Scheme Information and ASIC Disclosure

About SEET

The Secure Employees Entitlements Trust, known as SEET, is an employee entitlement scheme established to preserve and protect eligible employee entitlements.

SEET is a workers entitlement fund established to preserve employee entitlements in the floor laying and glazing industries by providing portability and protection.

The Trustee of SEET is Secure Employees Entitlements Pty Ltd.

SEET was established by trust deed on 31 October 2003. SEET primarily holds employee long service leave entitlements on trust.

Employers make contributions as required by an Enterprise Bargaining Agreement, applicable award or other applicable industrial instrument.

SEET holds and administers contributions in accordance with the SEET Trust Deed, relevant industrial instruments and applicable law.

How contributions to the scheme are used

Contributions paid into SEET are used for the purposes of the scheme.

This includes:

• holding contributions for eligible members until benefits become payable;
• recording employer and member contributions;
• paying eligible member benefits in accordance with the Trust Deed, relevant industrial instruments and applicable law;
• investing scheme property where permitted;
• meeting reasonable costs of administering, auditing, managing and operating the scheme;
• paying or reimbursing costs properly incurred in operating the scheme;
• transferring amounts to or from another approved or similar worker entitlement fund where permitted; and
• making any other payment permitted by the Trust Deed and applicable law.

How income from contributions or scheme property is used

Income earned from SEET contributions or other scheme property is used in accordance with the Trust Deed and applicable law.

This may include:

• supporting the operation and administration of the scheme;
• meeting audit, accounting, legal, investment management, administration and compliance costs;
• maintaining reserves;
• supporting the purposes of the scheme;
• meeting tax or other lawful obligations; and
• applying income in any other way permitted by the Trust Deed and applicable law.

SEET does not distribute income as profit. Income is held and applied for the purposes of the scheme in accordance with the Trust Deed and applicable law.

Members’ rights to receive payments

Members may be entitled to receive payments from SEET where a benefit becomes payable under the Trust Deed, the relevant industrial instrument and applicable law.

SEET primarily relates to portable long service leave entitlements for eligible workers.

A member’s entitlement is calculated in accordance with the Trust Deed. Benefits are paid to members where the member meets the relevant eligibility requirements and the Trustee considers that the member is entitled to the relevant employee entitlement.

Payment of benefits may require the member to provide information or evidence reasonably required by SEET.

Benefits may include:

• long service leave entitlements;
• other employee entitlements accepted by SEET and permitted under the Trust Deed, relevant industrial instrument and applicable law; and
• other entitlements incidental to employment, where permitted.

Significant risks associated with holding an interest in SEET

Significant risks may include:

• a member’s benefit depends on the contributions made for that member and the rules of the scheme;
• an employer may fail to make required contributions;
• an employer may provide incomplete or inaccurate contribution or employment information;
• payment may be delayed where information is incomplete or further evidence is required;
• a member may not be eligible for a benefit if the relevant qualifying conditions are not met;
• investment earnings may vary;
• scheme property may be affected by market movements, interest rate changes or investment performance;
• administration, audit, legal, investment and compliance costs may be paid from scheme property where permitted;
• changes to law, tax, regulation or industrial instruments may affect the operation of the scheme;
• the Trustee may need to determine whether a payment is permitted under the Trust Deed and applicable law; and
• disputes may arise about eligibility, contributions, service, employment history or benefit calculations.

Fees, expenses and payments from scheme property

SEET pays reasonable expenses associated with the administration, management, audit, investment, compliance and operation of the scheme.

These expenses may include:

• administration fees;
• trustee expenses;
• director fees and expenses;
• insurance;
• audit fees;
• accounting fees;
• legal fees;
• consulting fees;
• claims support and member assistance costs;
• investment management or equity account management fees;
• IT and website costs;
• Board support and secretarial services;
• member education, promotion and sponsorship costs, including sponsorship of union or industry events where properly approved; and
• other costs properly incurred in operating the scheme.

SEET may engage consultants to assist with the operation of the scheme. This may include support for member claims, employer or member enquiries, benefit processing, records review, compliance work, reporting and other administrative or operational tasks required to manage the fund properly.

Current service providers include:

• Administrator: Super Benefits Administration Pty Ltd
• Equity account manager / platform: OpenInvest
• Auditor: BGL & Associates Pty Ltd

Director fees

Directors are entitled to the following fees for attendance at scheduled Board meetings:

There are generally three to four scheduled Board meetings each year.

