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In This Issue
Time to switch to Corporate Trustee of your SMSF
Actuarial Certificates - when your SMSF needs one...
This one deserves a smile...
How to manage SMSF investments
Seminar " How and When to Commence a Pensions in a SMSF and claim maximum Exempt Current Pension Income deduction"
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2014 - TIME TO SWITCH TO A CORPORATE TRUSTEE FOR YOUR SMSF?

  

 

   

Most new SMSFs are opting to establish a corporate trustee - and there are many advantages to guiding SMSF clients to do so - existing funds may also be able to change their trustee structure, and doing so is easier than you might think.

 

According to the ATO, the vast majority of SMSFs still have individual trustees. However, this trend is set to change as accountants and advisers are recognizing the advantages of corporate trustees.

 

For instance, having a corporate trustee can make it substantially easier to administer the fund in the event of a major change, such as the death of a member or including kids in the super fund. It is also a requirement of most limited recourse lenders that the SMSFs they deal with have a corporate trustee.

 

The process of changing from an individual trustee structure to one with a corporate trustee is not a complex as you may think.

 

 

1.                   Consider the reasons for changing trustee structure

 

Before considering the best type of trustee for each of your SMSF clients, it is worth making sure you have a clear understanding of the role and responsibilities of an SMSF trustee. For starters, an SMSF trustee must act in accordance with the provisions of the SIS Act; the rules set out in the fund's own trust deed and other general rules such as those set out in tax and trust law. 

 

The SIS Act contains covenants or rules that impose certain requirements on Trustees and are deemed to be included in the trust deed of every regulated fund. These covenants reflect the duties imposed on a Trustee under trust law in general.

 

They require Trustees to: act honestly in all matters; exercise the same degree of care, skill and diligence as an ordinary prudent person; act in the best interest of the fund members; keep the assets of the fund separate from other assets (e.g. the Trustee's personal assets); retain control over the fund; develop and implement an investment strategy; and allow members access to certain information. 

 

  Ultimate responsibility and accountability for running the fund in a prudent manner lies with the Trustees. 

 

If a Trustee fails to act in accordance with the rules and obligations imposed on them, the Trustee may be sued by affected fund members and/or may jeopardize a fund's eligibility for tax concessions. In addition, the SIS Act imposes substantial penalties on Trustees who have failed to carry out their duties.

 

So, with a clear trustee job description in mind, let's consider the pros and cons of individual versus corporate trustees.

 

As a starting point, consider a scenario where Mr and Mrs Smith are the only members, and individual trustees of their SMSF. If Mrs Smith dies suddenly, as the sole remaining member of the fund, Mr Smith cannot also be the sole individual trustee as per the definition of a self managed super fund as outlined in Section 17A of SIS Act.

 

For the fund to remain legally valid (and taking into account the six-month period of grace allowed in the SIS Act), the surviving fund member will either need to appoint another individual trustee or move to a corporate trustee. This is the most obvious example of how setting up an SMSF with a corporate trustee from inception would save stress and uncertainty at such a critical time. Once the company is established to act as trustee, its lifespan is not dependent on that of the members and it can continue to administer the SMSF seamlessly for generations.

 

Membership changes are also made easier to manage with a corporate trustee in place. If a new member joins the fund or a member leaves, it is just a matter of appointing the new member as a director of the corporate trustee or removing the old member as a director. Name on the ownership document of the assets of the SMSF remain in the name of the corporate trustee. They don't have to be changed to reflect the addition or deletion of individual members to the fund. This is a substantial administrative saving.

 

This is just a snapshot of the key advantages of moving to a corporate trustee but they are important enough to consider if you are a SMSF trustee who may not have reviewed their trust deed or trustee arrangements for a while.

 

Now to the finer points of how to make the change from one trustee structure to another.

 

 

2.                   Consult or change the trust deed

  

Some trust deeds are very prescriptive and restrictive in terms of the appointment and removal of trustees. As we've mentioned before in this newsletter our SMSF trust  deed takes a descriptive approach and allows for either individual trustees or a corporate trustee.

 

However, if you have clients who are not currently using our deed, we believe the safest way to ensure the switch from individuals to a corporate trustee is seamlessly completed is to use our online system by clicking here, which will enable you to complete the change for an SMSF client in less than 20 minutes, adhering completely to the requirements of s. 17A of the SIS Act.

