Squirrel Superannuation Services Pty Ltd

TERMS AND CONDITIONS

TERMS AND CONDITIONS OF USE

  1. About Squirrel
    1. Squirrel Superannuation Services Pty Ltd (ACN 169 366 750 and AFSL 462160) (Squirrel) is an innovative technology and services company which allows members the opportunity to establish a self-manage super fund (SMSF) via its online platform available on the website and a downloadable mobile phone application (the Squirrel Platforms). Details about Squirrel and its services are found on our website https://www.squirrelsuper.com.au  (the Website).
  2. Acceptance of these Terms
    1. You accept these terms and conditions (the Terms) by registering for the Services (as defined in clause 4.1 of the Terms); browsing the Squirrel Platforms; logging into the Squirrel Platforms; or by accepting the Terms by clicking “Next” or “Agree” in the user interface of the Squirrel Platforms. If you do not accept  the Terms, you must cease use of the Squirrel Platforms and the Services, immediately.
    2. You may not use the Services and may not accept the Terms if:
      1. you are not of legal age to form a binding contract with Squirrel; or
      2. you are a person barred from receiving the Services under the laws of Australia or other countries including the country in which you are resident or from which you use the Services.
    3. By engaging Squirrel, you acknowledge and understand that Squirrel does not provide you with any tax, legal, accounting or other specialist, professional or technical advice, except for the professional services which Squirrel is authorised to provide in accordance with its Australian Financial Services License (AFSL).
    4. Squirrel reserves the right to review and change any of the Terms by updating this page at its sole discretion. When Squirrel updates the Terms, it will use reasonable endeavours to provide you with notice of the same. Any changes to the Terms take immediate effect from the date of their publication. Before you continue, we recommend you keep a copy of the Terms for your records.
  3. Account Set Up
    1. To access the Services, you are required to register for an account with Squirrel (the Account). You may register for an account via the Squirrel Platforms or by telephone. If you register for the Account by telephone, either in part or in full, you acknowledge and agree that you may be recorded for quality assurance.
    2. As part of the registration process or as part of your continued use of the Services, you will be required to provide personal information about yourself (such as identification, contact details, Tax File Number, and other personal information).
    3. You agree that any personal information you give to Squirrel will always be accurate, correct, and up to date.
    4. You understand that by supplying Squirrel with your address, email address, and phone number, you may receive regular emails, newsletters, telephone calls, or SMS updates from Squirrel in order to keep you informed about Squirrel’s activities. If you do not wish to receive updates from Squirrel, you may contact Squirrel.
    5. Squirrel will hold any information provided in relation to the Services in accordance with the Privacy Act 1988 (Cth) and the Privacy Policy available on the Website at https://www.squirrelsuper.com.au/privacy-policy/ (the Privacy Policy). You consent to the Privacy Policy, and any changes that may occur from time to time.
  4. The Services
    1. Squirrel and its third-party service providers (the Third-Party Providers) offer you the following Services:
      1. Establishment of a SMSF, inclusive of:
        1. Establishment of a SMSF trust (the Trust), including the preparation of a trustee declaration and trust deed;
        2. Incorporation of a special purpose corporate trustee company with you being the director and officer (the Trustee) (hereinafter you refers to you personally and you in your capacity as director and/or officer of the Trustee);
        3. Establishment 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; and
        6. Access to our tools to assist you in establishing your investment strategy and registration of your investment strategy

(the Establishment Services)

      1. Squirrel will also assist with facilitating the following at no additional cost to you:
        1. Registration of your SMSF with Australian Tax Office (ATO); and
        2. Rolling over your other superannuation funds into the SMSF’s bank account.

(the Facilitation Services)

      1. Annual administration services, including but not limited to:
        1. Annual compliance, administration and maintenance of the SMSF;
        2. Annual tax return for the Trustee;
        3. 24/7 access to the Squirrel Platforms;
        4. Access to Squirrel’s educational information on the Squirrel Platforms (Squirrel School); and
        5. Business hour access to Squirrel customer support

(the Administration Services).

      1. Additional services provided by Squirrel’s Third-Party Providers, including but not limited to:
        1. Online share trading;
        2. Online cash hub;
        3. Online deposit hub;
        4. Online property data;
        5. Life insurance;
        6. TPD insurance; and
        7. Income protection insurance.

