Untitled

At Call Common Fund A1
Supplementary Product Disclosure Statement
Prepared 1 November 2008
This is a Supplementary Product Disclosure Statement (‘SPDS’), prepared on 1 November 2008 and issued by National Australia
Trustees Limited ABN 80 007 350 405, AFSL 230703 and should be read together with the At Call Common Fund A1 Product Disclosure
Statement (‘PDS’) Issue Number 2 prepared on 10 November 2004 and incorporates the previous Supplementary Product Disclosure
Statement (SPDS) dated 20 June 2006.
This SPDS covers the following items:
• Amendments to Identification requirements for certain types of accounts
• Amendment to Customer Service Centre hours of operation
• Amendment to the principal place of business
• Sealing of Probate in Victoria requirements
• Amendment to Auditor information
• Amendments to Fees and other costs information
Amendments to Identification Requirements for Individuals, Companies, Incorporated Bodies, Businesses,
Unincorporated Associations and Trusts
In the final paragraph of the section heading ‘Initial deposit’ on page 10 of the PDS, delete the final sentence and replace with:
“New investors and signatories who have not previously been identified by the National Australia Bank are required to provide 100 points of
identification through any branch of NAB or by providing us with certified copies of the required identification documents. Information
on the 100 point check and approved certifiers is available by calling us on 1800 036 171.”
In the first paragraph of the section heading ‘Identification’ on page 16 of the PDS, delete the reference to “Financial Transactions Reports Act 1988
(‘FTRA’)” and replace with “Anti-Money Laundering/Counter Terrorism Financing Act 2006 (AML/CTF Act)”.
Under the first paragraph in the section heading ‘Identification’ on page 16 of the PDS the following additional identification requirements are inserted:
“In addition, NAT requires specific documentation when establishing the following accounts. Please attach the following documents (where applicable):
• Company or incorporated body – a copy of the Certificate of Incorporation.
• Business – copy of the Certificate of Registration of the business name or application for the same.
• A ssociation (unincorporated) – a certified copy of the document authorising investments in the Common Fund A1 (e.g. certified copy of minutes,
rules or by-laws, constitution, etc) and details of all account signatories to sign for the association.
• Trusts – a certified copy of the Trust Deed. Where the Trustee is a company, a certified copy of the company’s constitution evidencing its power
to act as Trustee is also required. The name and residential address of all Trustees and the name of beneficiaries or a description of the class of
beneficiaries is also required. A ‘Beneficiary Information for Trust Accounts form’ has been developed to assist in the collection of this information
(included in this SPDS).
The documents listed above for associations (unincorporated) and trusts must be original certified copies (photocopies and faxes are
not acceptable) and must be approved as a true copy of an original document by an Approved Certifier. For information on Approved
Certifier, please contact the Customer Service Centre on 1800 036 171.
Where applicable, you must submit this relevant additional documentation with your completed application form when you apply to open an account..
Amendment to Customer Service Centre hours of operation
Under the heading ‘Access to information’ on page 2 of the PDS, the first bullet point is replaced with the following:
Customer Service Centre – 9:00 am to 5:30 pm (Melbourne time) on any business day on 1800 036 171.
Amendment to Principal place of business
Under the heading “Contact Information” on page 20 of the PDS the following new information is inserted:
Our principal place of business is:
At Call Common Fund A1
Level 5, 200 Victoria Parade
East Melbourne VIC 3002
Inclusion of Sealing of Probate in Victoria requirements
At the end of the section headed ‘Other information’ on page 18 of the PDS, the following is inserted:
Sealing of Probate (Victoria)
Under Victorian law, where a person dies in a State other than Victoria and probate is granted in that other State, before the redemption requests
on the account can be actioned, the Executor will have to obtain authorisation by going through the process of having probate resealed in Victoria.
Amendment to Auditor information
Under the heading ‘Auditor’ on page 14 of the PDS the following paragraph will replace the existing paragraph:
NAT employs the services of an auditor in relation to National Australia Trustees Limited,
the Fund’s compliance plan and the Fund itself. Ernst & Young is the appointed auditor for the Fund.
Amendments to Fees and other costs information
Under the heading ‘Fees and other costs’ on pages 6 – 9 of the PDS, the fee tables have been replaced by the following:
DID YOU KNOW?
Small differences in both investment performance
and fees and costs can have a substantial impact on
your long term returns.
For example, total annual fees and costs of 2% of your
fund balance rather than 1% could reduce your final
return by up to 20% over a 30 year period (for example,
reduce it from $100,000 to $80,000).
You should consider whether features such as superior
investment performance or the provision of better
member services justify higher fees and costs.
You may be able to negotiate to pay lower contribution
fees and management costs where applicable. Ask the
fund or your financial adviser.
TO FIND OUT MORE
If you would like to find out more, or see the impact
of the fees based on your own circumstances,
the Australian Securities and Investments Commission
(ASIC) website (www.fido.asic.gov.au) has a Managed
Fund calculator to help you check out different
fee options.
Fees and other costs
This table shows fees and other costs that you may be charged. These fees and costs may be deducted from your
money, from the returns on your investment or from the fund assets as a whole. Taxes are set out in another part
of the PDS. You should read all the information about fees and costs because it is important to understand their
impact on your investment.
Type of fee or cost
Fees when your money moves in or out of the fund
Establishment fee
This is the fee to set up your initial investment.
Contribution fee
This is the fee for the initial and every subsequent investment you make.
Withdrawal fee
This is the fee charged for each withdrawal you make (including any instalment payments and your final payment).
Termination fee
This is the fee when you finally close your investment.
Management costs
Management Fee
Management Fees are the fees and costs for operating the fund. This fee is paid to NAT for its services in managing the Fund.
Out of its management fee, NAT meets the cost of managing and holding investments, maintaining the register, accounting
and other administration (including investor reporting).
The Management Fee does not include transaction costs and related duties, taxes and financial institution charges.
The Fund is entitled to a Reduced Input Tax Credit (RITC) for 75% of the GST component of the management fee paid
to NAT for managing the Fund. RITC is credited back to the Fund for the benefit of investors.
Expense recoveries
NAT incurs certain out-of-pocket expenses as a result of running the Fund. These include costs of acquiring and disposing of
investments, costs involved in convening and holding meetings of investors and audit fees. NAT is entitled to be reimbursed for these
expenses. These expenses are in addition to the management fee, however NAT currently meets the audit costs from its own funds.
Service Fees
Switching fee
This is the fee when you switch between investment options.
Adviser service fee
This is the fee for extra advice from your adviser about your investment.
Example of annual fees and costs for the Common Fund
This table gives an example of how fees and costs in the Fund can affect your investment over a one year period. You should use this table to compare
this product with other common fund products.
Balance of $50,000 with contributions of $5,000 at the end of that year*
Contribution fees
Nil
For every $5,000 you put in, you will be charged $0
PLUS Management costs
1.025% p.a.
For every $50,000 you have in the Fund, you will be charged $512.50 each year
EQUALS Cost of Fund
If you had an investment of $50,000 at the beginning of the year and you put an additional $5,000 at the
end of that year, you would be charged fees of:
$50,000 x 1.025% p.a. = $512.50#
What it costs you will depend on the fees you negotiate with the Fund and your financial adviser.
* This example assumes that the additional contribution is received at the end of the year and that the investment amount does not rise or fall in value
and remains invested for a full year. The example also assumes that interest is paid out as income.
# Additional fees may apply, such as bank service, cheque and other fees. (Refer to ‘Additional Explanation of Fees and Costs’ section)
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Amount
How and when?
Nil
There are no establishment fees.
Nil
There are no contribution fees.
Nil
There are no withdrawal fees.
Nil
There are no termination fees.
NAT is allowed under the Trustee Companies Act 1984 (Vic),
to charge a total management fee for the Fund’s financial year
of 1.1% p.a. (including GST) of the sums invested in the Fund.
NAT charges 1.1 % p.a. inclusive of GST.
This fee is calculated daily and paid monthly out of the Fund. The management
fee is deducted from the interest of the Fund and not from your account.
The advertised interest rate is quoted after the deduction of the management
fee (including GST and RITC).
After allowing for the RITC that the fund claims from the Australian Tax
Office, the net cost of the management fee for the investor is 1.025% pa.
These costs and expenses may vary from time to time.
NAT is reimbursed out of the income of the Fund.
Nil
Switching is not applicable to this Fund.
Nil
Adviser service fee is not applicable to this Fund.
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Fees and other costs (continued)
This table shows fees and other costs that you may be charged. These fees and costs may be deducted from your
money, from the returns on your investment or from the fund assets as a whole. Taxes are set out in another part
of the PDS. You should read all the information about fees and costs because it is important to understand their
impact on your investment.
Type of fee or cost
Additional Explanation of Fees and Costs
Adviser
remuneration
Adviser remuneration refers to trailing commission that is paid to remunerate authorised persons for introducing application
monies to the Fund.
Trailing commission is not a separate expense charged to you or the Fund. NAT pays all trailing commission out of
its Management Fee to authorised persons including the National Australia Bank or its subsidiaries in accordance with
the Corporations Act 2001.
Bank service fees
National Australia Bank or NAT may charge some of the following fees:
• to reissue a statement
• for an additional original statement
• for copies of vouchers, trace particulars or transaction verification of statement items
Where a cheque you draw on your Common Fund account or pay into your Common Fund account is dishonoured,
the Bank may also charge standard fees.
Cheque fees
This fee may be charged by NAT for any cheque drawn on your account for less than $500 or for a withdrawal via the Telephone
Withdrawal Facility or Facsimile Instruction Facility for less than $500.
Company
application fees
Where a company makes an application, NAT may perform a search on the company and recover any costs from the applicant.
Government charges
No Government Charges currently apply to this Fund.
Differential fee
arrangement
NAT may offer differential fee arrangements to certain ‘sophisticated’ or ‘professional investors’
(as defined in the Corporations Act 2001), that is based on individual negotiation between NAT and that investor.
Special products
and services
When you ask National Australia Bank or NAT for special products and services such as bank cheques, telegraphic transfers,
special clearances, periodical payments, repeat statements, voucher searches; or access and use of National Telephone Banking,
National Internet Banking, National Online Business and National Online Corporate, the Bank may charge standard fees.
Other services
If you use National Telephone Banking, National Internet Banking, National Online Business or National Online Corporate
you agree to indemnify NAT for any unpaid fees or other amounts owing to National Australia Bank arising out of your use
of those services to the extent that those fees or amounts exceed the value of your Common Fund account.
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Amount
How and when?
The current rate of trailing commission is 0.25% p.a. (excluding GST)
on the daily balances of the money introduced by authorised persons.
Trailing commission is paid to authorised persons for introducing application
monies to the Fund on a quarterly basis.
Worked example:
Where an authorised representative or financial adviser is noted on your
account, we may provide information to the authorised representative or
financial adviser, such as account details (including via electronic method).
Assuming $50,000 is invested wholly in the Common Fund, the
adviser remuneration would be:
$50,000 x 0.25% p.a. = $125 p.a.
If GST applies to services provided by authorised persons to NAT, the
trailing commission payable to authorised persons may be increased
by up to the prevailing rate of GST to 0.275% p.a. (GST inclusive).
We reserve the right to increase the amount of trailing commission to
authorised persons.