 

We will also email you all related legal documents required to make the change, including resignation of individual trustees, minutes of members/trustees to use the replacement trust deed, consents to act as directors of the new trustee companies, a PDF form to advise the ATO of "change of details" with ATO instructions.

 

 

3.                   Create a company

 

One common mistake is the temptation to use an existing company as SMSF trustee. This can be messy and is not recommended, particularly if it is a trading company operated as a business by one or more SMSF members or if it is the company which acts as trustee for a family trust associated with the SMSF members.

 

Consider how the use of such a company could put the directors in a very difficult position in respect to their responsibility to keep SMSF assets separate from personal assets. If, at any stage, the existing company has issues in relation to trading whilst insolvent or is the subject of legal proceedings, the SMSF members' retirement savings can become entwined.

 

It is highly recommended that all accountants and advisers working with SMSF clients steer them towards establishing a brand new, special purpose company to act as corporate trustee.

 

The total cost of using our service to register a ne company, is just $525 (including $444 ASIC fee - our fee is only $81 Incl. GST). A company can be formed in less 20 minutes by clicking here, to act as a corporate trustee for an SMSF cannot rely on the Replaceable rules in the Corporations Act but will need its own constitution.

 

If you have an idle company (non-trading) then it is possible to change the constitution of this company and lodge form 484 with ASIC and convert it to a special purpose company to pay lower ASIC review fee, click here to learn how to change the constitution of your existing company for $125.

 

 

4.                   Change bank accounts and asset titles

 

 Once the SMSF has its new trust deed and the trustee company is registered, with all individual trustee resignations and corporate trustee director consents in place, the tedious task of making changes to bank accounts and asset titles must be undertaken. The good news is that, once these are moved into the name of the corporate trustee, there are very few circumstances that will require further alterations to accounts or titles.

 

Most banks will want to see all documentation relating to the change, including the corporate trustee's certificate of registration and the written resignations of all individual trustees. They may also want to see the SMSF's new trust deed.

 

If an SMSF uses an online broker for share trading, it may have to close its old account and open a new one in the name of the trustee corporation. This may involve converting shares to issuer-sponsored while making the trustee changes. They can then be converted to broker-sponsored again. Usually the broker can do the transfer for a fee of $55 per script - or you can write to the share registry directly, if your super fund owns quite a few shares. Note that no capital gain tax applies when shares are transferred from Individual trustee to a corporate one.

 

If the SMSF holds real property, it will need to register changes to title with the relevant state or territory authority. A solicitor needs to be consulted for this step to ensure the fund can demonstrate that there hasn't been a change to beneficial owner - this will need to be established to avoid stamp duty. A solicitor should also be consulted to oversee changes to the parties on any lease agreements in place.

 

 

 

5.                   Dot 'I's and cross 'T's

 

It is critical to ensure SMSFs complete all steps carefully when changing trustees. For instance, since 2007 all individuals becoming trustees or directors of a corporate trustee must sign a declaration in the approved form (ATO Trustee Declaration NAT 71089) which confirms that they understand their duties (s. 104A SIS Act). This declaration must be retained for at least 10 years and be available for ATO inspection, if requested. This is covered in Clause 22 of our trust deed and the new declarations are provided when you convert your fund from individual to corporate trustee.

 

 

6.                   Changing from corporate to individual

 

 Just as it is possible to change from individual trustees to a corporate structure, if there is a strong argument for doing so, it is also possible to remove a corporate trustee and replace it with individual trustees.

 

For example, this may be necessary if, when originally established, the SMSF did nominate to use an existing company as corporate trustee. The simplest way to remove any doubts about the ownership of assets may be to remove that corporate entity as trustee and revert to using individual SMSF members as trustees.

 

Again, we have  an online system that can assist accountants, advisers and their SMSF clients to make this change.

 

 

7.            Changing from one company to another

 

If the trustee of your super fund is a trading company or a trustee of another trust, you may wish to separate the duties of the trustee company. It is possible to change trustee from one company to another. Our system can also be used to replace the existing corporate trustee with another company for as little as $220, click here to learn more. 

