Technical Summit 2022

27 Jul — 28 Jul 2022

Program

Wednesday, 27th July 2022 — Day 1

Download the 2-Day Technical Summit Program PDF to view times and session details.

All sessions are set to AEST.

08:30 am

MORNING TEA

8:30 am – 10:00 am

10:00 am

Welcome

10:00 am – 10:15 am

10:15 am

KEYNOTE 1: Slip slop, slap: hit the surf with confidence

10:15 am – 11:10 am

Keynote

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

A legislative update like no other!

Delivered by SMSF Association Deputy CEO, Peter Burgess, this session will provide an update on the most recent legislative changes impacting on SMSFs. A stocktake of enacted and announced changes will be provided along with commentary on other industry developments. This session is the perfect preparation for the other technical sessions to follow during the Summit.

11:10 am

KEYNOTE 2: Seas the day: strategy landscape post 1 July

11:10 am – 12:05 pm

Keynote

  • Speaker: Craig Day – Head of Technical Services, Colonial First State
Synopsis

This keynote session explores the different retirement funding opportunities and issues stemming from the recent 1 July work test changes as well as from other important legislative and regulatory developments.

12:05 pm

LUNCH

12:05 pm – 1:05 pm

01:05 pm

TECHNICAL SESSION 1: Lifeguarding your SMSF for the next generation

1:05 pm – 2:00 pm

Technical Session

  • Speaker: Julie Dolan – Partner, Head of SMSFs & Estate Planning, KPMG
Synopsis

With proper planning, SMSFs can be a very effective vehicle to transfer wealth across generations. How do you create an effective intergenerational strategy, particularly where parties are no longer tax dependants of the deceased?  How do you manage the transfer of business assets? What are the key risks you need to be aware of? This session will explore the issues and risks in preparing SMSFs and wealth for the next generation.

SMSF DEEP DIVE 1: Surf's up: a documentation history of a super life cycle, from a ripple to gnarly and on to wipe-out

1:05 pm – 2:55 pm

SMSF Deep Dive

Synopsis

This session will use a case study to consider the importance of documentation from different perspectives including the client, accountant, auditor and lawyer. From the creation of the fund and the admittance of members to the ongoing acceptance of the annual fund accounts and the winding up of the fund, all stages of documentation will be considered. Follow the ups and downs of the ‘Surfs Mothers SMSF’ as the fund explores new investment opportunities, encounters compliance issues, lost documents, relationship breakdowns and estate challenges. Documents submitted by session narrator and client adviser (played by Graeme Colley) will be critically reviewed by the fund auditor (played by Shelley Banton). The client’s lawyer (played by Peter Bobbin) will provide a risk management overlay from both a client and adviser perspective. The line between providing legal and financial advice will be considered along with the concept of litigation awareness and training.

SMSF DEEP DIVE 2: Advice types: where do you draw the line in the sand?​

1:05 pm – 2:55 pm

SMSF Deep Dive

Synopsis

This workshop will focus on unpacking the differences between tax and super advice, legal advice, personal advice and help you identify where to draw the line.

The workshop will challenge what accountants, financial planners and auditors do in their businesses every day when it comes to the operation of the superannuation and tax laws. When dealing with SMSF clients, it is important to understand what advice it is that you are providing and what advice you are licenced to provide. This knowledge is essential in understanding the boundaries to ensure that you can put strategies in place to mitigate the risk of crossing the line in the sand.

02:00 pm

TECHNICAL SESSION 2: A day in the sun with our Tech team

2:00 pm – 2:55 pm

Technical Session

  • Speaker: Peter Burgess – Deputy CEO / Director of Policy and Education, SMSF Association
  • Speaker: Mary Simmons – Technical Manager, SMSF Association
Synopsis

Come along and be part of this interactive session as the SMSF Association’s technical experts share some of the most popular real-life, technical questions, submitted by members in 2022.

The conversation between Peter and Mary will focus on the issue of death benefits as it continues to be the strongest area of interest for members and you will have the opportunity to test your knowledge by participating in poll questions throughout.

02:55 pm

AFTERNOON TEA

2:55 pm – 3:25 pm

03:25 pm

TECHNICAL SESSION 3: Sophisticated investors: swell, rip or wipeout?

3:25 pm – 4:20 pm

Technical Session

Synopsis
The SMSF Association has seen an increase in member queries on the application of the wholesale and sophisticated investor rules in an SMSF context. The increasing compliance obligations placed on financial advisers advising retail clients appears to be a key driver.
Is this really a solution to providing efficient and cost-effective financial advice to clients? Does the use of accountant’s certificate reduce the risk for advisers? What are the risks and concerns for accountants? Is it in the best interests of your clients? What are your professional and ethical obligations?