• $7 per statement to reissue a statement
• $4 per statement for an additional original statement
to an authorised person
• copies of voucher, trace particulars or transaction verification
of statement items:
– $2.50 per item (minimum $10) for transactions
less than one year ago
– $5.00 per item (minimum $20) for transactions
one year or more ago
– audit certificates at $70 hourly rate (minimum $35 per certificate)
Any fees relating to such services payable by you may be debited from your
Common Fund account.
The current fee if charged, is $10.
The fee may be debited from your Common Fund account if charged. There are
no other cheque, withdrawal or transaction processing fees payable to NAT on
your Common Fund account.
While the cost to NAT may vary from time to time, NAT undertakes to
limit this cost to $25 for the life of the Product Disclosure Statement.
The fee may be debited from your Common Fund account if charged.
There are no other current fees that may be charged for Company Applications.
Nil
No Government Charges currently apply to this Fund.
Fee amounts are based on individual negotiation between NAT
and the investor.
Differential fee arrangements may be paid subject to negotiation between NAT
and the investor. Fees will be paid when an agreement has been reached.
Standard Bank fees may be charged.
Any fees relating to such services payable by you, may be debited from
your Common Fund account. Fees will be debited at the time the service is
provided.
Fees arising from your use of these services will be determined
based on your use of the service.
Fees will be payable for use of these services where applicable, at the time
the service is provided.
Details of Bank service fees are available at any outlet of the National and
may change during the life of this Product Disclosure Statement.
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Want more information?
Our registered office is:
105 – 153 Miller Street
North Sydney NSW 2060
Our principal place of business is:
At Call Common Fund A1
Level 3, 2306 UB
800 Bourke Street
Docklands VIC 3008
Our postal address is:
Reply Paid 247
Melbourne VIC 8060
Our main phone numbers are:
Toll free 1800 036 171
Facsimile (03) 8634 4481
International +61 3 8634 3098
Our email address is:
[email protected]
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At Call Common Fund A1
Beneficiary Information
for Trust Accounts
National Australia Trustees Limited
ABN 80 007 350 405
AFSL 230703
www.national.com.au
To be completed and forwarded to:
Reply Paid 247
MELBOURNE VIC 8060
The information below is required for National Australia Trustees Limited to satisfy its obligations under the Financial Transactions Report
Act (FTRA) 1988. This information is not required if the account is to be held by a Superannuation Fund, the Commonwealth, a State or
Territory, the Government, a public authority or a local Government body.
Instructions
1. P lease provide the name and residential address of all Trustees for Trust accounts, excluding Trusts to be held by the parties listed
above, on this form below. This information will be recorded in your Trust Deed or other Trust documents.
2. O
n page 2 of this form, please provide the names of the beneficiaries or a description of the class of beneficiaries for Trust accounts,
excluding Trusts to be held by the parties listed above.
Section 1 Investor Details
Account Number (if known)
Account Name (please print)
Section 2 Trust Information
Please provide us with the name and address of the Trustees that apply to the above account. If there are more Trustees that apply to this
account, please print out an additional form and attach it to this one.
Trustee 1
Title
Surname (please print)
Given name(s) (please print)
Residential Address
Postcode
Trustee 2
Title
Surname (please print)
Given name(s) (please print)
Residential Address
Postcode
Trustee 3
Title
Surname (please print)
Given name(s) (please print)
Residential Address
Postcode
Trustee 4
Title
Surname (please print)
Given name(s) (please print)
Residential Address
Postcode
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Section 3 Beneficiary Details
Please provide us with the name of the beneficiaries OR a description of the class of beneficiaries that apply to this account.
Name of beneficiaries
Beneficiary 1
Title
Surname (please print)
Given name(s) (please print)
Beneficiary 2
Title
Surname (please print)
Given name(s) (please print)
Beneficiary 3
Title
Surname (please print)
Given name(s) (please print)
Beneficiary 4
Title
Surname (please print)
Given name(s) (please print)
Beneficiary 5
Title
Surname (please print)
Given name(s) (please print)
Beneficiary 6
Title
Surname (please print)
Given name(s) (please print)
Description of the class of beneficiaries
Section 4 Declaration
I confirm that where information is provided on behalf of beneficiaries and trustees that the beneficiaries and trustees:
•h
ave read and understood the particulars which have been completed in this form and states that those particulars are true,
complete and correct;
•h
ave authorised me to give the declaration, acknowledgements and authorities set out in the Product Disclosure Statement,
including those outlined in the section headed “Your personal information and privacy”.
Signature Date
Signature Date
If Company, please affix your seal here (if applicable) and sign.
Please send completed forms to:
National Australia Trustees Ltd
Reply Paid 247
Melbourne VIC 8060
Date:
/
/
If you have any questions please call the Common Fund Call Centre on 1800 036 171
between 9am and 6pm Eastern Standard Time during any business day.
©2008 National Australia Trustees Limited ABN 80 007 350 405
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68799A1008
At Call Common
Fund A1
Product Disclosure Statement
Issue No. 2
ARSN 093 164 722
National Australia Trustees Limited
ABN 80 007 350 405
AFSL 230703
Preparation date: 10 November 2004
The offer of investment in the At Call Common Fund
A1 is only available to persons receiving this electronic
Product Disclosure Statement and electronic application
form within Australia.
Financial solutions. For life.™
Important Information
This Product Disclosure Statement (‘PDS’) is dated
10 November 2004. This is an important document.
You should read it carefully before completing the
application form. An investment made under this Product
Disclosure Statement represents an investment in the
National Australia Trustees Limited (referred to as ‘NAT’,
‘us’, ‘our’ or ‘we’) At Call Common Fund A1 (referred to
as the ‘Fund’ or the ‘Common Fund’). Such an
investment does not represent either a deposit
with, or a liability of, NAT or National Australia
Bank Limited ABN 12 004 044 937 (referred to as
‘National Australia Bank’, ‘the National’, ‘National’
or ‘Bank’) or any other company in the National
Australia Bank Group. Neither NAT, National
Australia Bank Limited nor any other company in
the National Australia Bank Group assures or
guarantees the capital value and/or the
performance of investments in the Fund or assets
held by the Fund. Investments in the Fund are
subject to investment and other risks. This could
involve delays in repayment and loss of income or
principal invested.
Any advice in this Product Disclosure Statement has
been prepared by National Australia Trustees Limited
ABN 80 007 350 405 without taking account of your
objectives, financial situation or needs. Because of this,
you should, before acting on any advice in this Product
Disclosure Statement, consider whether it is appropriate
to your objectives, financial situation and needs. In
respect of any general advice contained in this Product
Disclosure Statement which relates to a product other
than the At Call Common Fund A1, you should obtain
a PDS or other disclosure document for that particular
product and consider the information contained in that
disclosure document if you are considering whether to
acquire or continue to hold that product. To acquire the
product you must complete the application form
attached to the relevant disclosure document. National
Australia Trustees Limited is a member of the National
Group of companies.
This PDS does not constitute and should not be
construed as an offer, invitation or recommendation by
National Australia Trustees to apply for units in the Fund
in any date, country or jurisdiction other than Australia.
Applications from outside Australia will not be accepted
through this PDS. Note that this Product Disclosure
Statement may be made available electronically. Those
receiving the Product Disclosure Statement electronically
should note that the applications can only be accepted if
we receive a completed, current application form which
accompanied the electronic or paper copy. Paper copies
are available free on request.
Information that is not materially adverse information
may change from time to time. This type of
information will be updated and made available to you
on our website national.com.au. We will notify you if
there is a materially adverse change to information in
the Product Disclosure Statement.
Alternatively, you can request this information and it
will be made available to you free of charge by calling
us on 1800 036 171 or by writing to National Australia
Trustees Limited Reply Paid 247, Melbourne VIC 8060.
Responsible entity
National Australia Trustees Limited
ABN 80 007 350 405
Registered office
105 – 153 Miller Street
North Sydney NSW 2060
Postal address and telephone
National Australia Trustees Limited
Reply Paid 247
Melbourne VIC 8060
Toll free 1800 036 171
Facsimile (03) 8634 4481
International +61 3 8634 3098
Directors
The directors of National Australia Trustees Limited are:
Robin Clements *
Neil McKissock *
Richard Morath
Michael Sharpe *
* Non-executive directors
Contents
Page
At Call Common Fund A1
2
Key features summary
2
Investment information
3
Performance of the Fund
4
Interest
5
Fees and other costs
6
Taxation
10
Initial deposit
10
Transacting on your account
11
Responsible entity and constitution
13
Other information
15
Terms and conditions
18
Contact information
20
Application forms
1 of 20
At Call Common Fund A1
Transacting on your account
• Personal cheque and deposit book
The National Australia Bank Group is an international financial
services organisation, providing a comprehensive and
integrated range of financial products and services. The
responsible entity of the Common Fund is National Australia
Trustees Limited (referred to as ‘NAT’). The At Call Common
Fund A1 (‘Fund’ or ‘Common Fund’) is a AAAm rated cash
management fund established under the Trustee Companies
Act 1984 (Vic). The Common Fund offers the convenience of
a cheque book facility, the National Australia Bank’s Telephone
and Internet Banking services, BPAY® and a branch network for
cheque deposits and other transactions. The Common Fund
can also be electronically credited and debited by third parties
such as a stockbroker for share settlements.
The Common Fund accepts a wide range of deposits including
salary, dividends and rental income and can be debited to pay
bills and other expenses. By consolidating all your income and
distributions into a Common Fund account it acts as a ‘record
keeper’ – allowing you to keep track of your transactions
through one account.
The Common Fund currently invests in short-term securities
and aims to provide investors with a secure, money market
linked investment with convenient access to funds. The
Common Fund is one of Australia’s largest cash management
funds with assets of $2.9 billion as at 30 September 2004.
• Deposits at any branch of the National Australia Bank
Limited - no cash transactions will be accepted
• Direct Entry Credits – crediting of salary, dividends and other
income
• Direct entry debits – for payment of regular expenses such as
insurance premiums
• Periodic payments – regular transfers to other bank accounts
such as for rental payments
• BPAY®
• Telephone Withdrawal Facility
• Facsimile Instruction Facility
• Access your investment through National Australia Bank
services such as National Telephone Banking, National Internet
Banking, National Online Business or National Online Corporate
• Availability of Authorised Representative Facility – allowing
an authorised third party such as a stockbroker to transact
on your account on your behalf
Reporting
• Statements – sent quarterly, or more often by arrangement
• Annual report – sent yearly, detailing the Common Fund’s
financial performance during the year
Access to information
Key features summary
AAAm rated
Rated AAAm, the highest possible credit rating by Standard &
Poor’s for a cash management fund.
Minimum initial deposit
$2,000
• Customer Service Centre – 9 am to 6 pm (Melbourne time)
on any business day on 1800 036 171
• National Telephone Banking – 24 hour, seven day access
on 13 22 65 (or from overseas +61 3 8641 9083) for
account balances, statement information (including
statement order and reorder), transfers between linked
accounts, recent transactions and BPAY®
• National Internet Banking – national.com.au for account
balances, transferring funds between linked accounts and
to other financial institutions, recent transactions and BPAY®
• National Online Business or National Online Corporate provide
account balances, recent transactions and transferring of funds
between linked accounts or to other financial institutions.
Minimum additional deposits
No minimum applies.