 

 

 

 

 

 

 

 

 

 

 

  

ACTUARIAL CERTIFICATE: YES OR NO?

  

 

 

Many SMSF trustees still appear to be confused about when they do and don't require an actuarial certificate and some SMSF service providers are unnecessarily loading up the price of such certificates.

 

Let's start with when it is necessary to have an actuarial certificate before an SMSF can be audited.

 

The first characteristic that makes it necessary to obtain an actuarial certificate is that one member is in pension phase while another (or even the same) member is still in accumulation phase. The next characteristic is that the monies within the SMSF are un-segregated.

 

Even an SMSF with a single member can find that it needs an actuarial certificate. For example, if the individual is still working and contributions are still flowing into the fund via employer SG contributions or personal contributions, the fund still has an accumulation element. At the same time, that member may be receiving income from a transition to retirement pension.

 

If 'accumulation benefits' are flowing into the same pool of funds that the TTR pension is being drawn from, an actuarial certificate will be needed to determine the percentage of the fund's assets that will be considered Exempt Current Pension Income deduction. That is the percentage of income that the SMSF can claim as exempt from paying tax because it is being used to support the payment of an income stream.

 

So, in very simple terms, an SMSF will need an actuary to certify the percentage of income that can be claimed as Exempt Current Pension Income if:

            Pool of funds within the SMSF are un-segregated, and

            One member is in pension phase while another is still in accumulation stage

 

 

 

An SMSF doesn't need an actuarial certificate if...

 

On the other hand, it is not necessary to acquire an actuarial certificate if:

  • All members are in pension phase for the whole financial year. If all assets within the SMSF are held for the purpose of paying pensions to members, the percentage of exempt income is obviously 100% and no actuarial calculation is needed
  • All members are in accumulation phase - 0% of assets are being used to pay pensions so no actuarial calculation is needed.
  • Pension paying assets are segregated from non-pension paying assets. Segregated assets, such as a bank account set up for the exclusive use of the member in pension phase, are 100% exempt.

 

 

To segregate or not?

 

Some funds do find it easier to segregate pension assets from non-pension assets. However, this becomes a little like administering multiple SMSFs within the one SMSF. For example, multiple bank accounts and share trading accounts would need to be established in this can duplicate administrative costs incurred by the fund.

 

The ATO recently issued a draft determination 2013/D7 on 7th August 2013, unfortunately, the tax office has now withdrawn TD 2013/D7 after receiving a number of submissions during consultation it has become clear that the approaches to segregation is varied across the SMSF industry.

 

The ATO has discovered that some SMSF administrators use complex segregation strategies to maximize exempt income deduction for their clients where some assets in the SMSF are segregated and some are not and how "multiple" segregation pools are achieved where fund's assets move in and out of these pension and non pension segregated pools during one financial year.

 

It is noted that percentage of income can be claimed as a deduction if some assets are supporting a pension - however expenses are claimed based on if they are deductible to the fund or not - some expenses have to be pro-rated to the actuarial percentage of earning assessable income, but some other expenses could be fully deductible like life insurance paid out of the accumulation account and supervisory levy. Some expenses are not deductible at all - for example late lodgment penalty.

 

There are many strategies to maximize exempt pension income percentage, and practically it is not difficult to keep all assets segregated including bank accounts of the fund.

 

The best alternative is to keep all high income pension assets pooled and segregated and the other assets of the fund un-segregated and use an actuary each year to determine the percentage of funds that can be exempt income.

 

This does not have to be a complex or prohibitively expensive exercise although some service providers certainly seem to be charging inflated prices for acturial certificates for account-based pensions. Our price is $97.50, click here to read more, but we have seen costs as high as $360 and more. Many actuaries have linked their services with software providers with kickbacks being paid to the software provider.

 

We've also developed our own "question and answer" style program, which makes it easier for accountants, advisers and trustees to enter the data required by the actuary. This is much easier than the excel spreadsheet completion required by other service providers. In most cases, if we receive an order before midday, the Full Actuarial Certificate will be emailed on the same day, provided there are no complexities.

 

If you are paying close to $200 for this service - you can save $100 by using our service which takes only 10 minutes to fill out instead of push of a button on the administrator's software platform - the savings could be a huge say about @ $600 per hour.