Directors do not receive a meeting fee for short out-of-session meetings.

Directors may also be reimbursed for reasonable expenses properly incurred in carrying out their duties, where approved in accordance with the Trust Deed, Constitution and applicable law.

Administration and member fees

SEET may charge administration or investment fees in accordance with the Trust Deed and applicable law.

The FY2025 financial statements record that administration/investment fees of 1% are charged when members are paid their entitlements.

The FY2025 financial statements also disclose administration fees paid or payable to Super Benefits Administration Pty Ltd.

Related party, associate and conflict management arrangements

SEET may enter into agreements or arrangements with service providers for administration, investment management, equity account management, audit, accounting, legal, compliance, consulting, promotion, education and related services.

SEET purchases Board support and secretarial services from the Timber, Furnishing and Textiles Union, known as TFTU, for $30,000 per annum.

From time to time, SEET may also sponsor union or industry events to promote the fund and improve member awareness of SEET benefits. This may include events such as Union Picnic Day, where many attendees are SEET members.

SEET may make payments or reimbursements to the Trustee, directors, officers, service providers, consultants, TFTU or other associates where permitted by the Trust Deed and applicable law.

Where SEET funds are used to purchase services from TFTU, any SEET director who is also an officer of TFTU abstains from the decision. Those matters are considered and determined by the independent directors.

This process is intended to ensure that related party or associate arrangements are considered independently and that decisions are made in the interests of SEET members and the proper operation of the scheme.

Any fees, reimbursements, payments, sponsorships or benefits payable from scheme property to the Trustee, directors, service providers, consultants, TFTU or any other associate will be disclosed in accordance with ASIC’s employee entitlement scheme requirements.

Financial reports and auditor’s reports

SEET publishes financial information as required under applicable law and ASIC’s employee entitlement scheme requirements.

The following documents are to be made available on this website:

• balance sheet;
• profit and loss statement;
• cash flow statement;
• auditor’s report, where applicable;
• annual financial reports; and
• investment reports or investment summaries approved for publication.

Download: SEET Financial Statements and Auditor’s Report — Year Ended 30 June 2025

The SEET Financial Statements for the year ended 30 June 2025 include the Statement of Comprehensive Income, Statement of Financial Position, Statement of Cash Flows, Statement of Changes in Equity, notes to the financial statements, Trustees’ Declaration, Auditor’s Independence Declaration and Independent Auditor’s Report.

Investment information

SEET holds scheme property in cash, term deposits and investments.

SEET’s Australian and overseas equities account is now managed through OpenInvest.

As at 30 June 2025, SEET’s financial statements recorded:

• cash and cash equivalents;
• short term deposits;
• Australian equities;
• international equities;
• Unity Bank capital notes; and
• member funds and reserves.

The FY2025 financial statements refer to the equity investment account under the previous investment reporting name. Future website wording should refer to the current arrangement, OpenInvest.

SEET will publish investment reports or investment summaries approved for publication by the Trustee.

Complaints and dispute resolution

SEET is committed to dealing with complaints fairly, promptly, transparently and consistently.

A complaint may be made about SEET, its services, administration, staff, directors, claims handling, contributions, benefits, statements or decisions.

A complaint may be made by a member, former member, worker who may be entitled to a benefit, employer, beneficiary, authorised representative, union representative acting with authority, or any person directly affected by a SEET decision or service.

You can lodge a complaint by:

Phone: 03 8663 2177
Email: mail@seet.com.au
Post: SEET, PO BOX 666, Carlton South VIC 3053.

Please include:

• your name;
• your contact details;
• your membership number, if known;
• your employer or former employer, if relevant;
• a short description of the issue; and
• any documents or information that may help SEET consider your complaint.

SEET will acknowledge complaints promptly, preferably within 24 hours or as soon as practicable.

SEET will generally provide a written response within 30 calendar days of receiving the complaint. If the complaint is complex or requires additional information, legal advice or third-party records, SEET may require additional time and will advise the complainant.

SEET may provide remedies including correcting records, recalculating an entitlement, making or adjusting a payment, seeking further employer information, correcting a member statement, apologising, changing an administrative process, seeking professional advice, or referring a matter to the Board.

SEET maintains a complaints register and provides periodic reporting to the Board about complaints, timeframes, unresolved matters, systemic issues and corrective action.

For more information, please see SEET’s dispute resolution procedure:

SEET Dispute Resolution Procedure