Fees
• No entry, exit or account keeping fees
Minimum withdrawal
• $500 for Personal Cheque Facility, Telephone Withdrawal
Facility and Facsimile Instruction Facility (fees apply to
amounts withdrawn for less than $500)
• No minimum for other withdrawals
Minimum account balance
$2,000
• Management fee no higher than 1.10% p.a.
(Goods and Services Tax ‘GST’ inclusive)
• $10 fee (GST inclusive) may be charged for any
withdrawal amounts less than $500 via:
– the Personal Cheque Facility
– the Telephone Withdrawal Facility
– the Facsimile Instruction Facility
• $25 verification fee (GST inclusive) may apply to new
applications executed by a company
• Fees may apply for use of special Bank services (see pages 6 to 9)
Interest
The interest rate for the Fund is determined weekly – interest
is calculated daily on your entire account balance and paid
monthly in arrears.
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® Registered to BPAY Pty Ltd ABN 69 079 137 518
Investment information
Investment objectives
The Fund’s objectives are to provide investors with a highly
secure investment, money market linked yields and quick
access to funds. The Fund provides the benefits of a diversified
and highly rated portfolio of investments in the short-term
money market normally not available to smaller investors.
Investment policy
The investments of the Fund are currently limited by the Trustee
Companies Act 1984 (Vic) to short-term investments, including
bank deposits, bank certificates of deposit, bank accepted bills
and government guaranteed securities. To meet the current
Standard & Poor's guidelines for a AAAm rated fund, NAT has
undertaken to further limit the investments of the Fund to
those rated A-1 or A-1+. The Fund does not currently invest in
futures, options or other ‘derivative’ instruments. The Fund will,
from time to time, invest in deposits with, or securities issued
drawn or accepted by, the National Australia Bank. These
transactions will be conducted on commercial terms.
We may change our range of investments as permitted by
Standard & Poor's criteria and the Trustee Companies Act
1984 (Vic).
Rating of the Fund
The Fund is rated AAAm (the highest possible rating
by Standard & Poor’s for a cash management fund). This
indicates that the Fund has an extremely strong capacity to
meet its obligations to redeem investors’ funds at par or face
value on an ‘at call’ basis and to distribute income on a variable
basis reflecting the earnings of the Fund’s assets. A further
explanation of the ratings criteria is given on page 15.
Security and investment risk
Given the nature of the investments in the Fund, investors’
exposure to risk is low. In addition to the quality of the
investments, the Standard & Poor’s ratings criteria also ensures
that over half the investments of the Fund are defined as
‘highly liquid’ to ensure that the Fund is easily able to meet
withdrawals by investors. However, neither the repayment of
your investment nor any particular rate of return is guaranteed
and we recommend that you consult a licensed financial
adviser and tax adviser before making a decision to invest in
the Fund.
Management of the Fund’s
investments
NAT employs one or more investment managers for the
investment of the assets of the Fund. For the life of this Product
Disclosure Statement the fees paid to the investment manager(s)
will be paid by NAT out of its own management fee. MLC
Investment Management (MLCIM), which is part of the National
Group of companies is the principal investment adviser to NAT.
As principal investment adviser, MLCIM is responsible for
advising NAT on investment matters including investment
manager research, selection, monitoring and reviews.
Investment manager(s) are regularly reviewed and may be
appointed or removed at any time without prior notice to you.
Borrowings
Under the Constitution we can borrow to meet redemptions
should we consider it in the best interest of investors. Total
borrowings cannot exceed 10% of the assets of the Fund. Our
current AAAm rating criteria limits our borrowings to 10% of
total assets and only for the purpose of meeting redemptions. It
is not our intention to borrow funds during the term of this PDS.
Environmental, Social and Ethical
Considerations
We do not take into account labour standards or
environmental, social or ethical considerations when choosing
investments. However, a company's observance of labour
standards or environmental, social or ethical considerations may
be taken into account to the extent that it might impact on the
performance of an investment.
Custodian
The assets of the Fund are held by the National Australia
Bank, through its custody business known as National
Custodian Services. The main role of the custodian is to
settle investment transactions and hold the assets of the Fund
in safe custody. NAT intends to pay the fees charged by the
custodian out of its own management fees for the life of this
Product Disclosure Statement.
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Performance of the Fund
The Fund’s performance is related to returns available from
investments in securities and deposits in the short-term money
market. These returns will vary, and depend upon a range of
economic factors including official monetary policy and the
state of the economy.
The average interest rate paid to investors in each quarter for
the last six financial years is shown below.
30 September 1998
4.12%
31 December 1998
3.98%
31 March 1999
3.83%
30 June 1999
3.80%
30 September 1999
3.87%
31 December 1999
4.10%
31 March 2000
4.59%
30 June 2000
5.04%
30 September 2000
5.27%
31 December 2000
5.43%
31 March 2001
5.01%
30 June 2001
4.07%
30 September 2001
3.92%
31 December 2001
3.51%
31 March 2002
3.25%
30 June 2002
3.45%
30 September 2002
3.88%
31 December 2002
3.86%
31 March 2003
3.78%
30 June 2003
3.71%
30 September 2003
3.70%
31 December 2003
3.90%
31 March 2004
4.42%
30 June 2004
4.43%
The average interest rate paid to investors in each month since
30 June 2004 are shown below:
31 July 2004
4.43%
31 August 2004
4.39%
30 September 2004
4.40%
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The rates are annualised and do not assume reinvestment
of interest. They are net of the management fee and prior
to investor tax considerations. The returns shown represent
historical performance only and past performance is not a
reliable guide to future returns as future returns may differ
from and be more volatile than past returns.
Information that is not materially adverse information may
change from time to time. This type of information will be
updated and made available to you on our website
national.com.au. We will notify you if there is a materially
adverse change to information in the Product Disclosure
Statement.
Alternatively, you can request this information and it will be
made available to you free of charge by calling us on 1800
036 171 or by writing to National Australia Trustees Limited
Reply Paid 247, Melbourne VIC 8060.
Interest
Frequency of interest calculation
and distribution
Interest is calculated and accrued daily and paid at the end
of each month. Interest is earned from the day a deposit is
received by NAT, if prior to 4 pm (Melbourne time). If after
4 pm (Melbourne time), interest will be earned from the next
business day after receipt.
The amount of interest paid to investors from the Fund is
based on an interest rate that is determined by the earnings
received from the investments of the Fund. The interest rate
payable to investors is determined at the beginning of each
week and applied daily for the remainder of the week. Where
the first day, or the first and second days of a week are
National public holidays, the interest rate payable on the
National public holiday is the interest rate applied during the
preceeding week. For the remainder of the week, the interest
rate payable is calculated on the day after the National public
holiday or National public holidays, as applicable, and is applied
daily for the remainder of the week. The interest rate quoted is
net of the management fee paid to NAT.
Upon full withdrawal, interest up to (but not including) the
date of repayment will be distributed with the principal
invested after deducting any charges such as state or federal
duties, taxes, other charges or any National Australia Bank fees.
In the unlikely situation where interest income is negative
on a withdrawal, your withdrawal proceeds may be
adjusted accordingly.
The current interest rate may be obtained by calling our
toll free telephone number 1800 036 171. Paper copies of
the current interest rate are available free on request. It is
also available regularly through the financial press and can
be located at national.com.au (under the
Personal/Investments section).
Interest payment options
You can choose to have your interest:
• credited to your Common Fund account; or
• paid to your nominated bank account.
If no choice is made or an interest payment is returned to us,
your interest will be automatically reinvested into your
Common Fund account.
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Fees and other costs
This table shows fees and other costs that you may be charged. These fees may be deducted from your money or from the returns
on your investment or from the fund assets as a whole. You should read all the information about fees and costs, as it is important
to understand their impact on your investment. All fees in the table below are inclusive of GST unless otherwise indicated.
Type of fee or cost
Fees when your money moves in or out of the fund
Establishment fee
This is the fee to set up your initial investment.
Contribution fee
This is the fee for the initial and every subsequent investment you make.
Withdrawal fee
This is the fee charged for each withdrawal you make (including any instalment payments and your final payment)
Termination fee
This is the fee when you finally close your investment.
Management costs
Administration costs
Administration costs refer to management fees which are the fees and costs for operating the fund. This fee is paid to NAT
for its services in managing the Fund. Out of its management fee, NAT meets the cost of managing and holding
investments, maintaining the register, accounting and other administration (including investor reporting).
The Fund is entitled to a Reduced Input Tax Credit (RITC) for 75% of the GST component of the management fee paid to
NAT for managing the Fund. RITC is credited back to the Fund for the benefit of investors.
Expense recoveries
NAT incurs certain out-of-pocket expenses as a result of running the Fund. These include costs of acquiring and disposing
of investments, costs involved in convening and holding meetings of investors and audit fees. NAT is entitled to be
reimbursed for these expenses. These expenses are in addition to the management fee, however NAT currently meets
the audit costs from its own funds.
Additional service fees
Switching fee
This is the fee when you switch between investment options.
Adviser service fee
This is the fee for extra advice from your adviser about your investment.
Important additional information
Adviser remuneration
Adviser remuneration refers to trailing commission which is paid to remunerate authorised persons for introducing
application monies to the Fund.
Trailing commission is not a separate expense charged to you or the Fund. NAT pays all trailing commission out of its
management fee to authorised persons including the National Australia Bank or its subsidiaries in accordance with the
Corporations Act 2001.
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Amount
How and when?
Nil
There are no establishment fees.
Nil
There are no contribution fees.
Nil
There are no withdrawal fees.
Nil
There are no termination fees.
NAT is allowed under the Trustee Companies Act 1984 (Vic), to charge a
total management fee for the Fund’s financial year of 1.1% p.a (GST
inclusive) of the sums invested in the Fund. NAT charges 1.1% p.a
inclusive of GST.
This fee is calculated daily and paid monthly out of the Fund. The
management fee is deducted from the interest of the Fund and not from
your account. The advertised interest rate is quoted after the deduction
of the management fee.
The Ongoing Fee Measurement (OGFM) is a measure of the ongoing
fees that an example investor would pay in dollar terms per annum
assuming that their investment was $10,000. For the Fund it is
anticipated that the OGFM for the year ending 30 June 2005 will
be $110.00 ($10,000 x 1.1%). Expenses included in the OGFM
calculation include administration costs, but do not include certain costs,
such as transaction costs and related duties, taxes, GST and financial
institution charges.
These costs and expenses may vary from time to time.
NAT is reimbursed out of the income of the Fund.
Nil
Switching is not applicable for this Fund.
Nil
Adviser service fee is not applicable for this Fund.
The current rate of trailing commission is 0.25% p.a on the daily
balances of the money introduced by authorised persons.
Trailing commission is paid to authorised persons for introducing
application monies to the Fund on a quarterly basis.
If GST applies to services provided by authorised persons to NAT, the
trailing commission payable to the authorised persons may be increased
by up to the prevailing rate of GST. We reserve the right to increase the
amount of trailing commission to authorised persons.
Where an authorised representative or financial adviser is noted on your
account, we may provide information to the authorised representative or
financial adviser, such as account details (including via electronic method).
7 of 20
Fees and other costs (continued)
This table shows fees and other costs that you may be charged. These fees may be deducted from your money or from the returns
on your investment or from the fund assets as a whole. You should read all the information about fees and costs, as it is important
to understand their impact on your investment. All fees in the table below are inclusive of GST unless otherwise indicated.