 

 

What data is required?

 

Before acquiring an actuarial certificate, the SMSF will need to have consulted their accountant, lawyer or financial adviser to ensure that they do, in fact, need actuarial certification. They need to then purchase the actuarial certificate prior to auditing the fund's accounts or lodging the fund's tax return with the ATO.

 

In order to produce the actuarial certificate, the SMSF needs to provide: 

1. Pension withdrawal dates and amounts

2. Member opening balances and details of new contributions, including salary sacrifice amounts, and dates of contributions

3. Member rollovers who are in accumulation and pension phase

4. Calculated total income of the fund (prior to finalizing accounts)

 

Click here to read how Actuarial Certificates work.

 

 

.
This one deserves a Smile.....


 

  

Three partners in an accounting firm go out to lunch. They are the audit partner, the tax partner and the senior partner.
  
One of them sees a brass lamp lying in the gutter.
  
Curious, they pick it up and give it a rub. Instantly, a genie appears."You know the deal," says the genie. "Three wishes. But seeing there are three of you, you can have one wish each.
  
"Great," says the audit partner. "Take me to the Whitsunday Islands, give me a blonde and an endless supply of XXX rum and a green pen & leave me there for ever.
"Pouf! There is a flash of light, a puff of smoke and he is gone.
  
"Now me," says the tax partner. "Take me to the Cook Islands, give me two blondes and an endless supply of offshore tax schemes and a phone list of who's who in Australia and leave me there for ever.
"Pouf! There is a flash of light, a puff of smoke and he is gone.
  
The genie turns to the senior partner. "And what do you want?"
  
Senior partner "I want those two back in the office straight after lunch to clock another 6 hours on their time sheets."

 

   .

  

HOW TRUSTEES MUST MANAGE INVESTMENTS OF A SMSF

  

 

   

The pressure is certainly on advisers and accountants to lift the standard of advice they provide SMSF clients, both in terms of administration and compliance and in terms of investment strategy (IS). However, day-to-day market 'noise' can often drown out the prudent stance taken by an SMSF's trusted adviser -- and the outcome can be detrimental to the client's retirement dreams and the adviser's reputation.

 

 Inexpert market noise comes from many sources: the media, spruikers, brokers, analysts, family members, blogs and social media. It is often difficult for the SMSF investor to know the difference between genuine, expert advice and a well-disguised sales pitch.

 

One very obvious contemporary source of noise is the real estate industry's ongoing 'hard sell' around setting up SMSFs and then commencing a limited recourse borrowing arrangement to buy real estate.

 

Another, that doesn't seem to be receiving the same attention or regulatory scrutiny, is the promotion of active and/or high risk share trading strategies within SMSFs. Online brokers, share trading software providers and investment 'education' or 'seminar' providers seem to be the main sources recommending the virtues of day trading to traditionally conservative SMSF investors.

 

We'd encourage accountants and advisers to guide their SMSF clients back to the legal basics if they seem to be adopting an approach to managing their fund's share portfolio, or overall investment portfolio, that is just a bit too speculative or too much like a business.

 

 

1.       Does the investment comply with the sole purpose test?

 

The sole purpose test is a fundamental provision of the Superannuation Industry (Supervision) Act 1993 (SIS). The test is the legislative expression of the whole objective for introducing compulsory superannuation in the first place - to grow a non-government source of income for retirees and lessen the aging population's dependence on the age pension.

 

Under the sole purpose test, the use of concessionally-taxed superannuation savings is prohibited for a purpose such as providing pre-retirement benefits to fund members, providing benefits to employer-sponsors, or facilitating estate planning.

 

 The sole purpose test provides that super funds, including SMSFs, must be maintained solely for at least one CORE PURPOSE or for at least one CORE PURPOSE and one or more ANCILLARY purposes, as outlined in SIS Section 62, Regulation 1.03, 13.18.

 

A core purpose is the provision of benefits: on or after a member's retirement, upon reaching official retirement age, or upon earlier death. Ancillary purposes include: provision of employment termination insurance, salary continuance on a member's cessation of work due to ill health, reversionary benefits or other benefits on or after a condition of release has been met.

