Payment Authority - Daily Service

Invoice and payment requests arrive at our office in numerous ways including post, fax, email or phone. These may come directly from you or from another source. Most payments are clearly appropriate for the fund to pay, however a few will need your direct payment approval. To provide you with flexibility and autonomy of services with these arrangements we have three payment authority levels in place. This authority should be used in conjunction with the Third Party Authority Nomination form.

All payments will be made by electronic funds transfer or BPay where available. Cheque payments will only be used where the other two payment methods are not available.

What are the payment authority levels?

General Approval

Selection of this payment authority level will approve our office to arrange all required payments to the Australian Taxation Office, ASIC if you have a corporate trustee, your actuary, your auditor and your administrator. We will also pay listed share purchase contracts by the fund. If you have a property we will pay the following utilities - rates, water, gas, electricity, body corporate, land tax and property insurance. In addition to this we will pay all invoices up to a maximum amount of $5,000.00, where it is clearly invoiced to the fund. We will then require written instruction to pay all other payments, regardless of how the instruction or invoice is received.

Investment Approval

Selection of this payment authority level will approve our office to arrange all required payments to the Australian Taxation Office, ASIC if you have a corporate trustee, your actuary, your auditor and your administrator. In addition to this we will also pay listed share purchase contracts by the fund. If you have a property we will pay the following utilities - rates, water, gas, electricity, body corporate, land tax and property insurance. We will then require written instruction to pay all other payments, regardless of how the instruction or invoice is received.

Limited Approval

Selection of this payment authority level will approve our office to arrange all required payments to the Australian Taxation Office, ASIC if you have a corporate trustee, your actuary, your auditor and your administrator. We will then require written instruction to pay all other payments, regardless of how the instruction or invoice is received.

What happens if I do not provide a payment authority?

Arranging payments for your fund is a core requirement to the daily administration service. If you do not provide us with a signed Payment Authority then we will apply the Limited Approval payment authority level to make all payments for your fund, unless you cancel the daily administration service offering in writing.

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