Type of fee or cost
Important additional information (continued)
Bank service fees
National Australia Bank or NAT may charge some of the following fees:
• to reissue a statement
• for an additional original statement
• for copies of voucher, trace particulars or transaction verification of statement items
Where a cheque you draw on your Common Fund account or pay into your Common Fund account is dishonoured, the
Bank may also charge standard fees.
Cheque fees
This fee may be charged by NAT for any cheque drawn on your account for less than $500 or for a withdrawal via the
Telephone Withdrawal Facility or Facsimile Instruction Facility for less than $500.
Company application fees
Where a company makes an application, NAT may perform a search on the company and recover any costs from the
applicant.
Government charges
Debits Tax is a tax on debit transactions to accounts with cheque drawing facilities. NAT recovers its liability for debits tax
from the account of the investor.
If we issue you with a cheque book, debits tax may be payable on withdrawals from your account whether by cheque or
electronic means. There are no other government charges levied on your account.
Differential fee arrangement
NAT may offer differential fee arrangements to certain ‘sophisticated’ or ‘professional investors’ (as defined in the
Corporations Act 2001), that is based on individual negotiation between NAT and that investor.
Special products and services
When you ask National Australia Bank or NAT for special products and services such as bank cheques, telegraphic
transfers, special clearances, periodical payments, repeat statements, voucher searches; or access and use of National
Telephone Banking, National Internet Banking, National Online Business and National Online Corporate, the Bank may
charge standard fees.
Other services
If you use National Telephone Banking, National Internet Banking, National Online Business or National Online Corporate
you agree to indemnify NAT for any unpaid fees or other amounts owing to National Australia Bank arising out of your use
of those services to the extent that those fees or amounts exceed the value of your Common Fund account.
8 of 20
Amount
How and when?
• $7 per statement to reissue a statement
• $4 per statement for an additional original statement to an authorised
person
• copies of voucher, trace particulars or transaction verification of
statement items:
• $2.50 per item (minimum $10) for transactions less than one year ago
• $5.00 per item (minimum $20) for transactions one year or more ago
• audit certificates at $70 hourly rate (minimum $35 per certificate)
Any fees relating to such services payable by you may be debited from
your Common Fund account.
The current fee if charged, is $10.
The fee may be debited from your Common Fund account if charged.
There are no other cheque, withdrawal or transaction processing fees
payable to NAT on your Common Fund account.
While the cost to NAT may vary from time to time, NAT undertakes to
limit this cost to $25 for the life of this Product Disclosure Statement.
The fee may be debited from your Common Fund account if charged.
There are no other current fees that may be charged for Company
Applications.
Debits Tax is payable on the value of the debit to the account. For
withdrawals:
Debits tax is payable from your Common Fund account on all cheque or
electronic withdrawals, in all states other than NSW.
• not less than $1 but less than $100 the rate is $0.30
• not less than $100 but less than $500 the rate is $0.70
• not less than $500 but less than $5,000 the rate is $1.50
• not less than $5,000 but less than $10,000 the rate is $3.00
• $10,000 or more the rate is $4.00
Details of Bank service fees are available at any outlet of the National
and may change during the life of this Product Disclosure Statement.
Bank Accounts Debit Tax was removed in NSW on 1 January 2002 and
will be removed in the remaining states on 1 July 2005.
Fee amounts are based on individual negotiation between NAT and the
investor.
Differential fee arrangements may be paid subject to negotiation
between NAT and the investor. Fees will be paid when an agreement
has been reached.
Standard Bank fees may be charged.
Any fees relating to such services payable by you, may be debited from
your Common Fund account. Fees will be debited at the time the service
is provided.
Fees arising from your use of these services will be determined based on
your use of the service.
Fees will be payable for use of these services where applicable, at the
time the service is provided.
9 of 20
Taxation
Taxable Distribution
Discussion of Australian tax law is current as at the date of
preparation of this Product Disclosure Statement and may
change from time to time. Because of the complexities of
the tax law, you should seek independent tax advice on
your investment.
Distribution policy
As all income is distributed to investors each financial year,
the Fund is not liable for income tax. Interest we distribute,
including interest reinvested and any interest paid on full
withdrawal will form part of your assessable income in the
year of income that your entitlement to the interest arises.
Non-resident investors
Australian tax may be deducted from distributions of
Australian sourced income made to non-resident investors. The
withholding tax on Australian interest distributions is generally
at the rate of 10%.
Goods and Services Tax (‘GST’)
Investors should not be directly subject to GST when they
invest in the Fund. However, the Fund may incur GST in respect
of various expenses. The Fund may not be entitled to input tax
credits in respect of all of the GST it incurs.
Tax File Numbers (‘TFNs’) and
Australian Business Numbers (‘ABNs’)
It is not compulsory for an investor to quote their TFN or ABN.
An ABN can only be quoted if the investment being made by
you is in the course or furtherance of your enterprise. You may
quote your TFN or ABN on the application form when initially
investing in the Fund. Failure by an investor to quote a TFN or
ABN or claim an exemption may cause NAT to withhold tax at
the top marginal rate, including Medicare Levy, on distributions
to the investor.
Social Security
Centrelink/Department of Veterans’
Affairs
Investments in the Fund are classified as financial investments,
and as such, are included for the Income and Assets Test by
Centrelink and the Department of Veterans’ Affairs. Please
contact your financial adviser or the above institutions directly
for further information on how your investment may affect any
benefits and entitlements.
Initial deposit
The first deposit for any investor’s account should be
accompanied by the application form included in or
accompanied by the current Product Disclosure Statement.
If NAT does not receive the application form within 30 days,
we will return the investment to the investor with interest,
less taxes and government charges. Cheques should be
crossed not negotiable and made payable to ‘National
Australia Trustees Limited [investor’s name]’. Third party
cheques, cheques drawn on overseas banks and cash deposits
will not be accepted.
The application form can be lodged at any National Australia
Bank branch, with your financial adviser or by sending it to
National Australia Trustees Limited (no stamp required) at:
National Australia Trustees Limited
Reply Paid 247
Melbourne VIC 8060
Accounts may be opened with a minimum deposit of $2,000.
An investor who has authorised a broker to act on their behalf
to make an application to deposit money (‘broker investor’),
will not be required to make an initial minimum deposit to
open an account. A confirmation of your application will be
sent to you or your authorised representative.
NAT may, in its complete discretion and without any liability,
refuse to accept any application or limit the amount which
may be deposited, refund the whole or part of the balance
deposited or close the investor’s account. Interest will be paid
on the investor’s account up to, but not including, the date
the account is closed.
Your application may not be accepted until you have complied
with any identity verification process which we require or is
required by any law. New investors and signatories who have
not previously been identified by the National Australia Bank
are required to provide 100 points of identification through
any branch of the National or to complete the ‘Reference
from an Acceptable Referee’ form, which can be found at
national.com.au or by calling us on 1800 036 171.
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Transacting on
your account
Additional deposits
There is no minimum transaction size for additional deposits.
Cash deposits, third party cheques and cheques drawn on
overseas banks will not be accepted.
National Australia Bank branches
Deposits may be made at any National Australia Bank branch
using the encoded deposit book we will send you (if you have
elected to receive this), or ordinary National Australia Bank
deposit slips with your account number written in. There is
no charge for this.
Mail
Investors may send deposits directly to NAT by post. Our Reply
Paid address (no stamp required) is:
National Australia Trustees Limited
Reply Paid 247
Melbourne VIC 8060
Withdrawals and transfers
No cash withdrawals are permitted and the proceeds of
cheques deposited may not be available until cleared.
There is no minimum transaction size for withdrawals made
using the direct entry system, the periodic payment system
or National Australia Bank electronic banking services.
Withdrawals for less than $500 using the Personal Cheque
Facility, the Facsimile Instruction Facility or the Telephone
Withdrawal Facility may incur a $10 fee.
National Australia Bank branches
Withdrawals and transfers may be made at any National
Australia Bank branch. Please note that cash withdrawals will
not be permitted. If you require a bank cheque, telegraphic
transfer or similar payment, you may authorise National
Australia Bank to draw these funds directly from your Common
Fund account. National Australia Bank may charge ordinary
fees for this service.
Telephone Withdrawal Facility
Investors may instruct NAT by telephone toll free on
1800 036 171 on any business day from 9 am to 6 pm
(Melbourne time) to transfer funds to the bank account
nominated on the application form, or instruct NAT to
send a cheque to the address recorded on NAT’s records.
Direct Entry System
You may instruct other investment bodies, banks, share
registries and government benefit paying bodies to credit your
Common Fund account with interest, dividends and benefits.
This applies to any payment you could have credited to a bank
account. You will need to provide the paying institution with
your Common Fund account number and the BSB of the
Common Fund (083-088).
BPAY
®
You can transfer money from your participating financial
institution to your Common Fund account. Payments by credit
card are not permitted.
When you contact your participating financial institution, you
need to quote your Common Fund account number and our
Biller Code 84889.
Electronic banking
You can use National Australia Bank services such as National
Telephone Banking, National Internet Banking, National Online
Business or National Online Corporate to deposit funds to your
Common Fund account. National Australia Bank may charge
standard fees for these services and such fees may be charged
to your Common Fund account.
Electronic participants and broker participants
In the case of an investor participating through an online
service approved by NAT or a broker investor, deposits may be
made electronically to your Common Fund account. In the case
of a broker investor, such deposits may be made by your
broker, if you authorise your broker to do so.
Instructions to NAT to transfer funds to an account other than
the account nominated on the application form must be in
writing. Where requests are received by NAT prior to 4 pm
(Melbourne time), they will generally be processed the following
business day. Investors are advised that delays on which NAT has
no control may occur in the banking industry clearing system.
Please read the Telephone Withdrawal Facility terms and
conditions on page 19 before completing your application form.
Facsimile Instruction Facility
If you have indicated that you wish to use the Facsimile
Instruction Facility on your application form, you may instruct
us by facsimile on (03) 8634 4481 to transfer funds or draw
cheques on your behalf. You may also advise us by facsimile
to change other account details such as your address. Where
requests are received by NAT prior to 4 pm (Melbourne time),
they will generally be processed the following business day.
Please read the Facsimile Instruction Facility terms and
conditions on page 19 before completing your application form.
International Telegraphic Transfers
For investors residing overseas, if you wish to transfer funds
from your Common Fund account, funds will only be remitted
to an account in the name of the Common Fund account
holder and only in Australian dollars. This request will only be
actioned if the standards imposed by NAT for the purposes of
authentication are met.
For investors residing in Australia, NAT will not undertake the
transfer of funds overseas on their behalf. Investors will need
to engage the services of an appropriate banking institution for
the purposes of actioning the request.
11 of 20
Transacting on your
account (continued)
Personal Cheque Facility
NAT has arranged with National Australia Bank to operate
personal cheque facilities on Common Fund accounts. If you
have indicated on your application form that you wish to use
this facility, you will receive a cheque book encoded with your
Common Fund account number. Cheques should be in excess
of $500 (if you do not wish to incur a $10 fee) and cash
withdrawals are not permitted. There is no charge for cheque
books or for the cheque facility, but dishonour fees for cheques
written against unclear or insufficient funds may be charged to
your account. If we issue you with a cheque book, debits tax
may be payable on withdrawals from your Common Fund
account whether by cheque or electronic means. For further
terms and conditions applying to the Personal Cheque Facility,
refer to page 18.