 

Legal interpretations of the sole purpose test have been many and varied over the years but both APRA and the ATO have stated that the "provision of benefits", referred to in the test, could include the protection of assets which support benefits and the enhancement of benefits through sound investment practices.

 

The SMSF trustee needs to carefully consider whether, for example, an aggressive "day trading" approach to share investment constitutes a strategy which could either protect or enhance the benefits of fund members or whether it constitutes a sound investment practice.

 

Even some SMSF experts might argue that there are periods in an investor's life when an aggressive share trading strategy is, indeed, a sound way to grow their retirement savings.  For example, a young SMSF member with 30 or more years to retirement has plenty of time to recover losses if such an aggressive strategy coincides with a market crash. The same cannot be said of an SMSF member approaching retirement or drawing a transition to retirement pension.

 

The other danger is that the SMSF may cross the fine line between share trading for the purpose of growing retirement savings and running a business for the purpose of trading shares.

 

It is definitely worth reminding any SMSF client who is considering active share trading or other speculative investment strategies that contraventions by the auditor of the fund of the sole purpose test can lead to trustees facing civil and criminal penalties and can cause their fund to lose its concessional tax treatment.

 

 

2. 
Is a particular investment allowed in the trust deed?

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A highly descriptive trust deed can certainly be a useful reference for accountants and advisers attempting to guide SMSF clients as to whether a particular investment or approach to investing is appropriate or legal. For example, click here to read how our trust deed provides instant answers to most common questions asked by SMSF advisers and their clients, instead of simply referring you to the relevant section of the SIS Act. Your SMSF trust deed can instantly updated to our deed, click here for more infmation, to ensure investments undertaken are compliant and likely to maximize outcomes for members.

 

In terms of setting out what investments are permitted, many deeds simply stop at stating "The trustee may make any such investments as are permitted under Superannuation Law". However, our trust deed has over 70 clauses which are descriptive which you rarely find in other SMSF trust deed, click here to read more on how descriptive deeds are better, it also includes some examples of clauses giving specific and descriptive guidance to trustees about their approach to investment.

 

 

3.       Does a particular investment match with the investment strategy?

 

Our deed also states that, in making investments, the trustee must have regard to the formulated investment strategy and the risk management strategy of the fund, IN ADDITION, to conforming to superannuation law. If you have SMSF clients who are working with an old deed or a 'discount', prescriptive deed, it may not refer to the importance of ensuring their fund has a robust and well-articulated investment strategy or, indeed, that actual investments made are in line with the fund's stated strategy.

 

It is well worth using a deed that gives a detailed description of how an investment strategy should be formulated and put to use by an SMSF. For example, our deed specifies that the strategy MUST take into account all of the circumstances of the fund and must be reviewed regularly (SISR 4.09 (2)) and takes into account the objectives of the fund and retirement goals of its members and consider insurance for its members and assets of the fund.

 

Using a descriptive trust deed will enable SMSF professionals to give their clients better guidance about:

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  • Whether the fund should hold insurance as per SISR 4.09 (2) (e);
  • Risks involved in making, holding and realizing each investment;
  • Likely return from making each investment;
  • Range and diversity of investments;
  • Risks coming from limited diversification;
  • Liquidity of the fund's investments;
  • Expected cash flow requirements including reserving strategy to fund anti- detriment payments; and
  • Ability of the fund to meet its existing and prospective liabilities such as paying benefits to its members. 

 

Our deed also specifies that no investment made by the trustee for the fund may depart from the investment strategy. 

 

We recommend all practitioners involved in the SMSF space ensure their clients have written investment strategies that are reviewed regularly. If you find your clients' trust deeds do not refer to making investments with regard to the fund's strategy,click here toconsider taking advantage of our  bulk discount pricing to update more than 10 trust deeds at a time. You can also avoid having clients with outdated trust deeds by using our five year update service, which costs only $165 and keeps the SMSF trust deed up to date for next 5 years, click here to read more.

 

 

4.       Does one fund member need their own strategy within the fund?

 

red-ornament-sm.jpg Again, a descriptive trust deed will assist accountants and advisers in educating their SMSF clients that, as trustees, they must take account of each fund member's personal circumstances.