(Third-Party Services)

(collectively referred to the Services)

    1. For the avoidance of doubt, the Establishment Services, Facilitation Services, Administration Services, Squirrel School and Third-Party Services shall collectively be referred to as the “Services”.
    2. For you to be eligible to receive the Services, you must have accounts on the Squirrel Platforms and the Third-party Service Providers, and pay the fees as described below.
    3. You acknowledge and agree that it is your responsibility to ensure that the Services are suitable for your intended purpose and use.
  1. Consent
    1. You agree to sign all documents and do all things necessary to facilitate the Services including, but not limited to:
      1. completing all necessary documents, forms, and actions for the registration of the SMSF with the ATO and organising and attending any required interview with the ATO, if and when requested (the ATO Registration); and 
      2. completing all necessary documents, forms, and actions to transfer your existing super funds to the Bank Accounts (the Rollover),

within a reasonable period of time after the completion of the Establishment Services but no more than 8 weeks after the incorporation of the Trustee.

(the Sign-up Activities)

    1. To make the SMSF sign-up process as easy as possible for you, Squirrel will provide you with the ability to electronically sign documents. You authorise and consent to using JN PROJECTS Inc., a Delaware corporation (HelloSign) to electronically sign any document requested by Squirrel for the completion of the Services and all other documentation required for the maintenance and compliance of the SMSF. In using HelloSign, you accept the HelloSign terms and conditions located https://www.hellosign.com/legal/tos.
  1. Bank Account Establishment
    1. To utilise the Services, you consent to the establishment of a cash management account and a money market account (collectively the Bank Accounts). The Bank Accounts are provided by Macquarie Bank Limited (ABN 46 008 583 AFSL 237502). You accept the Bank Accounts’ terms and conditions located at https://www.macquarie.com/au/advisers/solutions/self-managed-super-funds/. You acknowledge and understand that not all Australian deposit taking institutions have application programming interfaces which can communicate with the Squirrel Platforms. Accordingly, if you do not agree to use the Bank Accounts, Squirrel may be unable to support the Services to you and reserve its right to terminate the Services to you.
  2. Administration Services
    1. You consent and agree that Squirrel will facilitate the engagement of a third-party auditor (the Auditor). You consent to the engagement of the Auditor and you grant the Auditor electronic access to view all transactions made by your SMSF to fulfil the ATO requirement to have your SMSF audited each year, not later than 45 days before the lodgement of your SMSF annual financial return (Annual Compliance Obligations).
    2. You consent and authorise Squirrel and the Auditor to complete and submit any and all the required documentation for the purposes of meeting the Annual Compliance Obligations on behalf of your SMSF.
  3. Risks
    1. It is important to fully understand that there are benefits and risks to consider when establishing an SMSF. A few are outlined below:
      1. We do not provide financial advice or advice as to whether a SMSF is appropriate for your financial plans, circumstances, situation, or needs.  Please speak with a professional financial adviser before deciding to establish a SMSF.
      2. SMSFs are not eligible for compensation if they suffer loss as a result of fraud or theft.
      3. SMSF members must resolve their own complaints or obtain their own legal assistance.
      4. SMSF members cannot access the Superannuation Complaints Tribunal.
      5. SMSFs are regulated by the ATO and require regular compliance, and you will be responsible for compliance and making sure you are able to keep up to date with changes in the laws and regulations.
      6. SMSFs have costs to operate including but not limited to costs with respect to investing, accounting and auditing. These costs may have a significant impact on your retirement. Make sure that your SMSF will have a balance large enough to maintain its viability.
      7. Industry super funds often offer discounted life and disability insurance. With a SMSF, you should consider purchasing your own insurance. Before terminating your existing super fund account, review your insurance and insurance options and the costs associated with obtaining your own insurance for the SMSF.
  4. Fees
    1. By Squirrel offering the Services to you, you agree and acknowledge that:
      1. Unless otherwise stated, all amounts are listed in Australian Dollars (AUD) and are inclusive of GST;
      2. Squirrel can vary the Fees at any time by amending the relevant sections of the Website. You will be provided with notice prior to the variation of the Fees. The variation of the Fees will come into effect following the conclusion of the month in which you are provided notice.
    2. You agree to pay the following fees:
      1. the establishment fees with respect to the Establishment Services specified on the Website or Squirrel Platform (Establishment Fee);
      2. the monthly administration fees with respect to the Administration Services specified on the Website or Squirrel Platform (Administration Fee);
      3. ATO supervisory levy at the time Squirrel lodges the SMSF annual tax return. This levy is decided by the ATO and may vary at any time; and
      4. all other money due and owing to Squirrel or any Third-Party Providers when it is due and payable including all costs, expenses, charges, disbursements, or any other fees.

