Product Disclosure Statement (general)

What is a Product Disclosure Statement (PDS)?

To assist you in your acceptance or your responsibilities, a PDS is a statement that provides a summary of important information as background to issues that may affect your decision to be, remain and maintain your role as both a trustee and member of the SMSF. If you chose to go ahead with your role in the SMSF you must:

1. familiarise yourself with the terms of the trust deed and rules;
2. understand the nature of the investments and ensure that these remain under your personal control (with other trustee-members);
3. be actively engaged in ensuring compliance with all regulatory provisions;
4. take care to ensure that your superannuation estate planning is consistent with your estate planning objectives; and
5. recognise that if you enjoy membership with another you have duties to each other as well as personally.

A PDS is a notification that explains the main provisions of the SMSF and the form of and manner in which a member may receive benefits. The actual operation of the Fund is governed by the Trust Deed and the Rules of the Fund. Accordingly, the PDS should be treated as a guide only to the more important provisions of the Trust Deed and Rules.

Checklist is not available for this document.

Sample is not available for this document.

Super Fund Details
• Name of the fund?
• I can't find the Fund's Name
• What is a Product Disclosure Statement?
• ASIC requires the PDS be 'clear & concise'
• Do I lodge this PDS with ASIC?
• Is the PDS lodged for state duty (Stamp Duty)?
• Moving from accumulation to pension phase

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Super Fund Details

• Name of the fund?

  Please enter the full name of your SMSF. Do not put "the" before the name of your Super Fund.
  
  For example:
  
  John Smith Superannuation Fund
  
  Nicholson Family Superannuation Trust
  
  Hutton-Grieve Super Fund

  This hint is provided by Peter Bobbin (Argyle Lawyers Pty Ltd).

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• I can't find the Fund's Name

  Usually you can find the full name of your SMSF on the title page of your SMSF Deed, on the front page of the Deed or at the back in the Schedule to your SMSF deed.

  This hint is provided by Peter Bobbin (Argyle Lawyers Pty Ltd).

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• What is a Product Disclosure Statement?

  To assist you in your acceptance or your responsibilities, a PDS is a statement that provides a Summary of Important Information as background to issues that may affect your decision to be, remain and maintain your role as both a trustee and member of the SMSF. If you chose to go ahead with your role in the SMSF you must:

  1. familiarise yourself with the terms of the trust deed and rules;
  2. understand the nature of the investments and ensure that these remain under your personal control (with other trustee-members);
  3. be actively engaged in ensuring compliance with all regulatory provisions;
  4. take care to ensure that your superannuation estate planning is consistent with your estate planning objectives; and
  5. recognise that if you enjoy membership with another you have duties to each other as well as personally.

  A PDS is a notification that explains the main provisions of the SMSF and the form of and manner in which a member may receive benefits. The actual operation of the Fund is governed by the Trust Deed and the Rules of the Fund. Accordingly, the PDS should be treated as a guide only to the more important provisions of the Trust Deed and Rules.

  This hint is provided by Peter Bobbin (Argyle Lawyers Pty Ltd).

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• ASIC requires the PDS be 'clear & concise'

  ASIC has prescribed requirements for the length, structure and content of a PDS in relation to superannuation interests. The PDS available from Law Central is fully compliant with these requirements.

  This hint is provided by Peter Bobbin (Argyle Lawyers Pty Ltd).

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• Do I lodge this PDS with ASIC?

  No, you are not required to lodge the PDS for your SMSF with ASIC. The requirement to lodge your PDS with ASIC applies only for listed managed investment products. A SMSF interest is not such a product.
  
  All members receive a copy of the PDS together with their Application for Membership form and Trustee Declaration. Each PDS version must be retained by the Trustee.
  

  This hint is provided by Peter Bobbin (Argyle Lawyers Pty Ltd).

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• Is the PDS lodged for state duty (Stamp Duty)?

  The PDS is not subject to state duty in any state or territory.

  This hint is provided by Peter Bobbin (Argyle Lawyers Pty Ltd).

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• Moving from accumulation to pension phase

  Accumulation phase refers to when your SMSF is building your retirement funds by way of; contributions from you, contributions from your employer, co-contributions from the Government, contributions from a Family Law super splitting or from earnings or capital gains your SMSF is making.
  
  Pension phase is when you have reached a prescribed pension age and you have in part or wholly commenced pension distributions from your SMSF.
  
  Your Law Central SMSF Deed (and the Product Disclosure Statement) is compliant in both phases.

  This hint is provided by Peter Bobbin (Argyle Lawyers Pty Ltd).

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This document has been prepared by Peter Bobbin (Argyle Lawyers Pty Ltd)