 

If the SMSF membership consists of individuals at different life stages - perhaps parents at pension phase but adult children in accumulation - they will need a trust deed that enables the trustee to offer a choice of investments to individual members.

 

Ensure the trust deeds being used by your SMSF clients allow for individual members to establish separate investment strategies and, subsequently, for the segregation of assets. This enables any income (loss) from this separate investment strategy to be credited (or debited) to the particular member's account so that it does not affect the investment strategy and return on investments of other members in the fund.  Of course, the deed should also give the Trustee discretion to vary, transfer or change the investment choice if the individual strategy is not working in the interests of the member.

 

 

SMSF Pensions and Exempt Pension Income Strategies UNMASKED

 

 

   

S E M I N A R

SMSF Pensions and Exempt Pension Income Strategies UNMASKED

  

 

Introduction 

   

SMSF Auditors role is to ensure that correct exempt current pension income deduction is claimed by the fund they are auditing. Although actuaries can churn out certificates based on data submitted to them, trustees rarely give thought on how their actions can drastically change the final income tax outcome. Learn how these actuarial percentages are calculated.

 

Be a better SMSF Auditor, you may have the knowledge, but not the right tools. Drive a quality compliance audit and add value to your business performance. Learn how you can do more with less time, reduce risk, find frauds, meet professional requirements and increase audit effectiveness. Learn how to deal with complex audits with constantly changing SIS requirements with a cloud auditing tool.

 

OnlineSMSFAudit.com.au provides a structured framework for performing organized, efficient and reliable SMSF audits that meet and exceed professional standards. It's a simple yet comprehensive methodology which accommodates every SMSF from importing raw data to issuing reports including contravention reports for ATO.

 

 

  

  

Topics Covered

 

 

 

 

 

1st Session

About 20% of all funds need an actuarial certificate, but according to ATO, not all trustees and their advisors understand this requirement. We will discuss when we need an actuarial certificate and how to apply for a certificate online. Advanced strategies that must be implemented to maximize deduction for exempt current pension income for a SMSF.

 

2nd Session

Automation in SMSF audit brings reliability, consistency, speed and quantity without sacrificing quality. By using a smart interactive interface, SMSF auditor gets peace of mind and assurance that nothing is left out in the audit process. Like most administration softwares, you will learn how SMSF cloud auditing is helping auditors complete a SMSF audit in half the time.

 

3rd Session

One of the core purposes of a SMSF is to pay pensions to its members. In this session, we will discuss, how to commence a pension, what are the requirements of SIS Regulation 1.06(9A) and advanced strategies which members can use to maximize exempt pension income for the fund.

 

  

Benefits / learning outcomes:

 

 

 

 

 

On completion of this session attendees will be able to

 

1) How and when to commence a pension in a self managed super fund; Use an online cloud based actuarial and auditing tool; &

2) Recommend strategies to trustees to increase exempt current pension income; &

 

3) Audit funds with confidence with assets supporting a pension and claiming exempt current pension income deduction.

  

 

Recommended For:

 

 

This event is suitable to all accounts who work in SMSF space and ASIC approved auditors who want to maintain their current licence with ASIC.

 

 

 

 

 

 CPD Hours:

 

   

This seminar is accredited under self assessment in SMSF Audit for 7.5 hours. As you may be aware, approved SMSF Auditors must satisfy a requirement to complete 120 hours of CPD over each 3 year period which must include 30 hours of development on superannuation and at least 8 hours of development on auditing SMSFs as per RG.243.88 - 90, Section 128F(a) of SIS Act and Regulation 9A.04 of SIS Regulations

 

 

Price: 220*

 

  

 

Venue and Date of Seminar

 

 

18th February - Mercure Hotel - 106 Hassall Street Rosehill New South Wales 2142

 

27th February - Hilton Sydney 488 George Street I Sydney NSW 2000

 

4th March 2014 - Hilton Brisbane - 190 Elizabeth Street I Brisbane QLD 4000

 

11th March Melbourne Parkview Hotel - 562 St Kilda Rd Melbourne 3004

 

 

 

How to Book and pay online

 

 

  

Visit www.onlinesmsfaudit.com.au/seminar.aspx or click here

 

 

(Mastercard / Visa / Amex accepted without any surcharge)

 

Phone 02 9684 4199 and book over the phone

 

 

 

Attendee Requirements:

 

 

Attendees can bring fully charged lap tops to experience the online cloud first hand. Free Wifi connection may be available at some venues - we encourage you to please bring your own.

