Published on 22 Nov 2013
| Took place at Stamford Plaza, Adelaide
This Superannuation Day delved into the often complex world of SMSFs and superannuation in general.This year the program covered the various changes that have happened in recent times and looks at the potential changes to strategic thinking because of these. It also takes the time to review some well established law and principles, which are often the cause of review or confusion, to confirm current thinking and practical application.
Topics covered include:
super changes – what’s new and what’s the impact?
superannuation guarantee – what you need to know
insurance in SMSFs – the changes and practical implications
relationship breakdowns – SMSF super splitting
stamp duty implications of common SMSF transactions
practical SMSF administration
acquiring assets from related parties – case study.
Get a 20% discount when you buy all the items from this event.
Superannuation changes - What's new and what's the impact?
With the recent announcements and rulings within the superannuation environment, together with the recent federal election, this paper gives updates on the following topics and includes strategies/practice tips:
Superannuation Guarantee rates are on the rise – but is it just as simple as increasing the rate you or your clients pay? With ATO Superannuation Guarantee reviews a compliance focus, there are many overlooked issues that employers are being caught out on. With some ATO superannuation reviews taking years to conclude it is timely to review some of these issues to get them right before they become an issue. This paper looks at some of the more commonly encountered issues, including real life examples, and will provides some meaningful takeaways to ensure compliance in your own and your clients’ businesses.
Topics covered include:
ordinary hours and OTE
who and what is included and excluded for SG purposes
how to deal with the increasing rates on salary packages
tricks and traps commonly encountered by employers
Insurance in SMSFs - The changes and practical implications
Given the pace and breadth of changes in the superannuation industry over the past few years, it is easy for the implications of some changes to be overlooked amongst the deluge. The new insurance operating standards under the SIS Regulations might be one such area. This paper addresses the role of insurance in SMSFs in the new regulatory environment, with a particular focus on:
the requirement for trustees to consider insurance
permitted types of insurance from 1 July 2014
the potential impact of the changes on insurance strategies in SMSFs.
Stamp duty implications of common SMSF transactions
SMSFs are regularly party to transactions involving real property and investment vehicles such as unit trusts. The tax advantages of holding assets in the superannuation environment are well-known. However, the stamp duty implications of SMSF transactions are often misunderstood or inadequately dealt with. This paper explores in some detail the South Australian stamp duty issues arising in a range of reasonably common transactions involving SMSFs, addresses some misconceptions and highlights the importance of careful planning and documentation to achieve appropriate stamp duty outcomes.
This paper covers:
stamping SMSF trust deeds, amendments and changes of trustee
stamp duty implications of transferring assets to SMSFs
stamp duty on the following types of transactions:
o in specie benefit payments to members
o in specie death benefit payments to dependants and legal personal representatives
o limited recourse borrowing arrangements – setting up the security trust, acquiring the asset and vesting the security trust
relevant exemptions and concessions in the SMSF context, and how to apply them.
This paper provides an overview of the superannuation splitting rules and the tax considerations. This is an increasingly relevant area. Divorce rates are over 40% and a high proportion of the one million SMSF members are legally married or de facto spouses. A well-orchestrated super split can lead to a more satisfactory settlement outcome. All advisers in the SMSF area should have at least a basic understanding of the applicable concepts, options, practical requirements and taxation considerations.
This paper covers:
key concepts and available options
practical requirements and process
issues regarding governance, valuations, lumpy assets and in specie transfers
tax implications and characteristics of splittable payments
CGT and stamp duty relief
related issue - blended families and fixed pensions.
Once you know and understand the rules and regulations surrounding the operation of SMSFs, it is often considered just a matter of process to administer the events that happen. You just get the bank and investment information from the client, process the transactions into the superannuation software and produce the required year end documentation right? Alas that’s not the case. Unfortunately there are many tricks and traps that surround events that happen in the operation of SMSFs that can catch administrators out when processing these events. For instance, the timing, the content and the order of documentation can often be critical to getting it right.
This paper looks at a number of common events in the life of an SMSF and outline the various requirements to get it right, including:
commencement and full and partial commutations of pensions
events impacting trustees and members, such as admission, death, rollout of benefits and fund wind ups
requirements for contributions (concessional, CGT cap amounts and work test issues).
Acquiring assets from related parties - case study
Whenever clients are dealing with related parties there are a number of aspects that need to be carefully considered. This paper uses a case study to highlight the areas that need to be considered when acquiring assets from a member or their associate. It has a particular focus on the following:
application of s66 of the SIS Act to these types of arrangements
how to identify who is a related party
application of the non-arm’s length income provisions