Virtual Technical Summit 2021

28 Jul — 26 Aug 2021

Program

Wednesday, 28th July 2021 —

To secure your place at the virtual SMSF Association Technical Summit 2021, REGISTER HERE

To view or download the 2021 Technical Summit program as a PDF, click here.

All sessions are set to AEST.

08:50 am

Welcome

8:50 am – 9:00 am

09:00 am

KEYNOTE 1: Setting the scene - The latest SMSF legislative developments

9:00 am – 9:55 am

Keynote

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

Hit the ground running at this year’s SMSF Summit with this comprehensive, high-energy, SMSF technical update presented by the SMSF Association’s Deputy CEO and Director of Policy & Education, Peter Burgess.

This session will include Peter’s traditional and highly informative stocktake of enacted changes and the anticipated passage of changes which have been announced but have not yet been passed into law. This session will preview the SMSF legislative agenda for the year ahead including the changes announced in this year’s Federal Budget.

09:55 am

BREAK

9:55 am – 10:00 am

10:00 am

KEYNOTE 2: Evolution, SMSFs and BRP: How change is impacting this important asset class

10:00 am – 10:55 pm

Keynote

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

It is now 12 years on since the ATO released its BRP ruling and since that time we have seen significant changes in the technology, economic and legislative landscape. As a result, there has been significant developments in the application of the BRP definition as well as the emergence of new issues and threats that professional advisers need to be aware of.

This session looks at some of these evolutionary forces and explores how SMSFs are responding and adapting.

10:55 am

BREAK

10:55 am – 11:05 am

11:05 am

SMSF DEEP DIVE 1: It's a super hyper-ethical

11:05 am – 12:40 pm

SMSF Deep Dive

  • Speaker: Bryan Ashenden – Head of Financial Literacy & Advocacy, BT
  • Speaker: Neil Sparks – National Manager SMSF Strategy, BT
Synopsis

In this interactive session, through the use of hyper-ethicals (ethical hypotheticals), we look at the crossover between the sole purpose test and other SMSF covenants, the best financial interests requirements and the FASEA Code of Ethics. Can these all work together, or do they cause a conflict of their own?

SMSF DEEP DIVE 2: Death really complicates things - Everything from caps, tax and future service deductions to death benefit nominations and beneficiaries

11:05 am – 12:40 pm

SMSF Deep Dive

  • Speaker: Peter Crump – Senior Consultant, Private Wealth, BDO
  • Speaker: Aaron Dunn – CEO & Co-founder, Smarter SMSF
Synopsis

The death of a member poses a number of significant challenges, issues and strategy considerations for practitioners to work through with their SMSF clients.

In this workshop, Peter and Aaron will take a practical lense to a number of topics that need to be contemplated in paying a super death benefit from within an SMSF, including:

  • Transfer balance cap & dealing with insurance proceeds
  • Utilising the future service benefit deduction
  • Obligations of the fund in paying super death benefits
  • Other opportunities available for surviving beneficiaries

SMSF DEEP DIVE 3: Succession planning workshop … How to implement the lessons from new court cases in your practice to best help clients

11:05 am – 12:40 pm

SMSF Deep Dive

Synopsis

In the last 12 months there have been major new court cases that significantly impact how succession planning for clients.

This workshop aims to be interactive and fun, but above all provide practical valuable concrete steps for practitioners to instantly implement for clients.

SMSF DEEP DIVE 4: Complicated SMSF investment structures and avoiding the NALI minefield: Key leanings from ATO determinations

11:05 am – 12:40 pm

SMSF Deep Dive

Synopsis

The non-arm’s income rules, or NALI, have been around for decades. Despite that, historically, they have been rarely invoked by the ATO and largely ignored by many advisors and trustees.

However, in the last 10 years, NALI has become an increasing focus for both the ATO and the Government. This has culminated in the non-arm’s length expenses (NALE) law and the ATO’s views of those laws as set out in LCR 2019/D3.

  • In this workshop, Phil Broderick will work through:
    The NALI and NALE rules and their application to property development and unrelated trust arrangements
  • Case studies which have resulted in an ATO determination of NALI
  • Key ATO focus areas when considering the application of NALI
  • How to correctly structure an investment arrangement to avoid NALE and NALI.

SMSF DEEP DIVE 5: Behavioural finance: What SMSF professionals need to know and how they can use it

11:05 am – 12:40 pm

SMSF Deep Dive

  • Speaker: Simon Russell – Director, Behavioural Finance Australia
Synopsis

Insights from behavioural finance are increasingly being adopted by policy-makers and regulators.

They now acknowledge that more traditional approaches to financial services regulation have failed. But while these new requirements represent a legal/regulatory ‘stick’ that will need to be complied with, there is also the client engagement ‘carrot’: SMSF professionals can use their knowledge of behavioural finance to better understand and influence their clients.

Through a number of interesting psychological studies, real-world examples and interactive workshop exercises, this session will discuss how SMSF professionals can apply psychological insights. How can these insights be used to better frame email communications and Powerpoint presentations? Or be applied to create investments reports and Statements of Advice that are more likely to be read? Or to conduct client conversations that are more likely to be understood? Subtle psychological strategies can sometimes create meaningful differences.

12:40 pm

LUNCH

12:40 pm – 1:20 pm

01:20 pm

TECHNICAL SESSION 1: Curly contribution considerations

1:20 pm – 2:15 pm

Technical Session

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

With the ongoing advantages of maximising superannuation, it is important that we are optimising the contributions that are available to be made. There are several creative strategies available to maximise super contributions and build up this asset.