(collectively referred to as the Fees)

    1. Fees for the Services are paid by direct debit from the Bank Accounts once they have been established. Squirrel may also use the Bank Accounts to make other required payments, such as tax payments on your SMSF’s behalf.
    2. As director and officer of the Trustee of the SMSF, you acknowledge and understand that Squirrel defers payment of the Establishment Fee for a period of eight (8) weeks from the completion of the Establishment Services. Upon completion of the Rollover and ATO Registration, Squirrel will then automatically direct debit the Bank Accounts for the payment of the Establishment Fee. In the event that you do not complete the ATO Registration and the Rollover within eight (8) weeks from completion of the Establishment Services, then you will be personally liable for the Establishment Fee as promoter for the Trustee and the SMSF.
  1. Non-Payment
    1. You must complete all of the Sign-up Activities. If you do not satisfactorily complete all of the Sign-up Activities, you will personally be liable for the Establishment Fee.
    2. Squirrel may charge interest in the amount of 2% plus the Cash Rate Target set by the Reserve Bank of Australia (the Interest) on any amount which remains unpaid after seven (7) days from the due date specified on a tax invoice provided to you.
    3. If you do not pay any of the Fees in accordance with the Terms, Squirrel will issue an overdue payment notice and you will be liable to make the payment immediately. In the event the amounts remain unpaid after seven (7) days from the date of the notice, Squirrel may proceed to recover the debt from you without further notice. If Squirrel initiates debt recovery action against you, you acknowledge and agree that you will be and remain liable for all debt collection costs which includes any legal costs (on an indemnity basis), collection agency costs and any other expenses or disbursements. You will also be liable to pay the Interest and administration fee of $66.00 on the outstanding debt and Squirrel may report you and the debt to a credit reporting agency.
    4. Squirrel reserves the right to terminate or suspend your access to the Squirrel Platforms and to the Services in the event that you fail to pay any payment pursuant to the Terms.
  2. Term
    1. The minimum term for the Service is twelve (12) months (the Minimum Term). If you choose to terminate the Services or transfer the funds held in the Bank Accounts so that the Bank Accounts have insufficient funds to pay the Fees prior to the expiry of the Minimum Term, you will be personally liable for the entire Administration Fee until the expiry of the Minimum Term less any monthly Administration Fees already paid (the Termination Fee). The Termination Fee is due and payable within seven (7) days form written demand by Squirrel.
  3. Identify Verification
    1. You acknowledge and agree that due to the nature of the Services, Squirrel may be required to verify your identity to ensure that you are not using the Services in an illegal or fraudulent manner.
    2. You warrant that where Squirrel advises you in writing that they require further verification of your identity, then you will make all reasonable endeavours to comply with this request within two (2) days of receipt of such request.
    3. You warrant that any information that you provide pursuant to this clause will be true and correct to the best of your knowledge and belief and failure to comply with this clause will warrant an immediate suspension or termination of the provision of the Services to you.
  4. Copyright and Intellectual Property
    1. The Squirrel Platforms, the Services, and all of the related products and services of Squirrel are subject to copyright (the Material). Unless otherwise indicated, all Material and rights (including copyright) in the content and compilation of the Squirrel Platforms (including but not limited to text, graphics, logos, button icons, video images, audio clips, Squirrel Platforms, code, scripts, design elements and interactive features) (the Content) are owned or controlled for these purposes, and are reserved by Squirrel or its contributors.
    2. Squirrel retains all rights, title, and interest (including copyrights, patents and trademarks) in the Squirrel Platforms, Services, products, and all related Material content therein (Squirrel IP). Nothing you do will transfer any interest in the Material or Squirrel IP to you, other than the grant of the licence to you in paragraph 13.3 below.
    3. Whilst using the Services, Squirrel grants you a worldwide, non-exclusive, royalty-free, revocable licence during the Term of the Services to:
      1. download the Material and the Content;
      2. use the Material and Content;
      3. copy and store the Material and Content; and
      4. print pages from the Squirrel Platforms for your own personal use, and for commercial use as required for the maintenance of your SMSF.
    4. Squirrel does not grant you any other rights whatsoever in relation to the Material, Squirrel IP, or the Content. All other rights are expressly reserved by Squirrel.
    5. You may not, without the prior written consent of Squirrel and the permission of any other relevant rights owner: broadcast, republish, upload to a third-party, transmit, post, distribute, show or display or publish in public, adapt or change in any way the Material or Content for any purpose, other than for the purposes expressly allowed by these Terms. This prohibition does not extend to the Material and Content which are freely available for re-use or are in the public domain.
    6. Squirrel makes no guarantees, representations or warranties about the accuracy or legal correctness of any of the Material or Content or any other information on the Squirrel Platforms.
  5. Third-Party Providers
    1. Squirrel works with a number of partners and affiliates whose websites and services may be linked with the Squirrel Platforms or utilised in providing the Services and are controlled by parties other than Squirrel (each a Third-Party Provider).
