The SSA (Express Pathway) program is for those members that have completed an SMSF Association recognised prior learning (RPL) course.
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 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™) with the SMSF Association you are required to successfully complete a 2-hour online examination with a pass mark of 60% or higher. A workbook containing nine learning modules is provided 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. Establishing an SMSF
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.
Deakin Ethics for Financial Services (Intensive)
Registration and completion of this course you will be eligible for 1 FASEA credit. This course will be run and assessed by Deakin University.
By registering directly through the SMSF Association you will receive a 15% discount off the course fee RRP $4,273
OVERVIEW
The SMSF Specialist Auditor (SSAud®) program meets part of the compliance requirements to become a Registered SMSF Auditor.
You will examine the requirements of the Australian Auditing Standards and how they should be applied in an SMSF audit. In addition, the practical relationship between the Superannuation Industry (Supervision) Act 1993 (SIS Act) compliance audit of an SMSF and the Auditing Standards will be analysed. Specifically, the subject covers the auditor’s reporting obligations in relation to SIS compliance to both the trustees and the Australian Taxation Office.
It is specifically designed for audit professionals seeking recognition for their specialist skills and knowledge required through statutory obligations, Auditing & Assurance Standards and AUASB Guidance Statements. This Accredited Specialist designation program is designed to be completed within twelve (12) weeks of entering the program.
To audit a self-managed super fund, an auditor must be a qualified member of an approved professional organisation. As of 1 July 2013, the rules changed and now SMSF Auditors must be registered with ASIC.
When held in conjunction with an accounting degree, the SMSF Association SSAud® will satisfy the education requirements of the ASIC Auditor Registration, as it is registered as an approved program under the SMSF Auditor regulations (SIS 9A.02)
LEARNING OUTCOMES:
On successful completion, you should be able to:
1. Undertake research on significant SMSF auditing issues
2. Apply the Auditing Standards to identify compliance issues in an SMSF
3. Complete an SMSF audit that is compliant with both Australian Auditing Standards and SIS Regulations
4. Create the required Australian Taxation Office reports and Fund reports
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 final overlay of taxation on benefit payments. Having identified the components of a member’s interest, the proportioning that applies to benefit payments and the types of benefits that can be paid, the final step is to determine how much tax is to be paid on those benefits. The module also considers the taxation treatment of non-standard benefit payments such as disability superannuation benefits and terminal illness benefits.
LEARNING OUTCOMES
On completing this module, participants should be able to:
• calculate how much tax is payable on a lump sum or pension
• identify the taxation implications of paying a reversionary pension
• calculate the tax-free portion of a disability superannuation lump sum
• calculate the untaxed element of a superannuation lump sum death benefit payable to a non-tax dependant.
This module explores a complying superannuation fund’s taxation obligations. It considers the taxation of contributions, the applicable capital gains tax (CGT) provisions, how foreign transfers are treated and ordinary income.
This module also identifies income from transactions that are not maintained on an arm’s-length basis and imposes a higher rate of tax for income that is deemed not at arm’s length. It also explores the deductions allowable for a self-managed superannuation fund (SMSF) both in accumulation and retirement phases.
LEARNING OUTCOMES
On completing this module, you should be able to:
• identify which contributions are taxable
• understand how capital gains tax is calculated in an SMSF
• make an election to have the applicable fund earnings of a foreign superannuation fund taxed concessionally in an SMSF
• determine what income amounts are deemed non-arm’s length income
• identify which insurance premiums are deductible
• explain how the exempt current pension income deduction works.
Self-managed superannuation fund (SMSF) trustees have ultimate control over the investments of the fund, so long as all investments are made in conjunction with the fund’s investment strategy, the sole purpose test and within the investment restrictions outlined in the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act) and Superannuation Industry (Supervision) Regulations 1994 (Cth) (SIS Regulations).
The module analyses the requirements for an SMSF to have an investment strategy in accordance with the trustee covenants and operating standards for investments. It also revisits the concept of the sole purpose test, with a deeper review of what the test requires.
Having determined a fund’s investment strategy, this module investigates the numerous investment restrictions placed on superannuation trustees, and more specifically SMSF trustees, and the exceptions to the rules that allow SMSFs and small Australian Prudential Regulation Authority (APRA) funds (SAFs) to acquire certain assets from related parties that other funds are unable to acquire.
LEARNING OUTCOMES
On completing this module, you should be able to:
• identify the obligations associated with giving effect and formulating an investment strategy
• consider the sole purpose test with regards to making investments in an SMSF
• describe the prohibitions that an SMSF trustee is faced with in regards to investments and the exceptions to those prohibitions
• outline the assets that the trustees of an SMSF can acquire from a related party of the fund
• define a related party of the fund
• understand the rules relating specifically to collectable and personal-use assets that apply only to SMSFs
• describe the in-house asset rules and how they apply
• consider the use of reserves in an SMSF.
This module looks at the steps to establish a self-managed superannuation fund (SMSF) as a regulated superannuation fund in order to become a complying superannuation fund entitled to tax concessions. The module identifies the trustee covenants that all trustees must abide by and are deemed to be incorporated into the governing rules of the fund whether they are actually stated or not.
In the first significant link between the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act) and the Income Tax Assessment Act 1997 (Cth) (ITAA 97), this topic reviews the definition of an Australian superannuation fund which is a definition that an SMSF is required to satisfy if it is to be a complying superannuation fund.
Finally, the module covers the fund’s responsibilities that must be outsourced and identifies the penalty regime that applies to all SMSFs for breaches of the SIS Act.
LEARNING OUTCOMES
On completing this module, you should be able to:
• identify some of the considered advantages and disadvantages of having an SMSF
• list the key regulatory steps required to establish an SMSF
• identify the key trustee covenants and their associated regulations to ensure an SMSF meets its obligations with regards to assets
and investment strategies
• describe the characteristics of an Australian superannuation fund
• ensure an SMSF continues to satisfy the definition of an Australian superannuation fund
• discuss the various penalties that may be imposed on SMSF trustees for a breach of the SIS Act.