When is it time to jettison the SMSF?

Ask yourself this question — have you reached the time and circumstances when running your own SMSF is not entirely appropriate anymore?

There are specific instances when members are no longer able to be trustees of a SMSF and therefore unable to operate their fund.

Tax & Super Australia is presenting a webinar that will explain in detail these instances —labelled the “5 Ds”. The Ds stand for:

  • Disqualification
  • Disability/dementia
  • Divorce
  • Departure (from Australia), and
  • Death.

The webinar will therefore cover the practical application of the SIS rules when a trustee becomes insolvent, loses mental capacity, separates from their co-member, is no longer an Australian resident, or dies.

Presented by Shirley Schaefer, who is recognised as one of Australia’s leading SMSF specialists, the webinar will fill in the gaps, and will underline the adage “If you fail to plan, you’re planning to fail”.

“This session will look at the options available,” Shirley says. “It is really a planning session, and will look at what can go wrong for trustees in these circumstances and what are the consequences.”

Also, if there is no plan, what outcomes can be expected. “It’s not about so much providing all the answers, “ says Shirley, “but rather providing the questions. Every trustee’s intentions will be different, but the circumstances can be similar.”

Therefore good use is made of case studies, as these are generally based on the realities that trustees come across. “That way, we can all learn from the real mistakes that others have made or will potentially make. These are not everyday occurrences, but it is important that SMSF trustees at least consider them seriously.”

Shirley’s team services well over 800 SMSFs, and she is frequently sought after for speaking engagements as well as training sessions and workshops not only with Tax & Super Australia but with the Institute of Public Accountants (IPA), Institute of Chartered Accountants Australia (ICAA), SMSF Professionals Association of Australia (SPAA) and industry associations, including the Australian Investors Association (AIA).

The one-and-a-half hour webinar, “The 5 Ds of SMSFs — when to get out”, is scheduled for October 5 at 11am to 12.30pm AEDST.

Click here to register.

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