    2. Squirrel is not responsible and does not endorse or accept any responsibility for the availability, contents, products, services or use of any Third-Party Provider, any website accessed from a Third-Party Provider’s website or services, or any changes or updates to such websites or services. Squirrel makes no guarantees about the content or quality of the products or services provided. The Third-Party Providers may contact you by email or phone with instructions on how to access your benefits and to keep you informed of their services. You may be required to accept additional terms located on the Third-Party Providers’ website or services.
    3. Certain services made available through the Squirrel Platforms may be delivered by Third-Party Providers. By using the Squirrel Platforms, you consent to Squirrel sharing information with Third-Party Providers to facilitate the provision of the Services.
  6. General Disclaimer
    1. Nothing in the Terms limits or excludes any guarantees, warranties, representations, or conditions implied or imposed by law, including any liability that may not be limited or excluded under the Australian Consumer Law, Australian Securities and Investments Commission Act 2001 (Cth) and the Corporations Act 2001 (Cth).
    2. If you are not a Consumer (under the Australian Consumer Law), you agree that Squirrel has no direct or indirect liability (including in negligence) to you in any way related to your use of the Squirrel Platforms.
    3. If you are a Consumer (under the Australian Consumer Law), Squirrel limits all its direct and indirect liability (including in negligence) to you to the Consumer Guarantees under the Australian Consumer Law.
    4. Where there is a breach of the Consumer Guarantees, then to the maximum extent permitted by law, Squirrel’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 you first making a complaint, inquiry, claim or demand regarding the Services, or alternatively, the payment of the above amount. Squirrel may at its absolute discretion determine to re-supply the Services to you, or pay the amount of the re-supply of the Services to you as mentioned above.
    5. Subject to this clause and to the extent permitted by law:
      1. Squirrel excludes all representations, warranties, or guarantees, whether express or implied, by statute, trade, or otherwise; and
      2. Squirrel 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 as a result of 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.
  7. Limitation of liability
    1. Where permitted under the law, Squirrel’s total liability arising out of or in connection with the Squirrel Platforms, the Services or the Terms, however arising, including at law, in equity, under statute, or otherwise, will not exceed the amount in clause 15.4 of these Terms.
    2. You expressly understand and agree that Squirrel will not be liable to you for any direct, indirect, incidental, special consequential or exemplary damages which may be incurred by you, however caused and under any theory of liability. This includes, but is not limited to, any loss of profit, any loss of goodwill or business reputation and any other intangible loss.
    3. If the Services include financial modelling, being the development by Squirrel, or assistance to you in the development of a financial or other model for use by you in connection with the Services (Model):
      1. you acknowledge, represent and warrant that:
        1. any assumptions and input data used or to be used in operating the Model are solely your responsibility;
        2. subject to the scope of Services, Squirrel’s role and liability is limited to assisting you to develop the Model based on any assumptions and input data as may be provided by you; and
        3. Squirrel will not be held responsible or liable for the use to which the output data is put; and
      2. you shall satisfy yourself that:
        1. the Model is developed and constructed in such a way that it meets in all material respects your objectives;
        2. the Model operates appropriately and effectively having regard to your purposes and requirements; and
        3. you have supplied to Squirrel all comments and requests that you wish Squirrel to take into account in its financial modelling, and
        4. you shall not hold Squirrel responsible or liable if these conditions are not met.
  8. Indemnity
    1. You agree to indemnify Squirrel from and against:
      1. all actions, suits, claims, demands, liabilities, costs, expenses, loss and damage (including legal fees on a full indemnity basis) incurred, suffered or arising out of or in connection with the information provided by you;
      2. any direct or indirect consequences of you accessing, using or transacting on the Squirrel Platforms or attempts to do so; or
      3. any breach of the Terms.
    2. This indemnity will survive termination of the Terms.
  9. Termination of Services
    1. You may terminate the Services at any time and for any reason with one (1) months’ notice after the expiry of the Minimum Term. Squirrel can terminate the Services to you 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 responsible to also terminate the Third-Party Services.
    2. Squirrel may at any time without notice, terminate, discontinue, suspend, or cancel, the Services or access to the Squirrel Platforms. Scenarios, without limitation, include if:
      1. you have breached any provision of the Terms or intend to breach any provision;
      2. Squirrel is required to do so by law;
      3. Squirrel is transitioning to no longer providing the Services in the country or state in which you are resident or from which you use the service;
      4. the provision of the Services to you by Squirrel is, in the opinion of Squirrel, no longer commercially viable;
      5. you have used the Services:
        1. in breach of any law;
        2. in a way that is misleading or deceptive;
        3. in a way which is unreasonable as determined by Squirrel at its absolute discretion; or
        4. in a manner which can or does bring Squirrel into disrepute or could damage Squirrel’s reputation as determined by Squirrel at its absolute discretion.
    1. Upon termination, all of the legal rights, obligations and liabilities that you and Squirrel 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.
  1. Governing Law and Jurisdiction