SMSF DEEP DIVE 3: Into the sunset: forward contribution planning and strategies to maximise super

3:25 pm – 5:15 pm

SMSF Deep Dive

  • Speaker: Jemma Sanderson – Director, Cooper Partners Financial Services Pty Ltd
Synopsis

With the new contribution provisions commencing from 1 July 2022, there are many more planning opportunities for our clients to consider. It is important that we are aware of all the latest tricks and traps to carve out a gnarly ride for clients from the drop until the kick out.

In this workshop, Jemma will take attendees through the current opportunities and strategies to maximise the value for clients, and make sure that where values may crest or trough, we are prepared for the best ride and alleviate any wipe-outs.

04:20 pm

TECHNICAL SESSION 4: Riding the crypto wave

4:20 pm – 5:15 pm

Technical Session

Synopsis

SMSFs are not immune to the appeal of cryptocurrency as an investment opportunity, and ATO statistics to December 31 show this asset comprised $227m of SMSF assets. However, before being swept away in the excitement of crypto and the promising waves of high returns, it is important to also understand the risks.

The session will cover:
• The basics of blockchain, cryptocurrency and digital assets
• Cryptocurrency and digital assets – what can be held in an SMSF?
• The sole purpose test – Non Fungible Tokens and crypto wallets and other considerations
• The current state of play – relevant statutory and regulatory considerations
• Taxation of cryptocurrency and digital assets
• Jurisdiction of cryptocurrency trading platforms and international tax risk
• Substantiation and SMSF audit considerations

05:15 pm

NETWORKING FUNCTION

5:15 pm – 7:15 pm

Note: Program is subject to change.


Thursday, 28th July 2022 — Day 2

Download the 2-Day Technical Summit Program PDF to view times and session details.

All sessions are set to AEST.

08:00 am

Industry Breakfast - Quality of Advice: a new horizon

8:00 am – 9:30 am

  • Speaker: Bryan Ashenden – Head of Financial Literacy & Advocacy, BT Financial Group
  • Speaker: Sarah Abood – Chief Executive Officer, FPA
  • Speaker: Michelle Levy – Partner, Allens
  • Speaker: Shail Singh – Acting Leading Ombudsman - Investments and Advice, AFCA
  • Speaker: Vicki Stylianou – Group Executive, Advocacy & Policy, Institute of Public Accountants (IPA)
Synopsis

Join our panel of experts to unpack what the quality of advice and affordability of attaining advice may look like in the near and distant future.

Our panellists have been specifically selected to provide insights into how the different professions are handling the issue of over-regulation that is confronting the advice industry. The panel is also a unique opportunity to see the collaborative efforts of industry as they work together to shape the sector and put forward practical solutions to remove complexity and costs.

09:30 am

MORNING TEA

9:30 am – 10:15 am

10:15 am

TECHNICAL SESSION 5: Listed Investment Companies (LICs), ETFs and more: understanding the important differences between investment structures

10:15 am – 11:10 am

Technical Session

  • Speaker: Jesse Hamilton – Chief Financial Officer, Wilson Asset Management
  • Speaker: Ian Irvine – CEO, Listed Investment Companies & Trusts Association (LICAT)
Synopsis

Listed Investment Companies have been assisting advisers and investors to grow their wealth for close to 100 years; since the listing of Whitefield (WHF) in 1923.

Since then other investment product structures, including Listed Investment Trusts (LITs) and ETFs have become available on ASX and its important to know that not all ASX available investment structures are the same.

For advisers seeking to help SMSF members and trustees grow their wealth, invest in value and generate long-term income, understanding structural differences is vital.

This session will look at the various investment structures available as it unpacks the features you need to understand from an SMSF perspective, including Net Tangible Asset (NTA) reporting, franked dividends and trust distributions and investing for the long term.

SMSF DEEP DIVE 4: Charting a course through unpredictable seas

10:15 am – 12:05 pm

SMSF Deep Dive

Synopsis

When managing clients with SMSFs, estate planning has become second nature but equally as important is planning for the disability or incapacity of a member.

This workshop will focus on how to prepare and navigate through the unforeseen event of a member’s incapacity and/or disability, including how to handle different insurance payouts. The workshop will also consider in detail the validity of an enduring power of attorney as well as the steps required to ensure that an SMSF remains compliant in the event of a member’s incapacity. Many more practical issues will be explored including:

  • how best to manage a corporate trustee versus individual trustees,
  • how to mitigate any risk associated with sole director companies,
  • what to do in the event that the Attorney predeceases the incapacitated member or the member dies and much more.