National Telephone Banking
National Telephone Banking is an automated telephone
banking system which allows you to:
• inquire about your account (including account balances and
statement information on National savings, cheque, loan and
credit card accounts, obtain credit interest details and
account number details);
• obtain statement information (including statement order
and reorder);
• transfer funds between linked accounts;
• stop cheque and cheque search;
• BPAY®;
• obtain information on National products (for example,
inquire and apply for a National Credit Card, Home Loan
or Personal Loan); and
• obtain general information such as latest foreign exchange
rates, current credit card interest rates, fees and charges,
investment interest rates and the National Telephone usage
fee among others during operator assisted hours (8 am –
8 pm Monday to Friday).
Direct Entry System
You can authorise other institutions such as insurance
companies to debit your account using the Direct entry system.
The institution concerned will usually supply an authorisation
form for you to sign requesting this service.
BPAY®
You can pay bills using BPAY® through the National Telephone
Banking and National Internet Banking services.
Periodic payments
You may authorise NAT to make periodic payments into bank
accounts maintained by you or by other people. Please ask NAT
for the relevant form should you wish to use this service.
Electronic participants and broker participants
In the case of an investor participating through an online
service approved by NAT or a broker investor, withdrawals may
be made electronically from your Common Fund account. In
the case of a broker investor, such withdrawals may be made
by your broker, if you authorise your broker to do so.
Redemptions
Given the nature of the Fund's investments, NAT anticipates
that the Fund will be liquid for the purposes of the
Corporations Act 2001 (that is, liquid assets account for at least
80% of the value of the Fund). However, in the unlikely event
the Fund becomes illiquid, an investor can only withdraw from
the Fund in accordance with the terms of any withdrawal offer
made by NAT in its absolute discretion.
Electronic banking
You or a person authorised by you, may use National
Telephone Banking, National Internet Banking, National Online
Business or National Online Corporate to access your Common
Fund account. National Australia Bank may charge standard
fees for the use of these products and services and such fees
may be charged to your Common Fund account.
12 of 20
National Telephone Banking is available 24 hours a day, 7 days
a week on 13 22 65 or from overseas on +61 3 8641 9083.
If you are an existing personal customer of the National, then
National Telephone Banking will be available to you when you
open your Common Fund account if you select the option on
the application form. If you are a new customer to the National
and you are lodging your application form at a National branch
you can apply for this service at the same time. Alternatively,
select this option on the application form and you will be
issued with a ‘welcome kit’ that contains the National
Telephone Banking terms and conditions, your National
Identification Number (National ID) and registration
instructions. The terms and conditions relating to National
Telephone Banking should be read in conjunction with the
further terms and conditions on pages 19 and 20 of this
Product Disclosure Statement.
By using National Telephone Banking to access or give
instructions in relation to your Common Fund account, or
by allowing an authorised user to do so, you will be taken
to have accepted the National Australia Bank’s offer of the
National Telephone Banking service and you will be bound by
the National Telephone Banking terms and conditions and the
further terms and conditions set out on pages 19 and 20.
Business customers wishing to use the National Telephone
Banking service should select the option on the application
form included in or accompanied by this Product Disclosure
Statement. Connection of your Common Fund account can be
completed at any branch of the National or by contacting your
Business Banker.
National Internet Banking
National Internet Banking allows you to make inquiries about
your accounts, transfer money from your Common Fund
account to linked National Australia Bank accounts and to other
financial institutions within Australia (only available on further
application), open a new National Term Deposit as well as many
other features. Find out more at the National Australia Bank
website national.com.au by clicking on Internet Banking and
you will find an online demonstration to show you how National
Internet Banking works. There is also comprehensive support
pages including Handy Hints and Frequently Asked Questions.
The service is available 24 hours a day, 7 days a week.
If you are an existing personal customer of the National, then
National Internet Banking will be available to you when you
open your Common Fund account if you select the option on
the application form. If you are a new customer to the National
and you are lodging your application form at a National outlet
you can apply for this service at the same time. Alternatively,
select this option on the application form and you will be
issued with a ‘welcome kit’ that contains the National Internet
Banking terms and conditions and your National Identification
Number (National ID) which can be used together with your
Telephone Banking password to register as a National Internet
Banking user. By using National Internet Banking to access or
give instructions in relation to your Common Fund account, or
by allowing an authorised user to do so, it is considered that
you have accepted the National’s offer of the National Internet
Banking service and you will be bound by National Internet
Banking terms and conditions and the further terms and
conditions set out on pages 19 and 20.
Business customers wishing to use the National Internet Banking
service should select the option on the application form included
in or accompanied by this Product Disclosure Statement.
Connection of your Common Fund account can be completed at
any branch of the National or by contacting your Business Banker.
If you would like your Common Fund account attached to your
Personal National Identification number, you will need to make an
application at a National outlet or to your Business Banker.
National Online Business and National Online
Corporate
National Online Business and National Online Corporate are the
National’s personal computer based cash management
solutions that have been tailored specifically for your business
requirements. Features include account statement information
and transfer of funds from your linked accounts (including your
Common Fund account) to other financial institutions within
Australia and overseas. You must authorise NAT and the
National Australia Bank to allow access to your accounts.
Fees for this service will not be charged to your Common Fund
account unless the Common Fund account is the nominated
billing account. The Product Disclosure Statement and
application form for this banking solution are available
from the National.
National Online Business and National Online Corporate are
able to be used 24 hours a day, 7 days a week.
Responsible entity
and constitution
Responsible entity
NAT is the responsible entity of the Fund and is authorised to
operate as a statutory Trustee Company in all mainland States
and Territories of Australia. As a wholly owned subsidiary of
National Australia Bank, NAT avails itself of some of the
services and facilities of National Australia Bank and the
National Australia Bank Group in managing the Fund. Any
arrangements between NAT and any other entity of the
National Australia Bank Group will be of a contractual nature
and paid for by NAT from management fees earned and
described on pages 6 to 9. No payment for these services and
facilities will be made by NAT to any entity of the National
Australia Bank Group other than from the management fees
charged by NAT. No director of NAT has any pecuniary interest
in the Common Fund except as an investor from time to time.
As responsible entity of the Fund, NAT has a number of duties
and obligations under the Corporations Act, the constitution
and the law. These obligations currently include:
• exercising the degree of care and diligence that a reasonable
person would exercise if they were in the position of
responsible entity;
• acting in the best interest of investors; and
• sending to current investors certain financial and other
reports in relation to the Fund within 3 months of the
end of the Fund's financial year.
As a “disclosing entity” under the Corporations Act, each
Fund is subject to certain regular reporting and disclosure
obligations. Copies of documents lodged with ASIC
(Australian Securities and Investments Commission) in
relation to the Fund may be obtained from, or inspected at,
an ASIC office.
As an investor of the Fund, you may obtain the following
documents from us:
• the annual financial report most recently lodged by us with
ASIC in respect of the Fund;
• any half year financial report lodged by us with ASIC in
respect of the Fund after lodgement of the mentioned
annual financial report and before the date of this Product
Disclosure Statement; and
• any continuous disclosure notices given by us in respect
of the Fund after the lodgement of the mentioned annual
financial report and before the date of this Product
Disclosure Statement.
We will send you a printed or electronic copy of the above
documents free of charge and within 5 days of receiving your
request. If you would like to receive a copy of the above
documents please call us on 1800 036 171 or write to (no
stamp required):
National Australia Trustees Limited
Reply Paid 247
Melbourne VIC 8060
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Responsible entity and
constitution (continued)
Constitution
The constitution for the Fund sets out the terms and conditions
under which the Fund operates and is dated 14 October 1992
as amended. It outlines, amongst other things:
• the authorised investments of the Fund;
• interest calculation and distribution;
• the method of redemption (including if the Fund is not liquid);
• the termination of the Fund and withdrawal of the Trustee;
• amendments to the constitution; and
• the duration of the Fund.
Other provisions of the constitution are discussed elsewhere
in this Product Disclosure Statement. A copy of the Fund’s
constitution may be obtained free of charge on request by
contacting our Customer Service Centre on 1800 036 171.
Compliance plan
The Fund has a compliance plan that sets out the measures that
NAT will apply in operating the Fund to ensure compliance with
both the Corporations Act 2001 and the Fund’s constitution.
Because at least half of the directors of NAT are external
directors (as defined by the Corporations Act 2001), NAT does
not need to establish a compliance committee. Accordingly, the
board of directors of NAT will be responsible for monitoring the
Fund’s compliance with the constitution and compliance plan.
A copy of the Fund’s compliance plan may be obtained by
contacting our Customer Service Centre on 1800 036 171.
Auditor
NAT employs the services of an auditor in relation to National
Australia Trustees Limited, the Fund’s compliance plan and the
Fund itself. At the date of preparing this PDS, National
Australia Trustees Limited was in the process of appointing
a new auditor.
14 of 20
Family Law
Amendments to the law which came into effect on 17
December 2004 enable the Family Court to make orders or
injunctions that alter the rights, liabilities or property interests
of a third party. NAT has established processes and procedures
to enable the processing of such orders or injunctions.
The amendments apply to non-superannuation interests and
can be made in respect to a number of different assets and
liabilities. They may affect your interest in this product.
NAT reserves the right to charge a fee to cover the costs of
complying with injunctions or orders and altering the rights,
liabilities or property interests, or to cover any legal cost
incurred by NAT in responding to matters arising from any
order or injunction.
More information is contained in the publication ‘How Family
Law may affect your superannuation and other investments’.
This publication is available free of charge to parties
(members, lawyers, advisers etc) requiring more information.
To obtain a copy please call the NAT Customer Service Centre
on 1800 036 171. It is also available at national.com.au.
Other information
Minimum age
Investors in the Common Fund must be at least 18 years of age.
Minimum holding
NAT reserves the right to close any account with funds below
$2,000 by paying the balance into a nominated bank account
or forwarding a cheque to the investor’s address as shown on
NAT’s records.
Statement of account
Statements of the transactions on your account are issued
quarterly after the end of March, June, September and
December each year. A statement of all interest earned and
income tax withheld in the previous year forms part of the
first statement issued each financial year. The financial year
of the Fund commences on 1 July each year and concludes
on 30 June of the following year.
Please contact our Customer Service Centre on 1800 036 171
if you require more frequent statements.
Member classification
NAT may classify investors into different categories of investor.
Each category of investor may be subject to different terms and
conditions of participation.
IDPS investors
NAT authorises the use of this Product Disclosure Statement for
investors who wish to access the Fund through an Investor
Directed Portfolio Service (‘IDPS’), an IDPS-like scheme or a
Nominee and Custody Service.
AAAm rating
Standard & Poor’s has rated the Common Fund A1 ‘AAAm’.
This is Standard & Poor’s highest possible rating for a cash
fund. NAT will notify investors immediately if:
a. Standard & Poor’s changes, suspends or withdraws the rating
of the Fund; or
Disclosure Statement. Other than giving this consent, Standard
& Poor’s has not authorised or caused the issue of this Product
Disclosure Statement. Standard & Poor’s only role in relation to
the preparation of this Product Disclosure Statement has been
to review the statements about the rating of the Fund on the
front cover, pages 2, 3 and this page. Standard & Poor’s makes
no representations or warranties as to the completeness or
appropriateness of any other information contained in this
Product Disclosure Statement.
