Technical Day Conference 2020

7 Aug — 14 Aug 2020

Program

Wednesday, 29th July 2020 — Technical Day

This year’s Technical Day, held entirely online, outlined how you could ensure the best interests of your clients as you guide them through the current economic challenges and beyond.

Register by COB Monday 10 August to gain access to the online platform by COB Tuesday 11 August. You will have access to the entire online platform until 31 August 2020 to view all the sessions and earn up to 10.5 CPD hours!

Those who attended Technical Day virtually will also have access to the online platform to 31 August 2020. 

Click here to download the full program in PDF format.

08:30 am

Pre-Session

8:30 am – 9:25 am

BT Thought Leadership Session: SMSF industry post COVID-19

OVERVIEW

The BT Thought Leadership Session is a very timely opportunity for raising issues that are most pertinent to the future of the SMSF and superannuation sectors.

The session will provide a thought-provoking opportunity for a panel of key industry experts to update their views on:

The SMSF and superannuation landscape in 2030, post COVID-19 and future policy reforms.

Looking a decade into the future, after continued political, media and public debate; will the retirement income system settle after massive upheaval from recent reviews and further reforms and the ongoing economic impacts from COVID-19?

During the session, the panel will:

  • Debate and speculate what the SMSF sector will look like in 2030, after recovering from the health and economic crises caused by COVID-19.
  • Question the policy changes that would need to occur to maintain a successful and efficient retirement income system.
  • Delve into the areas of risk for the sector especially in regards to the impact of evolving health, economic, technology, regulatory and demographic pressures.
  • Determine what the SMSF sector may need to do to increase its relevance over the next decade.

1 CPD hour

Sponsored by: BT

09:30 am

Introduction

9:30 am – 9:45 am

Welcome to the SMSF Association's 2020 Technical Day

09:45 am

Session 1 (Plenary)

9:45 am – 10:45 am

  • Speaker: Peter Burgess – Deputy CEO / Director of Policy & Education, SMSF Association

OVERVIEW

This year’s technical day will kick-off with an SMSF legislation stocktake session delivered by the Association’s Deputy CEO / Director of Policy & Education, Peter Burgess. Peter is well known for his passionate and fast paced update sessions and this year’s address will be no exception. Peter will cover the COVID-19 SMSFs relief measures with a particular focus on the ATO’s relaxed compliance regime and associated SMSF technicalities and advice considerations. This session will also provide a stocktake of measures which have now been enacted and those measures which have been announced but not yet enacted. The session will conclude with a brief look at SMSF legislative reform which could help drive an economic recovery.

 

LEARNING OUTCOMES

By attending this session, you will be able to:

  • Explain the Government’s SMSF COVID-19 relief measures.
  • Understand the ATO’s relaxed COVID-19 SMSF compliance approach and associated advice consideration.
  • Understand the status of relevant ATO draft rulings and determinations.
  • Identify which measures have now been enacted and those that haven’t.

1 CPD hour

Sponsored by: Morgans

11:00 am

Session 2A (Concurrent) - SMSF Audits 2020 Hotspots

11:00 am – 12:00 pm

OVERVIEW

Examination of SMSF audit ramifications post COVID-19, using interactive poll questions as lead-in to discussion in the following areas:

  • The Investment Strategy post COVID-19.
  • Related party LRBAs post COVID-19 / NALI consideration & implication for the audit
  • Rent relief – residential & commercial: things to watch & audit requirements
  • In House asset conundrum – what is the issue / how is it being addressed / audit implications
  • Reduction in required pension minimums 2020 & 2021 – things to watch.
  • COVID-19 Early Release – audit requirements.
  • Residency issues in the wake of COVID-19 – the audit view.
  • Property & unlisted investments – valuation audit requirements post COVID-19

 

LEARNING OUTCOMES

By attending this session, you will be able to:

  • Understand post COVID-19 audit ramifications & evidence requirements.

1 CPD hour

Session 2B (Concurrent) - Applying the FASEA Code in isolation

11:00 am – 12:00 pm

OVERVIEW

Whilst FASEA request that you don’t apply the standards of the Code in isolation (of each other), it’s more difficult when isolation is forced upon us. Social distancing may be the catch-phrase of 2020, but in this session we will come together to examine the code at arm’s length and through the use of hypothetical and practical experience, discuss how SMSF advice scenarios can be approached under the FASEA Code.