 

 

 

Proposed Agenda

 

 

8.30 am: Registration

 

 

8.30 am to 9.00 am: Welcome Tea & Coffee and Networking

 

9.00 am to 10.30 am: Exempt Pension Income deduction Mechanism - Vinay Kumar

 

 

What are SMSF circumstances for claiming exempt current pension income deduction - Section 295- 390 requirements? When is an Actuarial certificate required and how to apply for a certificate online? Actuarial Certificate provides only a deduction against income, but some expenses of the fund can be claimed proportionately and some in full.

 

  

 

10.30 to 10.45:  Morning Tea & Coffee and Networking

  

10.45 am to 12.30pm Advanced exempt current pension Income issues - Sinclair Ebborn

 

 

 

 

How to maximise deduction for exempt current pension income. What factors causes fluctuations in percentage of exempt income and how to control these factors.

 

 

  

 

12.30 pm to 1.15 pm: Lunch Break

 

  

1.15 to 3.15: Cloud Disruption in SMSF Audit - Manoj Abichandani

 

 

 

 

Automation in SMSF audit brings reliability, consistency, speed and quantity without sacrificing quality. By using a smart interactive interface, SMSF auditor gets peace of mind and assurance that nothing is left out in the audit process. Like modern administration softwares, you will learn how SMSF cloud auditing is helping auditors complete a SMSF audit in half the time.

 

Delegates will also receive credit to audit 10 SMSF on cloud worth $150

 

  

 

3.15 pm to 3.30 pm: Afternoon Tea & Coffee and Networking

 

  

3.30 pm 5.00 pm: Pensions: Advanced Pension strategies and Auditors Role - Manoj Abichandani

 

 

 

How to commence a pension in a self managed super fund. Pension conditions for account based pensions as per SIS Regulation 1.06(9A). How by implementing some simple pension strategies, Trustees can change the final income tax outcome for funds. Estate planning issues which must be considered by advisors, when commencing a pension in a SMSF.

  

 

Speakers

  

 

Mr Sinclair Ebborn

Mr Ebborn qualified as a Fellow of the Institute of Actuaries in 1977 and has worked as an actuary and adviser within the superannuation industry for over 25 years. He has provided advice to large corporate, state government funds and smaller superannuation funds including SMSF's. His expertise includes requirements of actuarial certificates such as the section 295-390 certificates required by the current taxation act for funds with non-segregated pension assets.

 

 

  

 

 

 

 

 

Mr. Manoj Abichandani SSA, SSAud, CTA, FIPA

 

Manoj is a seasoned speaker at various professional discussion groups. He has worked in SMSF industry for the past two decades in various capacities including as a tax agent, accountant and SMSF Auditor. He has helped over 2000 funds to commence pensions and is probably one of the most experienced advisors in this field.

 

He has created an online SMSF audit tool which can be used by all SMSF auditors to improve quality and speed of audit. He currently works as SMSF Technical Director at www.trustdeed.com.au where he develops new SMSF strategies and advises trustees & practising accountants on complex SMSF matters.

 

 

 

Mr Vinay Kumar CA (I), CPA, FTMA

 

Vinay has worked for 18 years as an Accountant and auditor both in Australia and overseas. Vinay works as SMSF technical team leader since 2010 where he helps accountants and their clients on complex actuarial certificates, LRBA queries and other advanced SMSF issues. He possesses in- depth knowledge of SISA, SISR and AAS.

 

 

 

 

 

   

 

 

 

 

 

 

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HOW IT WORKS

 

Our oline ordering system is very simple, once you are registered with us, log in and answer to our smart and easy structured questions - clues and explanations are provided. Once you pay our low fee, perfectly customized legal documents are emailed to you, instantly.

The whole process takes not more than 20 minutes!

 

    

 

 

 

 

 

Every legal document purchased from us is reviewed by our support team for all structural issues, mergers, apparent spelling inaccuracies, address problems etc.

 


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