In this session, Jemma will outline some of the curly contribution considerations, including:

  • Contributions for minors – what you can and can’t do
  • Contribution splitting between spouses
  • Catch-up contributions
  • Contribution reserves
  • Bring forward and downsizer contributions, including the proposed 2021 Federal budget changes

TECHNICAL SESSION 2: Property: To gear or not to gear?

1:20 pm – 2:15 pm

Technical Session

  • Speaker: Mary Simmons – Technical Manager, SMSF Association
Synopsis

Trustees continue to gear using limited recourse borrowing arrangements (LRBAs) to purchase real property in their SMSF but is this always the best option?

This session will look at the rules and restrictions which apply when gearing inside an SMSF to buy property. The session will then examine the alternative structures available to SMSFs without borrowing directly and unpack the benefits, risks and rules involved so that you can help trustees identify which real property ownership structure best suits their circumstances.

TECHNICAL SESSION 3: Auditor Independence - Are we there yet?

1:20 pm – 2:15 pm

Technical Session

Synopsis

This session will take a look at the professional requirements, along with a practical review of the various independence structures being considered by practitioners.

TECHNICAL SESSION 4: How clients deceive you about their decision making ability

1:20 pm – 2:15 pm

Technical Session

Synopsis

Professionals can only assume the decision-making capacity of a client while it is reasonable to do so. Capacity is a relative, not binary concept. Once you are faced with a capacity evaluation trigger, what comes next? Decision-making ability (the capacity to make decisions), once a capacity assessment trigger is present must be evaluated in the context of the task or decision to be performed.

This session will arm participants with practical tools to help them evaluate the demonstrated decision-making ability of their clients in a number of settings.

Clinical neuropsychologists tell us an early symptom of cognitive decline is a lack of insight. One of the last abilities to decline is language and sociability.

This session will explain what is a capacity assessment trigger and what we consider is prudent practice when you are faced with such a trigger. This session will also explore the evidence you should react to when concluding you are dealing with a competent client.

02:15 pm

BREAK

2:15 pm – 2:20 pm

02:20 pm

TECHNICAL SESSION 5: Don't forget your password - SMSFs and digital investments

2:20 pm – 3:15 pm

Technical Session

  • Speaker: Tim Miller – Education Manager, SuperGuardian
Synopsis

This session will explore the ever-increasing popularity of crypto/digital investments and the impact they will have on SMSFs.

Whether it be cryptocurrency or non-fungible tokens or whatever lies just around the corner, this session will look at the impact of a reactive regulatory environment versus a proactive investment environment.

TECHNICAL SESSION 6: Did ya FASEA it?

2:20 pm – 3:15 pm

Technical Session

Synopsis

From 1 January 2022, FASEA will cease to operate, with its existing functions and responsibilities transferred to Treasury and ASIC.

In this session, we will explore what the changes will be, how this will impact the advice landscape, and what we know or foresee about the FSCP. This session will also provide a timely update on other advice policy regulatory developments.

TECHNICAL SESSION 7: Spotlight on SMSF pensions - The new ECPI rules and legacy pension conversion measure

2:20 pm – 3:15 pm

Technical Session

  • Speaker: Mark Ellem – Head of Education, Accurium
Synopsis

Treasury released draft legislation to implement the Government’s two proposed measures from the 2019-20 budget with the goal to minimise the complexity of the current rules and reduce costs for SMSFs. A consultation period on the draft legislation is open until 18 June 2021. So, what’s the verdict – does the draft legislation achieve the goals or is there potential for additional complexity and administrative cost?

In this session there will be a focus on the draft legislation, including:

  • Which SMSFs will be eligible for ‘trustee choice’ for claiming ECPI;
  • How ‘trustee choice’ will work for SMSFs claiming ECPI;
  • A case study to illustrate how ‘trustee’ choice may affect an SMSF’s claim for ECPI;
  • Practice considerations to enable implementation of the new ECPI rules.

The session will also consider:

  • The implications of an SMSF not complying with the SIS pension standards;
  • Legacy pension conversion measure announced in this year’s Federal Budget

TECHNICAL SESSION 8: Australians with UK pensions - Issues on withdrawal, transfer, and post-transfer

2:20 pm – 3:15 pm

Technical Session

Synopsis

Presented by Barrister and leading UK pension transfer expert, Jeremy Gordon, this session will cover recent QROPS changes, trends and common pitfalls in the UK pension transfer process.

This session will also provide guidance on the often overlooked and misunderstood obligations of SMSF trustees once the UK-sourced pension money has been transferred. Changes to the SMSF residency rules, which were announced in this year’s Federal budget, will also be covered.

03:15 pm

BREAK

3:15 pm – 3:20 pm

03:20 pm

KEYNOTE 3: SMSFs looking forward: Where to from here

3:20 pm – 4:15 pm

Keynote

Synopsis

As always, events like these raise new ideas or remind us of old ones that are particularly pertinent right now.

In this session, Meg will draw on learnings from the earlier sessions to highlight some of the important client ideas to take into 2021/22. How can SMSF professionals best serve their clients in the current environment and what opportunities are not to be missed?

04:15 pm

CLOSE

4:15 pm – 4:20 pm

Note: Program is subject to change. All sessions will be available to view on-demand for up to a minimum of 4 weeks, post event.