A Standard & Poor’s cash fund rating is not a recommendation
to make, hold or seek redemption of an investment in a fund in
as much as it does not comment as to market price or suitability
for a particular investor. The rating is based on current
information provided to Standard & Poor’s by NAT, or obtained
by Standard & Poor’s from other sources it considers reliable.
Standard & Poor’s does not perform an audit in connection
with any rating and may, on occasion, rely on unaudited
financial information. The rating may be changed, suspended,
or withdrawn as a result of changes in, or unavailability of,
such information, or based on other circumstances.
Cooling off
Retail investors (not ‘professional’ or ‘sophisticated’ investors)
have a 14 day ‘cooling off’ period to decide if their investment
in the Fund suits their needs. If during this time you wish to
cancel your investment you must state this intention in a letter
signed by you and addressed to National Australia Trustees
Limited Reply Paid 247, Melbourne, VIC 8060.
The 14 day period begins five days after your investment
commenced or when your investment is confirmed by NAT,
whichever is earlier. The amount returned will be adjusted for
any market movements up to the day NAT receives notification
that you exercise your right to ‘cool off’, non-refundable taxes,
and duties paid or payable, and reasonable transaction or
administration costs incurred by us in issuing your investment
(but excluding the payment of commission or similar benefits).
Therefore, depending on the circumstances, the amount
refunded may be more or less than the amount invested. The
cooling off period terminates immediately if you exercise any
of your rights under the terms of the product, for example, by
selling part of your investment or switching to another product.
The right to ‘cool off’ does not apply to additional contributions,
regular savings plan contributions, reinvested interest from the
Fund or if you exercise a right under your account such as
writing a cheque from the Personal Cheque Facility.
b. NAT notifies Standard & Poor’s of its intention to cease to
have the Fund assigned a rating.
To maintain this rating, NAT has undertaken to limit the
investments of the Fund to within the investment parameters
outlined in the prevailing Standard & Poor’s AAAm rating
criteria. NAT may change its investments in line with changes
to these guidelines.
Standard & Poor’s has given its written consent to the issue of
this Product Disclosure Statement with the statements about the
rating of the Fund on the front cover, pages 2, 3 and this page,
included in the form and context in which they are included and
has not withdrawn that consent before the date of this Product
15 of 20
Other information
Complaints Resolution
(continued)
What if you have a complaint?
Identification
Under the Financial Transactions Reports Act 1988 (‘FTRA’)
we are likely to be required to identify account holders and
authorised third party signatories in the Fund during the life
of this Product Disclosure Statement. Your application (initial or
additional) may not be accepted until you have complied with
any identity verification process required by NAT and law.
Accounts may be ‘blocked’ to prevent withdrawals until you
have been identified under the FTRA or may be closed if your
identity is not appropriately verified.
We will separately notify affected investors of any additional
identity verification process.
National Australia Bank consent
National Australia Bank Limited has given its consent to the
inclusion in this Product Disclosure Statement of the statements
concerning it on:
• the inside front cover, under the heading “Important
information” being clarification by NAB that it does not
stand behind the capital value or performance of the fund
• page 2 under the heading “At Call Common Fund A1”, and
the subheadings “Transacting on your account”, “Access to
information” and “Fees”
In most cases we can deal with your complaint over the phone.
You can speak to a customer service consultant by calling the NAT
Customer Service Centre on 1800 036 171. If we cannot resolve
your complaint over the phone, NAT has formal procedures for
dealing with complaints and you will need to write to us.
Your correspondence should be addressed to:
Complaint Manager
Service and Solutions
GPO Box 4341
Melbourne VIC 3001
We will make every effort to resolve your complaint as quickly
as possible. If there is anything that may prevent this from
happening, we will notify you.
Who is the independent body that can help
to resolve a dispute?
If your complaint has not been resolved within 45 days, or if
you are dissatisfied with our decision, you may seek assistance
from an independent complaints resolution scheme, the
Financial Industry Complaints Service (FICS). FICS was set up
to provide free assistance to customers of the financial services
industry. You can contact them at:
Financial Industry Complaints Service (FICS)
PO Box 579, Collins Street West
Melbourne Vic 8007
• page 5 under the heading “Interest”
Tel: (03) 8623 2000 or
Toll free: 1300 780 808
Fax: (03) 9621 2291
Email: [email protected]
• pages 6 to 9 under the headings “Adviser Remuneration”,
“Bank service fees”, “Special products and services” and
“Other services” on the Fees and other costs table
Privacy
• page 3 under the subheadings “Investment Policy“,
“Management of the Fund’s investments” and “Custodian”
• page 10 under the heading “Initial deposit”
• pages 11, 12 and 13 under the heading “Transacting on
your account”
• page 13 under the heading “Responsible entity and
constitution”
• pages 16 - 18 under the heading “Privacy”
• page 18 under the subheading “Personal Cheque Facility”
• pages 19 - 20 under the subheading “National Telephone
Banking, National Internet Banking Facility, National Online
Business and National Online Corporate (‘the services’)”
• pages 2 and 3 of the application form
in the form and context in which they are included. National
Australia Bank Limited has not withdrawn its consent before
the date of this Product Disclosure Statement.
The privacy of your personal information has always been
important to us at the National Australia Bank Group (‘Group’).
The Group is the National Australia Bank Limited and its
subsidiaries such as MLC Ltd and Custom Service Leasing
Limited (trading as Custom Fleet). It includes all our banking,
financing, funds management, financial planning,
superannuation, insurance, broking and e-commerce
organisations.
This statement is an outline of certain matters relating to
the collection and handling of your personal information
by the Group.
The statement is for you if you are:
• a customer of the Group (‘Customer’); or
• a representative of a Customer (for example, a signatory), a
beneficiary (which includes a potential beneficiary) or some
other kind of third party relevant to a Customer (for
example, a guarantor) (each a ‘Third Party’).
A further explanation of our privacy practices is set out in our
Privacy Policy.
16 of 20
Collecting your personal information
The purposes for which your personal information is collected
will depend on the organisation with which you deal. Personal
information is collected by Group organisations offering:
• banking and finance products or services such as
personal accounts, loans, credit cards, term deposits, internet
banking, e-commerce, derivatives, leasing and related
lifestyle products or services
• financial planning or broking services or investment
products such as managed funds, investment services,
superannuation funds, investment bonds, retirement savings
accounts and related lifestyle products or services
• trustee or custodial services such as safe deposit boxes or
custody of assets for managed funds or superannuation funds
• life insurance products or general insurance products
which includes those offered in conjunction with other
Group products or services.
If you are, or may be, acquiring or have acquired a product or
service from a Group organisation, it will collect your personal
information for the purposes of:
• providing you with the relevant product or service (including
assessing your application and identifying you)
• managing and administering the product or service
• protecting against fraud where it is a banking and finance or
insurance product or service.
Group organisations may also collect your personal information
for the purpose of letting you know about products or services
from across the Group that might better serve your financial, ecommerce and lifestyle needs or promotions or other
opportunities in which you may be interested.
If you are a representative of a Customer then your personal
information will be collected for the purpose of identifying you.
• if you are another type of a Third Party, to provide a
Customer with the relevant product or service (including
assessing their application and identifying them), manage and
administer their product or service or protect against fraud.
Using and disclosing your personal
information
In line with modern business practices common to many
financial institutions and to meet your specific needs (such as
where you have a financial adviser) we may disclose your
personal information to the organisations described below.
Where your personal information is disclosed we will seek to
ensure that the information is held, used or disclosed
consistently with the National Privacy Principles in the Privacy
Act 1988 (Cwlth), any relevant Health Privacy Principles under
state legislation and other applicable privacy laws and codes.
The relevant organisations are those:
• involved in providing, managing or administering your
product or service such as third party suppliers, other Group
organisations, loyalty and affinity program partners, printers,
posting services, call centres, lenders, mortgage insurers and
our advisers
• which are Group organisations who wish to tell you about
their products or services that might better serve your
financial, e-commerce and lifestyle needs or promotions
or other opportunities, and their related service providers,
except where you tell us not to
• who are your financial adviser and their service providers
• involved in maintaining, reviewing and developing our
business systems, procedures and infrastructure including
testing or upgrading our computer systems
• involved in a corporate re-organisation
• involved in a transfer of all or part of the assets or business
of a Group organisation
If you are a beneficiary your personal information will be
collected for the purpose of determining whether you will
be paid a benefit that has become payable upon another
person’s death.
• involved in the payments system including financial
institutions, merchants and payment organisations
If you are any other type of Third Party your personal information
will be collected for the purpose of providing the Customer with
the relevant product or service (including assessing their
application and identifying them), managing and administering
the product or service or protecting against fraud where it is a
banking and finance or insurance product or service.
• as required or authorised by law, for example, to
government or regulatory bodies for purposes related
to public health or safety, the prevention or detection
of unlawful activities or to protect public revenue
If a Group organisation does not obtain the information it
seeks it may not be able:
• to process your request
• to manage or administer your product or service
• to tell you about other products or services from across the
Group that might better serve your financial, e-commerce
and lifestyle needs
• if you are a representative, to verify your authority to act on
behalf of a Customer;
• if you are a beneficiary, to consider the information you
have not provided in determining whether you will be
paid a benefit
• involved in product planning and development
• which are your representatives including your legal advisers
• where you have given your consent.
In addition, for Group organisations offering:
• banking and finance products or services – other
organisations to which personal information is usually
disclosed are card producers, card schemes, credit and
fraud reporting agencies, debt collection agencies, mortgage
insurance companies, your guarantors, organisations
involved in valuing, surveying, or registering a security
property or which otherwise have an interest in such
property, purchasers of debt portfolios, underwriters,
re-insurers and other organisations involved in our normal
business practices (such as securitisation)
17 of 20
Other information
(continued)
• financial planning or broking services or investment
products – other organisations to which personal information
is usually disclosed are superannuation and managed funds
organisations and their advisers, organisations in which you
invest and other organisations involved in our normal business
practices (such as securitisation)
• trustee or custodial services – other organisations to which
personal information is usually disclosed are superannuation
and managed funds organisations and their advisers and
other organisations involved in our normal business practices
• life insurance products or general insurance products –
other organisations to which personal information is usually
disclosed are medical professionals, medical facilities, health
authorities, assessors, underwriters, reinsurers and fraud
detection agencies and other organisations involved in our
normal business practices.
Your personal information may also be used in connection with
such purposes.
Because we operate throughout Australia and overseas,
some of these uses and disclosures may occur outside your
State or Territory.
Consent
It is our practice to seek your consent to use or disclose your
personal information to tell you about, and develop, other
products or services from across the Group that might better
serve your financial, e-commerce and lifestyle needs, or other
promotions or opportunities in which you may be interested.
This may be done after an initial marketing contact. We
assume we have your consent to use service providers to assist
us with this (such as a posting service or an advertising
agency), unless you tell us otherwise (see ‘Contacting us’).
Gaining access to your personal
information
You can gain access to your personal information. This is
subject to some exceptions allowed by law. We will give
you reasons if we deny access.
Contact us to get a form requesting access (see ‘Contacting
us’). In some cases, we may be able to deal with your request
over the telephone or over a counter.
Contacting us
For more information about our Privacy Policy, please call
13 22 65 (or from overseas +61 3 8641 9083) and select the
option to speak to a Customer Service Representative or visit
us at national.com.au
For more information about privacy in general, you can visit
the Federal Privacy Commissioner’s website privacy.gov.au.
