in the same condition that we received them. You acknowledge that you are ultimately responsible for any hard copy documents and we are not liable in any way for any loss or damage of hard copy documents that are provided to us. All hard copy documents obtained from you will remain your property. However, we reserve the right to make a reasonable number of copies of these documents for our records. Ownership of documents we provide to you in the course of providing our services will vest in you upon payment of all amounts owing to us for work undertaken pursuant to this agreement. All other documents produced by us in the course of providing our services will remain our property. We are entitled to retain possession of your papers, records and documents while there is money owing to us by you. We have established dispute resolution processes, details of which are available on request.

Variation

We may vary this agreement by thirty (30) days notice in writing to you. You cannot vary this agreement except with our written consent.

Governing Law

This agreement is governed by the laws of New South Wales.

Force Majeure

We will be released from all of our obligations and liabilities to you in the event of national emergency, war, prohibitive governmental regulation or any other case beyond our control which prevents the performance of our obligations under this agreement.

Limitation of Liability

Our liability is limited by a scheme approved under Professional Standards Legislation. Further information on the scheme is available from the Professional Standards Council at www.psc.gov.au.

Termination

This agreement will be effective until it is terminated. Either party may terminate this agreement by thirty (30) days notice to the other party.