Tag: Setup and management

1 Dec — 1 Dec 2022

Join our technical team as they keep you up to date and informed on the developments within the SMSF industry.

OVERVIEW:

The purpose of the technical update is to provide SMSF Association members with the latest news, legislation amendments or introductions and policy within the SMSF and superannuation sectors. The webinar also highlights current submissions that the Association’s Policy team are currently working on to help shape the sector.

The webinar provides our members with the opportunity to extend their SMSF technical competence in SMSF advice and practice.

AT THE COMPLETION OF TECHNICAL UPDATE, PARTICIPANTS SHOULD BE ABLE TO:

• Understand the latest developments in the SMSF and superannuation sectors
• Evaluate the latest technical issues and requirements and whether it will affect current practices
• Demonstrate the knowledge and practical application to adjust current practices to deal with changing requirements
• Apply any developments to clients’ circumstances and be able to advise and implement adjustments that may be required, based on their specific circumstances

Please note time is reflected as AEDT.

Join our technical team as they keep you up to date and informed on the developments within the SMSF industry.

OVERVIEW:

The webinar provides our members with the opportunity to extend their SMSF technical competence in SMSF advice and practice.

AT THE COMPLETION OF TECHNICAL UPDATE, PARTICIPANTS SHOULD BE ABLE TO:

Please note time is reflected as AEDT.

Join our technical team as they keep you up to date and informed on the developments within the SMSF industry.

OVERVIEW:

The webinar provides our members with the opportunity to extend their SMSF technical competence in SMSF advice and practice.

AT THE COMPLETION OF TECHNICAL UPDATE, PARTICIPANTS SHOULD BE ABLE TO:

Webinar available on demand.

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.

All superannuation members have an interest in their superannuation fund. For self-managed superannuation fund (SMSF) members, these interests are a single accumulation interest and/or single or multiple pension interests.
This module defines an interest is an SMSF and explains the preservation status of a members’ benefit.

The module also considers the conditions of release that a member must satisfy to access money from their superannuation interest.

LEARNING OUTCOMES

On completing this module, you should be able to:

• calculate a member’s tax-free and taxable components in an interest
• describe the various preserved benefits
• identify and discuss the various conditions of release that apply
• describe the cashing restrictions that apply to certain conditions of release.

The SMSF Association SMSF Specialist Advisor™ accreditation is recognised industry-wide as a comprehensive and challenging assessment of an individual’s ability as an SMSF advisor.

OVERVIEW

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 complete 9 modules and successfully complete a 2-hour online examination with a pass mark of 50% or higher. The modules offer deep technical content and focus on examining, in detail, 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

LEARNING OUTCOMES:

On successful completion of this subject, 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.

KNOWLEDGE
Graduates of the SSA accreditation will have a broad and coherent theoretical and technical knowledge in one or more disciplines of areas of SMSF practice.

SKILLS
Graduates of the of the SSA accreditation will have well-developed cognitive, technical and communication skills to select and apply methods and technologies to:
• Analyse and evaluate information to complete a range of activities
• Analyse, generate and transmit solutions to unpredictable and sometimes complex problems
• Transmit knowledge, skills and ideas to others

APPLICATION OF KNOWLEDGE AND SKILLS
Graduates of the SSA accreditation will apply SMSF industry knowledge and skills to demonstrate autonomy, well-developed judgement and responsibility;
• In contexts that require self-directed work and learning
• Within broad parameters to provide specialist advise and functions

FASEA CPD CATEGORIES
The SSA designation is aligned to competencies under the FASEA CPD categories. The designation supports demonstration for ongoing professional practice in the categories of:
• Technical competence
• Regulatory compliance and consumer protection
• Client care and practice