We understand that for various reasons a client we administer needs to move off our SMSF administration services.
This article highlights the process and key considerations when a single SMSF client leaves Intello. This articles does not cover instances where an adviser or accountant engaging our services wishes to transaction all clients away from Intello to a different SMSF administration provider.
Termination of Services
For the services of Intello to be terminated, Intello must receive in writing a request to terminate services. Written termination may come through via the following:
Written request from the trustee(s) of the SMSF;
Written request from an adviser or accountant authorised to act on behalf of the trustee(s) of the SMSF;
Ethical letter from an accountant or SMSF administer appointed by trustee(s) of the SMSF*
*When an ethical letter has been received, we may still need to verify the termination request with the SMSF trustee(s) or an adviser / accountant authorised by the trustee(s) of the fund.
Notice Period
The typical notice period for an SMSF terminating Intello's services is 90 days, but in some cases may be a different period depending on the specific Agreement signed between Intello and the trustee(s).
To confirm the required notice agreement, the signed Agreement will need to be checked.
Intello will continue to levy fees and deliver services through to the end of the notice period.
As Intello's services are consumed on an ongoing basis as work is performed, fees cannot be refunded.
Timing of Off-boarding
Where notice of termination is given the the second half of the financial year, Intello will provide the option to extend the service through to the end of the financial year to enable the accounts, audit and SMSF annual return to be completed by Intello for the current financial year.
If this option is chosen, Intello will schedule and complete the current financial year accounts, audit and SMSF annual return as normal, however no fees will be levied after June of that financial year.
Termination of services does not impact the scheduling of completion of the work by Intello - i.e. it will not be delayed or brought-forward purely based on the termination of services.
Where an Agreement is terminated and the termination date is part-way through the financial year, Intello will administer the fund through to the end of the termination period, and wherever possible provide reconciled records through to the date of termination.
Intello's ability to provide reconciled accounts is dependant on all necessary information being provided as well as Tasks and other queries being answered in a timely fashion.
Ethical Letters
All ethical letters should be sent to the following addresses:
Postal Address:
C/- Intello
PO Box 10466
SOUTHPORT BC QLD 4215
Email:
Records Provided
Intello prepares various electronic records and notes consistent with our internal quality control systems. These records remain the property of Intello and will be retained by Intello to support any future queries on work completed.
Any original source records provided by the trustee(s) or their adviser to Intello to assist in the completion of the services can be returned upon request.
Where fees remain for services completed, Intello retains the right to withhold these documents until all outstanding fees are paid.
When requested, for example via an Ethical Letter, Intello will endeavour to provide all requested reports, files and documents to the newly appointed accountant or SMSF administrator.
In most cases, Intello will also provide the Class Super Data File for a fund upon request.
Documents will be provided electronically through a secure download facility. It is the responsibility of the receiving accountant / administrator to download any files prior to the link expiring.
In regards to physical SMSF and company registers, these will typically NOT be held by Intello as we do not provide a registered office service and do not physically store company and SMSF registers at our premises (with the exception of certain Intello Private clients).
Company and SMSF registers can be collected or couriers upon request. Any postage or courier cost must be paid for by with the trustee(s) or the receiving SMSF accountant or administrator.
Updating of ATO and ASIC Records
It is the responsibility of the receiving accountant or SMSF administrator to update all ATO and ASIC records including ABN and Superfund Lookup records for the changes of address and other details when they take over the administration of an SMSF from Intello.
Intello will not be liable for any fines or penalties of unpaid ASIC fees or unpaid ATO amounts that occur after receipt of a written termination request or ethical letter.