 

LEARNING OUTCOMES

By attending this session, you will be able to:

  • Gain a deeper understanding of various standards of the FASEA Code of Ethics.
  • Identify ways the COVID-19 environment can enhance the ability of an adviser to comply.
  • Identify from practice what can be built into approaches in a post COVID-19 world.

1 CPD hour

Sponsored by: Lonsdale

12:00 pm

Break

12:00 pm – 12:05 pm

12:05 pm

Session 3A (Concurrent) - Navigating SMSF auditor compliance in 2020/21

12:05 pm – 1:05 pm

  • Speaker: Shelley Banton – Head of Technical, ASF Audits
  • Speaker: Kellie Grant – SMSF Auditor Portfolio Director, Australian Taxation Office

OVERVIEW

A behind the scenes look at the ATO’s Compliance Program results for 2020 and what’s new for 2021. Find out why the ATO is referring auditors to ASIC and understand the practical implications of what needs to be done.

The session will also cover how to verify the market value of risky assets during COVID-19; what to look for in e-signatures; the impact of the new joint independence guidelines on SMSF audit firms and how the ATO intends to apply administrative penalties in 2021.

 

LEARNING OUTCOMES

By attending this session, you will be able to:

  • Determine the appropriate requirements to meet the ATO’s compliance program.
  • Apply high-level SMSF auditing concepts to practical situations.
  • Describe how to comply with the new independence requirements.
Sponsored by: SMSF Adviser

Session 3B (Concurrent) - UNLIMITED opportunities with LIMITED recourse borrowing arrangements and non-arm's length income

12:05 pm – 1:05 pm

  • Speaker: Bryce Figot – Special Counsel, DBA Lawyers
  • Speaker: Julie Steed – Senior Technical Services Manager, Australian Executor Trustees

OVERVIEW

LRBAs and related strategies remain popular with SMSFs however recent legislative changes, non-arm’s length income and expenses and COVID-19 changes have caused a number of trustees to rethink their LRBA strategies.

In this session, using a number of practical case studies we will review:

  • The impact of LRBAs on a client’s total super balance.
  • Non-arm’s length income and the safe harbour provisions.
  • Application of non-arm’s length expenses.
  • The integration of LRBAs and NALI with property development.
  • Where clients typically go wrong, and how to ‘nip in the bud’.

 

LEARNING OUTCOMES

By attending this session, you will be able to:

  • Explain the impact of LRBAs on the total super balance.
  • Review the safe harbour provisions for non-arm’s length income for related party loans.
  • Identify difficulties with the practical application of non-arm’s length expenses for related party loans.

01:05 pm

Break

1:05 pm – 1:10 pm

01:10 pm

Session 4 (Plenary) - MLC Economic Update: The Global Economy over the coming months - Recovery or Relapse?

1:10 pm – 1:40 pm

  • Speaker: Bob Cunneen – Senior Economist and Portfolio Specialist, MLC

OVERVIEW

The global economy has collapsed into a deep recession in early 2020 given the Coronavirus. The continual rise in viral infections suggests that the global economy will continue to struggle. However, there has been some more encouraging global economic activity data and supportive stimulus measures by central banks and governments over recent months that suggest a potential recovery is on the horizon. Bob Cunneen will canvass the recent global economic indicators and the signposts to watch for a recovery or a relapse.

0.5 CPD hour

Sponsored by: MLC

01:40 pm

Lunch

1:40 pm – 1:55 pm

01:55 pm

Session 5A (Concurrent) - Pension options in 2021 - addressing your pension client needs

1:55 pm – 3:25 pm

  • Speaker: Jemma Sanderson – Director, Cooper Partners
  • Speaker: Liam Shorte – SMSF Specialist Advisor™ & Financial Planner, Verante Financial Planning

OVERVIEW

Part 1

  • Pension decisions for 2020/21 under the Temporarily Reduced Minimum Pension Payments Covid-19 relief
  • Assessing client’s income needs
  • Assessing opportunities to reduce Taxable components and reduce TBAR balance.
  • Income options where there is only 1 pension account per member
  • Income options where there are more than one Pension Accounts
  • Income options where there are Pension and Accumulation Accounts
  • Which is preferred TBAR Debit v using Accumulation
  • Minutes to facilitate decisions

Part 2

  • Consideration of Reversionary v Non Lapsing Binding Death Benefit Nominations

Part 3

  • Transition to retirement – Accumulation Phase, are they still worthwhile?