SMSF DEEP DIVE 5: Exit strategies: can you avoid a wipeout?

10:15 am – 12:05 pm

SMSF Deep Dive

Synopsis

One of the advantages of SMSFs is that they provide the flexibility to invest in a range of alternative structures and assets and allow transactions with related parties.

However, what was once an appropriate investment may no longer be suitable and needs to be unwound and this workshop will focus on what proactive strategies can be put in place to assist. The workshop will also look at what reactive strategies are available to SMSF clients who once had a perfectly compliant structure but are now forced to unwind everything to remain compliant.

A variety of case studies will be used to address common ‘headaches’ faced by SMSF trustees when dealing with limited recourse borrowing arrangements, dealing with non-compliant geared unit trusts, using insurance to manage liquidity issues, allocating reserves and winding up an SMSF plus more.

11:10 am

TECHNICAL SESSION 6: The survey results are in: taking care of your mental health and emotional wellbeing action plan

11:10 am – 12:05 pm

Technical Session

  • Speaker: Philippa Hunt – Director, Artemis Investments (NSW) Pty Ltd
Synopsis

A recent survey looking at the mental and emotional wellbeing of financial advisers found the industry is in real mental and emotional distress with more than 50% of respondents saying their mental health had significantly declined since the Royal Commission and subsequent legislation. The survey returned quantitative results and a wide scope of anecdotal evidence of widespread issues with mental health across the industry. This session aims to set out the aspects of mental health and emotional wellbeing, recognise stress and when to take action to alleviate stress. Steps to manage stress, take care of self and those around you and strategies to create a positive outcome.

12:05 pm

LUNCH

12:05 pm – 1:05 pm

01:05 pm

TECHNICAL SESSION 7: Pension restructures: sail into the sunset

1:05 pm – 2:00 pm

Technical Session

  • Speaker: Julie Steed – Senior Technical Services Manager, Australian Executor Trustees
Synopsis
With the results of the federal election now finalised, the previous government’s 2021 Budget announcement of a two-year amnesty to commute legacy pensions may now be awash. Even if an amnesty does eventuate, there are many strategies that practitioners can implement now that can greatly benefit clients. The April 2022 legislative changes requiring commutation of certain benefits provide further opportunity for some members to restructure their legacy pensions.
In this session we will use a series of case studies to review:
  • Changes to the commutation rules for excess transfer balance amounts – high tide to low tide!
  • The issues that arise when clients die – drowning not waving!
  • How reserves can be dealt with – swimming with and against the tide!

SMSF DEEP DIVE 6: Death benefits: everything under the sun

1:05 pm – 3:25 pm

SMSF Deep Dive

Synopsis
You arrive at the office and sit down at your desk in the morning and review your task list for the day. Then you receive your first call for the day, it’s a very distraught client who tells you that their spouse has just passed away. What happens next?
In this interactive workshop, Mark Ellem (the accountant) and Clinton Jackson (the lawyer) will consider the administration, tax and legal issues and challenges of dealing with the death of an SMSF member from the time the phone rings right through to the payment of the death benefit. How can the accountant and the lawyer work together with the client to ensure that the relevant superannuation and tax compliance requirements are met and they can all stay out of court!
This workshop will also explore issues associated with common headline topics such as binding death benefit nominations, reversionary pensions and dependants. But it will go further to ensure CGT consequences are not overlooked, opportunities to claim future deductions in the SMSF are maximised and strategies to minimise the overall taxation of death benefits are identified.

02:00 pm

TECHNICAL SESSION 8: Pensions: wipeout stories

2:00 pm – 2:55 pm

Technical Session

  • Speaker: Lyn Formica – Head of SMSF Technical & Education Services, Heffron Consulting
Synopsis

These days it’s quite common for clients to be drawing a pension from their SMSF. Unfortunately, it can also be quite common for things to go wrong, resulting in poor outcomes for clients.  In this session, we’ll share the real-life “wipe out stories” we’ve seen and work through our solutions to achieve better outcomes for all.

02:55 pm

AFTERNOON TEA

2:55 pm – 3:25 pm

03:25 pm

KEYNOTE 3: Estate planning sandbox: what will you find?

3:25 pm – 4:20 pm

Keynote

  • Speaker: Bryce Figot – Special Counsel , DBA Lawyers Pty Ltd
Synopsis

This session is designed to consider key recent changes impacting SMSF estate planning, as well as revisiting and reviewing some ‘age old chestnuts’ so that all attendees can ensure they are implementing best practices for their clients.

04:20 pm

Wrap-up

4:20 pm – 4:30 pm

Note: Program is subject to change.