Tag: Setup and management

2 Jul — 30 Sep 2024

Join our technical team in the latest quarterly update as they keep you informed on current developments and trends occurring within the SMSF industry.

OVERVIEW:

The purpose of the quarterly SMSF Industry Update is to provide SMSF Association members with the latest industry insights. Hear all you need to know on current developments and trends, statistics, as well as the latest legislative and policy developments. These quarterly updates are a must for practice owners and SMSF industry practitioners wanting to stay abreast of the latest industry trends, developments, challenges, and opportunities!

The webinar also highlights current submissions that the Association’s Policy team are currently working on to help shape the sector, and provides our members with the opportunity to extend their SMSF technical competence in SMSF advice and practice.

Please note time is reflected as AEDT.

Join SMSF Association Head of Membership & Corporate Development, Neil Sparks and guest speaker for the In Practice Webinar Series.

In Practice is a monthly session of peer-to-peer learning, by Advisers for Advisers.

This month’s session ‘Trustees gone rogue: navigating the drama of uncooperative co-trustees’ will be presented by Victoria Mercer and Neal Dallas, from businessDEPOT.

This presentation will examine recent examples of trustees behaving badly. Without a deep understanding of the law or their fiduciary responsibilities, trustees may succumb to personal interests or exhibit coercive behaviour on other trustees, or simply act without authority, causing adverse outcomes for other members and the fund.

This session will consider causes of trustee conflict and what to do if you act for or against a badly behaving trustee. This includes:
(a) Documentation – identifying the rules of the Fund and areas exploited by trustees;
(b) Transparency – what documents are required to be provided to trustees and members, and what is your recourse against a Trustee who has acted unethically.
(c) Compliance–options when a trustee won’t comply with the rules of the Fund or the law;
(d) Advisors – what is the advisor’s role in the dispute
(e) Action – how to protect your client from penalty by the ATO

Time is reflected as AEST.

Join our policy and technical specialists as they unpack what you need to know from the Government’s Federal Budget.

OVERVIEW:

This update will highlight the essential budget announcements impacting the superannuation industry with a focus on discussing their potential impact on SMSFs.

The session is a must for SMSF professionals and practitioners to help you gain a clear understanding on what the Federal Budget announcements could mean for you and your clients.

Please note time is reflected as AEST.

Join our technical team in the latest quarterly update as they keep you informed on current developments and trends occurring within the SMSF industry.

OVERVIEW:

The purpose of the quarterly SMSF Industry Update is to provide SMSF Association members with the latest industry insights. Hear all you need to know on current developments and trends, statistics, as well as the latest legislative and policy developments. These quarterly updates are a must for practice owners and SMSF industry practitioners wanting to stay abreast of the latest industry trends, developments, challenges, and opportunities!

The webinar also highlights current submissions that the Association’s Policy team are currently working on to help shape the sector, and provides our members with the opportunity to extend their SMSF technical competence in SMSF advice and practice.

Please note time is reflected as AEDT.

Join our technical team in the latest quarterly update as they keep you informed on current developments and trends occurring within the SMSF industry.

OVERVIEW:

The purpose of the quarterly SMSF Industry Update is to provide SMSF Association members with the latest industry insights. Hear all you need to know on current developments and trends, statistics, as well as the latest legislative and policy developments. These quarterly updates are a must for practice owners and SMSF industry practitioners wanting to stay abreast of the latest industry trends, developments, challenges, and opportunities!

The webinar also highlights current submissions that the Association’s Policy team are currently working on to help shape the sector, and provides our members with the opportunity to extend their SMSF technical competence in SMSF advice and practice.

Please note time is reflected as AEDT.

SMSF Specialist Advisors that cancel their membership may regain their SSA designation if they rejoin as an Associate within 3 years of ceasing their membership and complete the SSA Designation Exam.

Express SMSF Specialist Advisor Accreditation Pathway for holders of the CFP® designation.

The purpose of the SSA accreditation is to qualify individuals who apply a broad and coherent knowledge in a range of contexts to undertake professional work and as a pathway to further learning. The SSA accreditation program analyses the unique intersection of the Superannuation Industry (Supervision) Act 1993 (SISA), the Superannuation Industry (Supervision) Regulations 1993 (SISR) and the Income Taxation Assessment Acts 1936 and 1997 (ITAA).

To be eligible for recognition as an SMSF Specialist Advisor (SSA™) designation with the SMSF Association you are required to successfully complete a 2-hour online examination with a pass mark of 60% or higher. There are nine optional learning modules to assist with your preparation for the online exam. The modules offer deep technical content and focus on examining the array of regulations and legislation that underpin the operation of an SMSF.

The modules cover the following topics:

1. SMSF regulatory framework
2. Regulating SMSFs
3. Contribution standards
4. Investing in an SMSF
5. Taxing an SMSF
6. Members interests and preservation standards
7. Payment standards and paying a benefit
8. Taxing superannuation payments
9. SMSF controls – planning for life events

On successful completion of this program, participants should be able to:

• Research and explain the legal regulations that apply to SMSFs.
• Research and critically evaluate the special taxation rules applicable to superannuation contributions, superannuation funds and superannuation benefits.
• Develop and critically evaluate an SMSF strategy to deal with regulatory and tax requirements in a complex SMSF scenario.
• Justify an SMSF strategy to deal with regulatory and tax requirements in a complex SMSF scenario.

This module provides the relevant references to paying benefits from a self-managed superannuation fund (SMSF) in the event of the death of a member. It revisits the trustee requirements on death, the benefit payment options and references the appropriate taxation. The module also investigates the ways in which a member can direct the trustees of their fund to pay their benefit when they pass away.

Following on from the death of a member, this module looks at a number of taxation deductions available to the fund once a death benefit has been paid and finally provides a guide to winding up the SMSF.

LEARNING OUTCOMES

On completing this module, you should be able to:

• identify the different types of nominations that can be made to a superannuation fund
• differentiate between a Superannuation Industry (Supervision) Act 1993 (Cth) dependant and a tax dependent
• calculate an anti-detriment benefit and deduction
• calculate the future liability to pay a benefit deduction
• wind-up an SMSF.

This module considers the features of a member account and how a member can access their money. It also discusses how money can be taken either as a superannuation lump sum or as an income stream and how both lump sum and pension payments are proportioned between taxable and tax-free components.

This module also reviews previous types of pension payable from a self-managed superannuation fund (SMSF) and discusses the critical issues of when a pension commences and ceases and introduces the concept of the transfer balance cap.

LEARNING OUTCOMES

On completing this module, you should be able to:

• identify the types of benefits that can be paid from an SMSF, and when
• Identify when a pension commences and ceases
• calculate the minimum pension obligations for a full or part-year pension
• discuss the requirements when a pension is commuted
• detail the different types of pension that can be paid from an SMSF
• understand the transfer balance cap.