18 of 20
Terms and conditions
NAT may vary these terms and conditions by notice to you.
Personal Cheque Facility
NAT has an arrangement with National Australia Bank to
provide a Personal Cheque Facility for investors who have so
requested on the application form included in or accompanied
by this Product Disclosure Statement. A cheque drawn on such
a facility constitutes a request for withdrawal from the
investor’s account and upon presentation, will be referred to
NAT by National Australia Bank for payment. New investors
and signatories may be required to provide 100 points of
identification. Please refer to page 12.
Where an investor is maintaining an account on behalf of
another entity such as an estate or a trust, NAT reserves the
right to require copies of documentation authorising investors
and signatories to operate cheque facilities. Such
documentation may include copies of probate, trust deeds,
letters of administration etc.
By completing a request for a cheque facility, the investor
agrees with NAT that:
a. NAT may charge a fee of $10 in respect of each cheque
drawn by the investor for less than $500, and the investor
hereby authorises NAT to pay National Australia Bank any
such fee from the investor’s account.
b. The investor will not draw any cheque unless there remains
in the investor’s account, after the cheque is drawn, not less
than $2,000. Where investments are made by cheque, such
investments may not be drawn against until cleared. Where
there are insufficient funds in the account to pay a cheque,
cheques will not be honoured.
c. Investors will notify NAT promptly on discovery of loss or theft
of cheque forms. A request to dishonour or stop payment of
a cheque may incur a fee. The applicable fee may be
obtained from any branch of National Australia Bank.
d. The cheque facility may be terminated at any time by NAT
giving notice in writing to the investor, who shall then return
unused cheque forms to NAT. The investor may also
terminate the arrangement by notifying NAT and returning
all unused cheque forms.
e. The investor agrees to indemnify and release both NAT and
National Australia Bank against and from all claims, costs and
expenses in respect of any loss or liability incurred or sustained,
arising out of the use or misuse of the cheque facility.
f. National Australia Bank acts solely on the instructions of NAT
in paying, stopping or dishonouring cheques drawn by the
investor on National Australia Bank and does not act on the
instructions of the investor or any person acting on behalf of
the investor.
Telephone Withdrawal Facility
Investors may telephone NAT in Melbourne toll free on
1800 036 171 by 4 pm (Melbourne time) on any business day,
and request partial or total withdrawal of their investment. The
withdrawal request must be for $500 or more (if the investor
does not wish to incur a $10 fee) and will usually be processed
the next business day.
Where a telephone withdrawal request to transfer money to
the investor’s nominated account is received, NAT will act on
that request as if a written request has been received. Where a
telephone withdrawal request to transfer money to an account
other than the investor’s nominated account is received by NAT,
the request must be confirmed in writing prior to the transfer
being processed.
Where the Telephone Withdrawal Facility is requested,
irrespective of the identity of the caller, the investor shall
release, discharge and agree to indemnify NAT from and
against all actions, proceedings, accounts, costs, claims and
demands. This is in respect of any liabilities arising directly or
indirectly out of withdrawals requested, or purportedly
requested, pursuant to the Telephone Withdrawal Facility
except to the extent that such liability is attributable to NAT’s
own wilful neglect or default.
Cheques made payable to third parties can be provided where
written authority has been given to NAT.
Facsimile Instruction Facility
If you elect to use the Facsimile Instruction Facility, the
following terms and conditions will apply.
You agree that in relation to facsimile instructions:
1. NAT is authorised to accept and act upon any facsimile
message sent to the NAT facsimile numbers which purports
to have been sent by the investor or their authorised
representative. This is irrespective of whether the message
was in fact sent by an authorised person/s who is authorised
or appears to be authorised to transact on the investor’s
account in accordance with the Signature section of the
investor’s Common Fund application form.
2. All instructions facsimiled to NAT for processing on
a particular day must be received by NAT by 4 pm
(Melbourne time) on the preceding business day. NAT
reserves the right to hold any instructions received after
this time for processing on the following business day.
3. NAT shall not be responsible for any loss, damage or liability
the investor may suffer or incur by reason of, or in connection
with:
a. NAT acting on any facsimile instruction which purports
to have been sent from the investor or their authorised
representative in accordance with the Signature Section
of the investor’s Common Fund application form;
b. any error contained in the facsimile message irrespective
of whether the error originated in the transmission or the
receipt of the facsimile message;
c. any delays in transmission or payment; or
d. any non-receipt by NAT of a facsimile message which
appears to have been transmitted by the investor or by
an authorised person/s.
The investor agrees not to make any claim or demand against
NAT in respect of any such loss, damage or liability and shall
indemnify NAT against any loss, damage or liability NAT may
suffer or incur as a result of NAT acting in accordance with the
conditions of this authority.
National Telephone Banking,
National Internet Banking Facility,
National Online Business and
National Online Corporate
(‘the services’)
The National is offering their service to investors in the
Common Fund only on the terms and conditions which
are contained in the National Telephone Banking Product
Disclosure Statement which you have received or will receive
after forwarding your Common Fund application form and the
National Internet Banking Product Disclosure Statement which
will be sent to you on request and can be viewed at the
National website national.com.au. You should be aware
that the National may vary these terms and conditions in
accordance with their provisions.
These terms and conditions should be read in conjunction with
the further terms and conditions that are set out below. The
further terms and conditions set out in this Product Disclosure
Statement will also apply if you use the services in connection
with your Common Fund account.
The National may charge standard fees in respect of these
services. Details of these fees are available from the National’s
Personal Banking Fees and Charges booklet which is available
on request from the National. Any fees relating to the services
payable by you may be debited from your investment.
We will not be liable to you for any overcharging which occurs
as a result of an error by the National.
By using a service to access or give instructions in relation to
your Common Fund account or by allowing an authorised user
to do so, you will be taken to have accepted the terms and
conditions for the relevant service and the following further
terms and conditions:
1. The National is appointed as your agent to transmit to NAT
any instructions you or any authorised user (together a
‘user’) give in relation to your investment through the
services.
2. NAT may act on any instructions from the National which
may include, without limitation, a request to deposit or
withdraw amounts or a request about the value of your
investment.
3. The only transactions which you may carry out in relation to
your investment through the services are those which you
are able to carry out in relation to your investment if you are
dealing with NAT in the normal way.
19 of 20
Terms and conditions
(continued)
4. NAT has the benefit of the disclaimers, limitations of liability
and indemnities for the National Internet Banking terms and
conditions (‘Internet terms and conditions’) and the National
Telephone Banking terms and conditions (‘Telephone terms
and conditions’). These are described in:
a) clauses 32, 33 and 34 of the Internet terms and conditions
and also in clause 20 of the Telephone terms and
conditions, which is incorporated by reference through
clause 42 of the Internet terms and conditions; and
b) clauses 12, 14, 20 and 25 of the Telephone terms and
conditions.
5. Any provision of the Internet terms and conditions or
the Telephone terms and conditions as to the effect of
instructions given to the National applies for the benefit
of NAT for the National Telephone Banking and National
Internet Banking facility. These provisions are:
a) clauses 23, 24, 25 and 26 of the Internet terms and
conditions; and
b) clauses 8, 13, 14, 16, 17, 18, 19 and 20 of the
Telephone terms and conditions.
6. Any fees relating to the services payable by you may be
debited from your investment.
7. Any references to a clause of the ‘Internet terms and
conditions’ or the ‘Telephone terms and conditions’
include a reference to any replacement or substitute clause.
20 of 20
Contact information
Our registered office is:
105 – 153 Miller Street
North Sydney NSW 2060
Our principal place of business is:
At Call Common Fund A1
Level 3
2306 UB
800 Bourke Street
Docklands VIC 3008
Our postal address is:
Reply Paid 247
Melbourne VIC 8060
Our main phone numbers are:
Toll free
Facsimile
International
1800 036 171
(03) 8634 4481
+61 3 8634 3098
Our email address is:
[email protected]
At Call Common Fund A1
Please note information contained in this Product
Disclosure Statement has been updated by Supplementary
Product Disclosure Statement prepared 1 November 2008.
Application
Dated: 10 November 2004
National Australia Trustees Limited
ABN 80 007 350 405
AFSL 230703
www.national.com.au
Account Number
To be completed and forwarded to:
Reply Paid 247
MELBOURNE VIC 8060
This application form cannot be photocopied or reproduced in any way. Applications must be on an original application form.
Section A – Individual or joint name investment details (must be at least 18 years of age)
Applicant 1
Title
Dr
Mr
Mrs
Miss
Given Name(s)
Surname
Date of Birth
/
Telephone – private (
Applicant 2
Ms
/
Occupation
)
Telephone – business (
Title
Dr
Mr
Mrs
Miss
Given Name(s)
Ms
Surname
Date of Birth
Telephone – private (
/
/
Occupation
)
Telephone – business (
)
No postal boxes will be accepted if a
residential address has not been supplied.
Residential address
Postal address
Number and Street
Number and Street
Suburb/Town
Suburb/Town
State
�
)
Postcode
State
Postcode
Go to Section C
Section B – Company name investment details (business/partnerships/sole trader/association)
Name of Company
Telephone – private (
)
Telephone – business (
)
No postal boxes will be accepted if a
residential address has not been supplied.
Residential address
Postal address
Number and Street
Number and Street
Suburb/Town
Suburb/Town
State
�
Postcode
State
Postcode
Go to Section C
Section C – Account designation (if applicable)
Any investment for a Trust or Superannuation Fund must be in the name of the Trustee/s. You may give the account a designation in the space
provided using the name of the Trust or Fund.
Account designation
�
Go to Section D
Section D – Adviser Details
Adviser/Branch stamp
Adviser Name
�
Go to Section E
Please ensure all pages of the application are completed
Adviser Code:
1 of 8
At Call Common fund A1
Application (continued)
Section E – Initial deposit and interest reinvestment details
Initial deposit (minimum $2,000) $
Cheques must be made payable to : ‘National Australia Trustees Limited [investor’s name]’
Interest to be:
Reinvested to your Common Fund Account or
Paid into your nominated bank account – give details below
Account name
BSB no.
–
Account no.
Would you like an encoded deposit book:
Yes
No
➤ Go to Section F
Section F – Withdrawal instruction details
Personal Cheque Facility – Please indicate whether a Personal Cheque Facility is required
Yes
No
Investors are referred to the terms and conditions on page 18 and the section headed ‘Fees and other
costs’ on pages 6 to 9. New investors and signatories may be required to provide 100 points of
identification.
National Australia Bank Limited ABN 12 004 044 937 electronic banking services
Internet
Telephone
If you would like access to National Australia Bank Limited electronic banking services for use in
conjunction with your Common Fund account, please indicate which service. National Online Business
and National Online Corporate are available by application through National Australia Bank Limited.
Investors are referred to the terms and conditions on pages 19 and 20.
Facsimile Instruction Facility
Yes
No
Investors are referred to the terms and conditions on page 19.
Telephone Withdrawal Facility
Yes
No
Investors are referred to the terms and conditions on page 19. Note: Payments to third parties require
written authorisation.
If yes, please nominate bank account details below.
Account name
BSB no.
–
Account no.
Bank
Please read signing instructions on page 3 of the application forms.
