A Ministry of Churches of Christ in Queensland
All profits derived from activities of Centenary Development Foundation are used for wider work of Churches of Christ in Queensland and its constituted Churches
Legal Structure- All investments will be administered by the Centenary Development Foundation (CDF) which operates as a ministry of Churches of Christ in Queensland of 41 Brookfield Road Kenmore QLD 4069. Churches of Christ in Queensland is a body corporate under Letters Patent issued under the Religious, Educational and Charitable Institutions Act 1861 to 1959.
CDF is a Religious Charitable Development Fund that operates under Banking Exemption No.1 of 2013 to the Banking Act 1959.
Investors should be aware that Centenary Development Foundation (CDF) is not subject to the normal requirement to have a Disclosure Document or Product Disclosure Statement and be registered or have a trust deed under the Corporations Act. This scheme has not been examined or approved by ASIC and the investment is designed for those who wish to promote the charitable work of Churches of Christ in Queensland and for whom the considerations of profit are not of primary relevance in their investment decisions. However, such investments are not specifically secured but repayment is underwritten by the overall funds & assets of Churches of Christ in Queensland.
All profits derived from the activities of CDF are used for the wider work of Churches of Christ in Queensland and its affiliated churches.
Furthermore neither Churches of Christ in Queensland nor Centenary Development Foundation are prudentially supervised by the Australian Prudential Regulation Authority (APRA) and contributions to the fund do not obtain the benefit of the depositor protection provisions of the Banking Act 1959.
Tax File Number Information- The collection of Tax File Number information is authorised and its use and disclosure are strictly regulated by the tax laws and the Privacy Act.
Please note: that it is not against the law if you choose not to give your Tax File Number or Exemption but tax may be taken out of your interest.
If you are exempt but have a Tax File Number, it is safer to give your Tax File Number just in case your circumstances change.
Exemptions: For details about who is exempt, please refer to the Australian Taxation Office website– www.ato.gov.au search “Reporting exemptions from quoting a TFN/ABN”
Pensioner- In the space for Tax File Number write the full name of the pension received: age pension, widow B pension, disability support pension, parenting payment – that is, a pension PP (single), wife pension, special benefit, carer payment, special needs pension, or service pension or income support supplement.
Child Under 16- In the space for Tax File Number write the child’s date of birth
Organisation not required to lodge a Tax Return- In the space for Tax File Number write ‘Nil’ and the reason why the organisation is not required to lodge a Tax Return.
Terms & Conditions
- Interest is calculated on a daily basis from the date of receipt of monies by CDF. Upon withdrawal, interest will be calculated to the day prior to the day of repayment.
- The investor will receive a written acknowledgement for each Fixed Term Investment and for the opening investment for other account types. Then statements will be issued according to the account type.
- For transactional accounts, that is all accounts except for Fixed Term Investments, additional investments of any amount may be lodged at any time and will appear on the statement for the account. Please check your statements & retain for taxation purposes.
- An acknowledgement of investment is not a document of title but its surrender may be requested on repayment of the investment.
- Investments are NOT TRANSFERABLE. Where a change of ownership is requested, CDF will consider requests to invest the funds again in the new name.
- Requests for withdrawal of investment in joint names must be signed by all parties concerned unless a written authority signed by all parties to allow for one signatory has been received by CDF such as on the Account Application Form.
- A Direct Debit Request Form must be completed before CDF can transfer funds from an external bank account to CDF (including Easy Save)
- Requests for electronic transfer of funds into your CDF investment are transferred overnight. Request for funds transfers received after 3pm will occur the following business day.
- Request for withdrawals will occur as per the account type restrictions.
- CDF accounts may be linked to an appropriate savings/cheque account.
- CDF reserves the right to repay any or all investments together with the interest earned up to the date of repayment on giving one calendar month’s notice of its intention to do so by letter forwarded to the last known address of the investor.
- CDF reserves the right to refuse any investment without assigning a reason.
- In the event of the death of the investor CDF will pay the investment(s) with accrued interest to the personal representative, Executor or Administrator on completion of legal formalities to the satisfaction of CDF, except in the case of joint account where the investment will be transferred to the surviving investor.
- Subsequent account/s may be opened on verification of password, if CDF holds an existing account opening form in the same name/s. However, there may be occasions where a new account application form, email or letter will be requested. All accounts are subject to the relevant terms & conditions.
Fixed Term Investment (Opening amount of $1,000 minimum) Certificate will be issued for each Fixed Term Investment. Interest rate guaranteed for the term of the investment. Interest paid at maturity on terms 12 months or less. Interest paid annually on 24 & 36 month terms. The date of maturity can only be set for a business day.
Term of 31 days will be automatically rolled over for another 31 days at the interest rate current at maturity and a notice issued. The date of maturity can only be set for a business day. Therefore, if the 31 day period places maturity on a weekend or public holiday, the period will be extended to the next business day.
For all other terms, unless auto rollover has been requested, a maturity notice will be posted before maturity requesting instructions from the investor. An investor may request the interest due to be either:
a) Credited and added to the amount of the investment.
b) Credited to the investor’s nominated bank account as per the investor’s signed instructions.
c) Or as otherwise agreed.
In the absence of a request for repayment or renewal, the investment will be re-invested for the same term and interest either reinvested or paid out as per the previous instruction held with the interest rate that applies on the maturity date.
Funds can only be added or withdrawn on the day of maturity.
You may submit a written request for an early redemption of your Fixed Term Investment before the term has ended, if you are experiencing hardship. See our Hardship Policy. If approved interest will be paid at a rate reduced by 2%pa (eg 3%pa reduces to 1%pa) from the date the term began to the day prior to withdrawal. For periods over 12 months, any interest already paid at the higher rate will be recalculated at the reduced rate and the difference will be deducted from interest payable on withdrawal, or if this is not sufficient, from the balance at the time of withdrawal.
N31 ($1,000 minimum balance. $250 for children) Funds can be added at any time.
31 days notice required for withdrawals. Earlier withdrawals are only available if you are experiencing hardship. See our Hardship Policy. If approved the interest will be paid at a rate reduced by 2%pa for the interest period.
Variable Interest Rate. Interest paid monthly & statements issued quarterly.
At Call Account Available to Church of Christ churches and associates only. Not available to individuals. Variable Interest Rate. Interest paid monthly & statements issued thereafter. Funds are available at call.
Funeral Assistance Plan Variable Interest Rate. Interest paid 30 June & 31 December & statements issued thereafter. Interest earned is exempt from Deeming and Income Tax provisions (subject to limits imposed by the Social Security Act 1991) as funds are only released to cover funeral expenses or paid to your estate. No joint accounts.