The Services offered by Squirrel are intended for residents of Australia. These Terms are governed by and are to be constructed 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 Squirrel Platforms and their performance. 

  1. Notice
    1. Information System means a system for generating, sending, receiving, storing or otherwise processing electronic communications.
    2. Electronic Communication means:
      1. a communication of information in the form of data, text or images by means of guided and/or unguided electromagnetic energy, which includes email correspondence and short text messaging services; or
      2. a communication of information in the form of speech by means of guided and/or unguided electromagnetic energy, where the speech is processed at its destination by an automated voice recognition system.
    3. The parties agree that:
      1. any party can accept, vary, or amend these Terms in writing by way of Electronic Communication;
      2. the time when the Electronic Communication enters the Information System is deemed as the time of receipt of Electronic Communication; and
      3. once both parties have confirmed in writing, or in writing by way of Electronic Communication, the acceptance, variation or amendment of these Terms, that Electronic Communication is conclusively deemed as validly executed in writing by all the parties and is hereby binding and enforceable in accordance with the Electronic Transactions (Victoria) Act 2000 with respect to the establishment of the SMSF and the Electronic Transactions Act 1999 (Cth) and the Electronic Transactions Act 2000 (NSW) for all other matters.
    4. Squirrel may provide any notice to you under the Terms by sending a message to the email address provided by you, or SMS to the telephone number provided by you. The notice provided by Squirrel to you by email or SMS shall be deemed to have been properly given on the date Squirrel sends the email or SMS, regardless of whether you have received the email or SMS.
    5. Unless specified otherwise, any notices provided by you to Squirrel must be in writing and be delivered either in person, or via registered post to:

Notices

Squirrel Superannuation Services P/L

GPO Box 2725

SYDNEY NSW 2000

    1. Notices provided by registered post shall be deemed to have properly given three days after they are posted (if posted).
  1. Services Complaints
    1. You may advise of any complaint or dissatisfaction with the Services or advice provided to you. The following dispute resolution procedure is in place to ensure that your enquiries and complaints are handled efficiently.
    2. Contact Squirrel and advise us of your complaint. One of our member services team will attempt to resolve your complaint and will notify you of any outcome.
    3. If your complaint is not resolved to your satisfaction, please send a written complaint addressed to:

The Compliance Manager

Squirrel Superannuation Services P/L

GPO Box 2725

SYDNEY NSW 2000

    1. If a satisfactory outcome is not reached within 45 days of your initial complaint, you may complain in writing to The Financial Ombudsman Service (FOS), of which Squirrel is a member.
    2. The FOS can be contacted as follows:

Financial Ombudsman Service

GPO Box 3 Melbourne VIC 3001

Telephone: 1300 780 808

Email: info@fos.org.au

Internet: www.fos.org.au

  1. Severance

If any part of the Terms is found to be void or unenforceable that part shall be severed, and the rest of the Terms shall remain in force.

  1. Waiver
    1. A waiver of any right, power or remedy under this Agreement must be in writing signed by the party granting it.
    2. A waiver is only effective in relation to the particular obligation or breach in respect of which it is given. It is not to be taken as an implied waiver of any other obligation or breach or as an implied waiver of that obligation or breach in relation to any other occasion.
    3. The fact that a party fails to do, or delays in doing, something the party is entitled to do under this Agreement does not amount to a waiver.
  2. Assignment
    1. Squirrel may assign or transfer its rights or obligations under the Terms without your consent.
    2. You may not assign or transfer your rights or obligations under the Terms without prior written consent of Squirrel. A purported assignment without written consent will be deemed to be void and convey no rights.

These Terms have been prepared by MurdockCheng Legal Practice Limited on behalf of Squirrel and all copyright in these Terms are reserved.

Last updated: 23 July 2018