 

LEARNING OUTCOMES

By attending this session, you will be able to:

  • Understand how to meet client’s income needs for 2020. Understanding the options available to optimise the client’s tax components and TBAR and what documents are needed to implement decisions.
  • Understand the options of Reversionary v Non Lapsing Binding Death Benefit Nominations.
  • Understand strategies using a Transition to Retirement pension – Accumulation Phase.

1.5 CPD hours

Session 5B (Concurrent) Case study: Contribution strategies for the ages

1:55 pm – 3:25 pm

  • Speaker: Lyn Formica – Head of SMSF Technical & Education Services, Heffron SMSF Solutions
  • Speaker: Meg Heffron – Managing Director, Heffron

OVERVIEW

Like everything else, contribution rules are a-changing at the moment.  What new opportunities do they create and how to we need to adapt old strategies to suit?  Meg & Lyn will work through several case studies to really explore what’s possible and what’s not post 1 July 2020.

 

LEARNING OUTCOMES

By attending this session, you will be able to:

  • Understand how the rules in relation to age and work tests, bringing forward non-concessional contribution caps and the indexation of key thresholds intersect post 1 July 2020.
  • Deal with excess contributions – the options available, strategies to consider and rules to follow.
  • Understand key timelines and requirements around s290-170 notices.

1.5 CPD hours

Sponsored by: Heffron

03:25 pm

Break

3:25 pm – 3:40 pm

03:40 pm

Session 6 (Plenary) - Death benefit myth busting - what every advisor needs to know!

3:40 pm – 4:40 pm

OVERVIEW

Death benefit planning is a vital aspect of SMSF membership, and we are seeing a growing number of disputes arising from it. With all the change we have experienced in recent years, it is also one of the most complicated areas with plenty of scope for misunderstandings – there is plenty of information (and misinformation) available.

So how do you sort the fact from fiction?

This session will tackle the most common death benefit myths and set them straight so you are equipped to help your clients navigate successfully through the issues. Don’t be the case we discuss at next year’s conference!

 

LEARNING OUTCOMES

By attending this session, you will be able to:

  • Sort the death benefit facts from the myths
  • Reset your understanding of SMSF death benefit planning so you are better equipped to assist clients with it.

1 CPD hour

Sponsored by: Accurium

04:45 pm

Wrap up session

4:45 pm – 5:00 pm

  • Speaker: Peter Burgess – Deputy CEO / Director of Policy & Education, SMSF Association
  • Speaker: John Maroney – CEO, SMSF Association

Closing remarks to end the SMSF Association’s Technical Day 2020.

CPD Hours

Delegates are entitled to up to 10.5 CPD hours for participating at the SMSF Association Technical Day 2020.


Papers and Presentations

Delegates will be given the opportunity to download a copy of speaker presentations and papers as soon as possible prior to Technical Day. Due to the highly technical nature of the content and the speakers desire to have the most up to date information in these presentations and papers, download links are normally only issued a few days prior to the event.


Disclaimer

As a participant of Technical Day 2020 your image or voice may be recorded via video, photograph or by any other means (“recorded”) by an officer or official of the SMSF Association Technical Day 2020, and may be distributed or published at the discretion of the SMSF Association. If you do not wish to be recorded, you are required to formally advise the SMSF Association.

Members who have not renewed their membership for the 2020/21 membership year may not re-join at pro-rata membership rates and participate in the early bird registration. If you wish to access early bird registration rates you must renew your 2020/21 membership in full. Contact Member Services on 08 8205 1950.


Terms and Conditions
Registration Cancellation and Refund Policy

Individual registration cancellations received in writing by 5pm 14 business days prior to the event will be eligible for a refund less a $75 administration fee. Any registration cancellations received after this date will be issued with a credit note less the applicable administration fee to be used towards any other events and/or education products offered by the SMSF Association and not applied to membership fees. Attendee substitutions to another member of your organisation can be made until the event commences. This may be subject to a price adjustment if applicable. All cancellations and substitutions must be made in writing to [email protected]