SMSF trustees need to stay alert to survive

Another example of the reason SMSF trustees need to stay alert to survive and must constantly stay on top of developments occurring in the self managed super fund field surfaced earlier this month.

The ATO went public with information that SMSF trustees in particular could be targeted by promoters of retirement planning arrangements that — while structured in a way that appears to satisfy certain regulatory rules — are essentially risky, if not downright illegal.

The ATO says the promoters of such arrangements seem to be overtly targeting SMSF trustees and self-funded retirees, including small business owners and those involved in property development with significant assets. Although it says it is committed to releasing information and actively shutting down dodgy operations, it confirms that the best defence for taxpayers and their advisers is to be aware.

The use of inappropriate retirement planning arrangements involving SMSFs includes:

  • deliberately exceeding the non-concessional contributions cap to manipulate tax components upon refund of excess
  • transferring a life estate interest over a commercial property to an SMSF
  • SMSFs and related-party property developments ventures.

The up-coming Superannuation Quarterly Update webinar, to be held on November 30 (more details below), will cover all the ins and outs of these schemes. Also to be examined is the situation where a second SMSF is established with the intent of manipulating tax outcomes.

Another subject to be looked at is the current ATO position on actuarial certificates for segregated funds — focusing on common practitioner questions, and the risks and/or opportunities to be found.

Your chance to update
Tax & Super Australia is hosting a series of regular webinar superannuation updates (see below), with the next scheduled session aimed at bringing SMSF trustees up to speed on all of the above issues, plus other technical and legislative updates.

The presenter Gabriela Rusu, principal of independent SMSF service provider Gabriela Rusu Superannuation Services, is going to go over the fine print of these new measures.

Gabriela is a superannuation specialist, with a focus on providing technical and compliance support on SMSFs to accountants, auditors, financial advisers and SMSF trustees. Gabriela has extensive experience and knowledge having worked in the superannuation industry since 2000.

In July 2013, Gabriela established her own business, focused on SMSFs. She holds a Graduate Diploma in Economics, a Diploma in Financial Services (Financial Planning) and is an SMSF Specialist Adviser (SSA) accredited by the SMSF Association, which is recognised as the peak body for professional advisers and the leading association within the SMSF industry in Australia.

Webinar: Superannuation quarterly update, 2017 session 4

When: Thursday, 30 November 2017

See here for details.

SMSF trustees need to stay alert to survive. SMSF trustees need to stay alert to survive. SMSF trustees need to stay alert to survive. SMSF trustees need to stay alert to survive