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This seminar paper deals with the impact of the Financial Services Reform on SMSFs. This subject is particularly topical as Financial Services Reform commences on 11 March 2004.
It identifies issues that practitioners and their clients need to be aware of, including:
- does a SMSF need a Product Disclosure Statement (PDS)? - the new FSR exemption for Recognised Accountants advising on SMSFs (announced 11/2/2004)
- what are the content requirements of any PDS?
- what reporting obligations are now imposed on SMSF trustees?
- is a PDS required when commencing a pension that is paid from a SMSF?
- is a PDS required when a change of name of fund or a change of trustee occurs?
When considering the most effective succession planning opportunities for clients, practitioners are more and more often turning to a SMSF. One of the most significant assets a business has to consider in planning is property. This seminar paper uses case studies to examine the opportunities and pitfalls of transferring property into or acquiring property through a SMSF.
Case studies consider:
- SIS restrictions
- in specie contribution of real property
- CGT, income tax and stamp duty issues
- pitfalls of getting property into a SMSF
- pitfalls of getting benefits/property out of the fund.
This seminar paper was also presented by Chris Ketsakidis at the Self Managed Superannuation Funds seminar held in Melbourne on 11 March 2004 and at the Superannuation & SMSFs seminar held in Melbourne on 7 July 2004.
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