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Specimen SoA, with compliance comments.docx2 comments

05 · Recommendation A

Superannuation: establish an SMSF

What we recommend

Establish a self-managed superannuation fund (SMSF) with a corporate trustee (Donnelly Family Super Pty Ltd) of which you will both be directors and members. Roll over Andrew’s Industry Fund A balance of approximately $742,000 and Claire’s Industry Fund B balance of approximately $215,000 into the new SMSF.

Alternatives we considered

We considered (i) retaining your existing industry funds, with Claire’s contributions made to her existing fund; (ii) consolidating both balances into a single retail wrap platform (Platform A or Platform B); and (iii) the SMSF recommended above. … Option (ii) provides good investment flexibility but at higher percentage costs at your balance level once full platform fees are included, and without the same level of structural control.

BPBackPro

Should fixs947D(2)(b)

This replaces both industry funds but does not say what the clients lose on rollover: insurance, low-cost options, exit fees.

What to do: Add a section, “What you will lose on rollover”.

BPBackPro

Must fixs961B(2)(e)

The alternatives are described, but nothing shows in dollar terms why the SMSF beats Platform A or Platform B.

What to do: Add a table of annual costs for each option at the $957k balance.

06 · Recommendation B

Investment: restructure the portfolio

Your current joint broker portfolio of approximately $1.94m comprises 31 direct ASX holdings with a notable concentration in financials (38%) and resources (24%), and no international equity exposure. We recommend transitioning the portfolio to our Growth Model Portfolio, which is consistent with your assessed risk profile and provides diversification across asset classes and geographies.

Capital gains tax considerations

Restructuring your existing portfolio will trigger realised capital gains. … Estimated combined CGT on the full transition is approximately $118,400 after the 50% discount. Staging across two years and applying available carry-forward losses (approximately $14,200) reduces this to an estimated $94,200 over two years.

BPBackPro

Must fixs961B(2)(e)

Nothing says what the Growth Model Portfolio is or who manages it, and no other option is discussed.

What to do: Explain the portfolio, and what else was considered and why it was ruled out.

BPBackPro

Should fixs961G

The tax cost is stated, with no word on whether the benefit justifies it, or whether a slower move was considered.

What to do: Explain why the long-term benefit justifies the tax now.

Statement of Advice

Prepared for Mr Andrew James Donnelly and Mrs Claire Elizabeth Donnelly by Daniel Whitford, 14 May 2026

Senior Financial Adviser

Document Reference: SOA-2026-04812

Valid for 30 days

BPBackPro

Should fixs947C(2)(d)

The cover names the adviser but not the licensee’s phone or address. They appear only later in the document.

What to do: Put the licensee’s full contact details on the cover.

05 · Recommendation A

Superannuation: establish an SMSF

What we recommend

Establish a self-managed superannuation fund (SMSF) with a corporate trustee (Donnelly Family Super Pty Ltd) of which you will both be directors and members. Roll over Andrew’s Industry Fund A balance of approximately $742,000 and Claire’s Industry Fund B balance of approximately $215,000 into the new SMSF.

Alternatives we considered

We considered (i) retaining your existing industry funds, with Claire’s contributions made to her existing fund; (ii) consolidating both balances into a single retail wrap platform (Platform A or Platform B); and (iii) the SMSF recommended above. … Option (ii) provides good investment flexibility but at higher percentage costs at your balance level once full platform fees are included, and without the same level of structural control.

BPBackPro

Should fixs947D(2)(b)

This replaces both industry funds but does not say what the clients lose on rollover: insurance, low-cost options, exit fees.

What to do: Add a section, “What you will lose on rollover”.

BPBackPro

Must fixs961B(2)(e)

The alternatives are described, but nothing shows in dollar terms why the SMSF beats Platform A or Platform B.

What to do: Add a table of annual costs for each option at the $957k balance.

less time per SoA, reported by More4Life: 90%less time per SoA, reported by More4Life
to an adviser‑ready SoA draft: About 10 minto an adviser‑ready SoA draft
combined client AUM across BackPro clients: $4.5bncombined client AUM across BackPro clients

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Compliance screenScore –

Unformatted SoA

5. recommendation a – SUPERANNUATION : Establish an SMSF

What we recommend:

Establish a self-managed superannuation fund (SMSF) with a corporate trustee (Donnelly Family Super Pty Ltd) of which you will both be directors and members.

• Roll over Andrew’s Industry Fund A balance of approximately $742,000 and Claire’s Industry Fund B balance of approximately $215,000 into the new SMSF.

Alternatives we considered

We considered (i) retaining your existing industry funds, with Claire’s contributions made to her existing fund; (ii) consolidating both balances into a single retail wrap platform (Platform A or Platform B); and (iii) the SMSF recommended above.

SMSF establishment (incl. corporate trustee company)........$2,950.....Nil

SoA FormatterAdvice, not admin.

PDFSpecimen SoA - Harbour Lane.pdfUnformatted SoA

FormatCompliance

ComplianceCorporations Act, ASIC

Reading your document
Searching for the obligations that apply
Finding the gaps and flagging each section
Saving the compliance report

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What it checks against

Your SoA, read against the law, section by section.

Every flag names the section of the law it comes from. Three of the ones the check cited on our specimen SoA, with what each one found.

Corporations Act 2001 (Cth)

s961BThe best interests duty steps, such as looking into the alternatives.Must fixAlternatives are described, but nothing shows in dollar terms why the SMSF beats them.
s961GAdvice that is appropriate to the client.Should fixA $118,400 tax cost is stated, with no word on whether a slower move was considered.
s947DWhat the client must be told when a product is replaced.Should fixBoth industry funds are replaced, but not what the clients lose on rollover.

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PDFDonnelly fact find.pdf✓ Fact find
PDFIndustry Fund A statement.pdf✓ Current super statement (with fees)
PDFPlatform PDS.pdf✓ Recommended product PDS (fee schedule)

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