➤ Go to Section G (individual or joint name investors) or Section H (company investors)
Please ensure all pages of the application are completed
2 of 8
At Call Common fund A1
Signature Section
Instructions
•
Individuals and joint name accounts – complete Sections G & J
•
Company accounts – complete Sections H & J
•
Trust accounts – the Trustee should complete Section G or H as applicable and Section J
•
Additional signatories may be authorised in Section I
Marketing consent
This consent applies only to information about other products or services that may be of interest to you in the future. It is not required for any
matter relating to providing, managing or administering this product or any of your existing products. It has no impact on your relationship with
your financial adviser. We always seek to better understand and serve your financial, e-commerce and lifestyle needs so we can offer you other
products and services that aim to meet those needs as well as promotions or other opportunities. This applies to each organisation within the
National Australia Bank Group (‘Group’) including our banking, financing, funds management, financial planning, superannuation, insurance,
broking and e-commerce organisations. To undertake these marketing activities we may need to use and disclose your personal information
amongst the Group, to your financial adviser (if any) and to service providers (for example posting services). However, this would not include
your health information.
May we please have your permission?
Yes
No
If you do not mark any box we will assume that you want to hear about the products and services we have described.
The answer you are giving now will not change any specific product or service consent that you have given or will give in the future (for
example, for a loyalty program or online direct marketing). You can withdraw your consent at any time by contacting us on 1800 036 171.
Acknowledgments and Authorisations
I/We authorise NAT to disclose to the adviser named on the previous page (if any), information relating to my/our application for investment in
the Fund or any subsequent information relating to that investment. I/We understand that this will not include disclosure of my/our TFN/s or any
information in relation to it/them.
I/We acknowledge that (i) investments in the National Australia Trustees Limited At Call Common Fund A1 are not deposits with or other
liabilities of NAT, National Australia Bank Limited or any other company in the National Group and are subject to investment risk including
possible delays in repayment and loss of income and capital invested; (ii) neither the repayment of capital nor the investment performance of
the Fund is guaranteed by NAT, National Australia Bank Limited, or any other company in the National Group; (iii) I/We agree to be bound by
the provisions of the Constitution constituting the Fund dated 14 October 1992 (as amended, and may be amended from time to time) and,
where applicable, the Terms and Conditions associated with the Personal Cheque Facility, Telephone Withdrawal Facility, Facsimile Instruction
Facility and Telephone Banking, Internet Banking Facility, National Online Business and National Online Corporate. I/We have legal power to
invest in accordance with the details given on the application form and warrant that the details given are true and correct. If I/We have signed
as Attorney, I/we declare that I/we have received no notice of revocation of that power.
I/We acknowledge and agree that NAT and/or National Australia Bank Limited will need to verify my identity if required in accordance with the
Financial Transactions Reports Act and that I may be required to provide further information for this purpose. Important: Interests in the Fund
will only be issued on receipt of an application form issued together with the Product Disclosure Statement. The Product Disclosure
Statement contains important information about the Fund and should be read before signing this application form.
Your application is made on and subject to the terms of the Product Disclosure Statement. NAT or the person providing you access to
this document will send you a paper copy of the Product Disclosure Statement and application form free of charge if you request it
while the Product Disclosure Statement is current. I/We acknowledge that the Corporations Act prohibits any person from passing on
to another person an application form unless it is accompanied by a complete and unaltered electronic Product Disclosure Statement.
I/We declare that this application form was attached to or accompanied by the electronic Product Disclosure Statement dated
21 October 2003 or a print out of it, which I personally received and read. I/We acknowledge that before applying for interests in
the Fund, I/we were given access to the electronic Product Disclosure Statement dated 21 October 2004, or a printed version of it
together with this application form.
Important: Please read the Product Disclosure Statement before signing this Application Form. This application has been made on
and subject to the terms and conditions of the Product Disclosure Statement.
Please ensure all pages of the application are completed
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At Call Common fund A1
Signature Section (continued)
Section G – Individual or joint name investment
Signature
Signature
Name (BLOCK LETTERS)
Name (BLOCK LETTERS)
Date
/
/
Date
/
OFFICE USE ONLY
OFFICE USE ONLY
Customer No
Customer No
/
➤ Go to Section J
Section H – Company investment (business/partnerships/sole trader/association)
Signature
Signature
Name (BLOCK LETTERS)
Name (BLOCK LETTERS)
Capacity (eg Sole Director, Secretary)
Capacity (eg Sole Director, Secretary)
Date
Date
/
/
/
OFFICE USE ONLY
OFFICE USE ONLY
Customer No
Customer No
/
Common Seal to be affixed in accordance with the Constitution
of the company
➤ Go to Section J
Section I – Other authorised signatories
Signature
Signature
Name (BLOCK LETTERS)
Name (BLOCK LETTERS)
Date
/
/
Date
/
OFFICE USE ONLY
OFFICE USE ONLY
Customer No
Customer No
➤ Go to Section J
Section J – Other instructions
All applicants must sign for transactions
Either applicant can sign for transactions
Other signing instructions
(If no election is made, we will assume that any signatories may sign solely)
Please ensure all pages of the application are completed
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/
At Call Common fund A1
Tax File Number
ABN Notification
National Australia Trustees Limited
ABN 80 007 350 405
AFSL 230703
www.national.com.au
Account Number
To be completed and forwarded to:
Reply Paid 247
MELBOURNE VIC 8060
Instructions
Refer guidelines overleaf before completing
Tick appropriate box and complete following details
Individual/Joint Account
Complete part A, C & D
Sole Trader/Partnership/Trust/Company Account
Complete part B, C & D
If partnership does not have a Tax File Number (TFN), or Australian Business Number (ABN) complete joint account details, part A, C & D
Part A
Surname
Surname
Given Name/s
Given Name/s
ABN* Please refer to guidelines overleaf
ABN* Please refer to guidelines overleaf
Tax File No
Tax File No
OFFICE USE ONLY
OFFICE USE ONLY
Customer No
Customer No
Part B
Sole Trader/Partnership/Trust/Company name
ABN* Please refer to guidelines overleaf
Tax File No.
OFFICE USE ONLY
Customer No
Part C
Postal Address
Suburb/Town
State
Postcode
➤ Please turn overleaf
At Call Common fund A1
Receipt – Office Use Only
Bank/NAT stamp
Received from
Amount $
8
3 – 0
BSB no. 0
Thank you for your investment
Date
8
8
/
/
Account no.
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At Call Common fund A1
Tax File Number / ABN Notification (continued)
Part D
Existing/New customers (where TFN or ABN is not recorded with Trustee Company)
Please apply my/our TFN/s ABN/s to all accounts in my/our name/s
Or
Please apply my/our TFN/s ABN/s to my/our nominated account/s listed below
Account number/s
Or
New Accounts (where TFN/ABN already recorded on Trustee Company file)
I/We authorise National Australia Trustees Limited to use the TFN/s/ABN/s already on file for my/our new account/s.
Or
Exemptions
If the account is exempt from the need to quote a TFN/ABN, please advise reason after reference to notes below.
OFFICE USE ONLY
Bank/NAT stamp
Reason
Signature
Date
Signature
/
/
Date
/
/
TFN Notification/ABN Notification
Collection of TFN information is authorised and its use and disclosure are strictly regulated by the tax laws and the Privacy Act.
It is not an offence if you choose not to quote your TFN or ABN, but if you do not, tax may be taken out of your interest.
This form is to be used to notify accounts or investments in:
•
•
Individual name
Trust Accounts
•
•
Joint Accounts
Company Accounts
•
Partnership Accounts/Sole Trader
This form can be used to advise us of all of your accounts or investments with National Australia Trustees Limited, or you can nominate specific
accounts/investments.
* Please note – An ABN can only be quoted if the investment being made by you is in the course or furtherence of your enterprise.
TFN/ABN Exemptions
Pensioner
In the space provided, write the full name of the pension you receive:
•
•
•
•
Organisation not required
to lodge a Tax Return
Age Pension
Disability Support Pension
Pension per the Veterans Entitlements Act 1986
Parenting Payment Pension
Wife Pension
Carer Payment
Widow Allowance
Special Benefits
In the space provided, write the name of the Organisation and the reason why
a Tax Return is not required to be lodged.
After completion, please return to:
National Australia Trustees Limited
Reply paid 247
Melbourne Vic 8060
6 of 8
•
•
•
•
At Call Common fund A1
Appointment of Authorised Representative
Investors may appoint an authorised representative on the terms and conditions set out below by
inserting the name of the Authorised Representative(s) in the space provided
Please insert the full title of your account
Please insert your account number
Authorised Representative/s
Name
Name
Address
Address
State
Postcode
State
Signature
Postcode
Signature
OR: Name of company: (Please attach a list of signatories authorised by the company signed by two directors of the company.)
Operating Instructions
Please indicate any requirements for signing authorities. If no election is made we will assume that any of the signatories may sign solely.
Authorised Representative Terms and Conditions
1. These terms and conditions apply to all amounts invested in the National Australia Trustees Limited At Call Common Fund A1 (‘the Fund’)
by the investor.
2. The investor agrees, authorises and directs that the Authorised Representative shall be the authorised representative and agent of the
investor to: make additional deposits in the Fund; request partial or full withdrawals from the Fund; and take any other action which is
incidental to the making, holding or withdrawing of investments from the Fund for and on behalf of the investor.
3. National Australia Trustees Limited (NAT) may vary these terms and conditions or cancel the appointment of the Authorised Representative
by giving not less than seven days notice in writing to the investor and to the Authorised Representative.
4. The investor may cancel the appointment of the Authorised Representative at any time by written notice to NAT but, until any such
written notice has been received by NAT, NAT shall be entitled to continue to act on the instructions of the Authorised Representative
and notwithstanding any inconsistent instructions given or purported to be given by the investor or upon the death of the investor.
5. The investor and the Authorised Representative jointly and severally release, discharge and agree to indemnify and hold harmless and keep
indemnified and held harmless NAT from and against all actions, proceedings, accounts, costs and claims and demands in respect of any liabilities,
howsoever arising, directly or indirectly out of any transaction or dealing made, or purported to be made, pursuant to an actual or purported or
alleged instruction direction or exercise of authority of the Authorised Representative or of the investor, except to the extent that such liability is
attributable to NAT’s own wilful neglect or default.
6. The investor hereby authorises and agrees to ratify each and every action taken by the Authorised Representative while these terms and
conditions apply and the investor agrees that the investor and every person claiming through or under the investor shall have no claim in
relation to any transaction, dealing or payment made or purported to be made pursuant to these terms and conditions against NAT whether
or not the transaction, dealing or payment is made in accordance with or pursuant to these terms and conditions or, in any other case,
against NAT notwithstanding that the transaction, dealing or payment was made without the investor’s or the Authorised Representative’s
knowledge or authority, and notwithstanding any other circumstance which but for these terms and conditions would have made NAT liable
to the investor or the Authorised Representative or any person claiming through the investor or the Authorised Representative.
I/We confirm that I/We have read and understood the terms and conditions that apply to this authority
and appointment
Common Seal to be affixed in
To be signed by individual & Joint Investors in accordance with the current signing authority
Signature
Date
accordance with the constitution
of the company
Signature
/
/
Date
/
/
(Please indicate if the company is a single director company)
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52173 MLC 09/04
398-864 © National Australia Trustee Limited ABN 80 007 350 405