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Super appreciation - A sensory analysis

Published on 22 Aug 2012 | Took place at RACV Club, Melbourne, VIC

    Wine appreciation involves various stages of analysis to establish the complexity, character and possible fault properties of a wine. Similarly, accountants, financial advisers and legal practitioners must use their skills and expertise to understand and analyse recent developments and changes to the practice of superannuation and its supporting laws. This annual full day seminar took delegates through a sensory evaluation and examination of super.
    Sessions included: Stage 1: Appearance
  • Changes to the law In 2011/2012 that will affect SMSFs and their advisers
  • Recent cases relating to SMSFs
    Stage 2: Aroma and Palate
  • Limited recourse borrowing arrangements - What you can and can’t do
  • SMSFs and related party transactions - The issues and the opportunities
  • Investments in unit trusts and companies: The current issues
    Stage 3: Aftertaste
  • The use of binding nominations, reversionary pensions and powers of attorney with SMSFs

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Individual sessions

Recent cases relating to SMSFs, compliance and super reform

Author(s):  Nathan Burgess

The last 12 months have seen a flurry of litigation involving SMSFs and the ATO. This has been an important development for SMSFs and practitioners alike, as we are now seeing how the ATO will enforce the super and tax rules relating to SMSFs and the Courts' interpretation of those rules. This presentation covers the vital 'take out' points for practitioners such as:

  • Excess contributions tax - how taxpayers have gotten themselves into trouble and lessons to be learnt from the AAT, including timing issues arising from BPay
  • Early access schemes and how the victim can become the offender
  • Non-compliance and where responsibility really lies
  • Enforceable undertakings - what happens when they've contravened
  • De-registration of SMSF auditors and what sort of behaviour can disqualify a practitioner.
Materials from this session:

Changes to the law 2011/2012

Author(s):  Rebecca JAMES

The last 12 months have seen many changes and proposed changes to the super laws. This paper covers:

  • The new trustee obligations for SMSFs including the new trustee and director covenants
  • Changes that have occurred in relation to investing in collectables and personal use assets
  • Recent changes to the concessional contributions cap
  • Proposed changes to the super guarantee
  • An update on the approved auditor registration and independence requirements along with the accountants' exemption in the FOFA reforms.
Materials from this session:

SMSFs and related party transactions - The issues and the opportunites

Author(s):  David FOULDS

Dealings by SMSFs with related parties are a potential minefield due to regulatory and tax rules which regulate, prohibit or tax an SMSF that conducts such activities. However, if structured correctly, related party transactions can create great opportunities for SMSFs and related parties alike. This paper attempts to navigate this minefield by covering the:
• prohibition against assets from related parties
• prohibition against providing financial assistance to members
• in-house asset rules as they apply to loans and leases
• arm's length dealing requirements
• sole purpose test
• non-arm's length income rules.

Materials from this session:

Limited Recourse Borrowing Arrangements - what you can and can't do

Author(s):  Robert O'Donohue

There has been significant uncertainty in relation to limited recourse borrowing arrangements (LRBA) since they were introduced in the Superannuation Industry (Supervision) Act 1993 in 2007. With the release of the Commissioner of Taxation's ruling, SMSFR 2012/1, and the Government's announcement in relation to the tax treatment of LRBAs, SMSFs can now have some level of comfort in how LRBAs can be structured. This paper examines what SMSFs can and can't do under a LRBA, including:

  • When will an asset be a single acquirable asset?
  • What are repairs, maintenance and improvements of an asset and why the distinction is important
  • What sort of improvements can be made to an asset before the arrangement becomes noncompliant?
  • Using a unit trust structure in conjunction with a LRBA
  • Case studies involving various LRBAS.
Materials from this session:

Investments in unit trusts and companies: The current issues

Author(s):  Bryce FIGOT

SMSFs have been investing in certain related unit trusts and companies for years. However, new market conditions give rise to new issues for practitioners to be aware of, such as:

  • An SMSF might think it is investing in overseas property but it is actually investing in a foreign land holding company...this can cause many in-house asset considerations and proper handling is vital
  • SMSFs use reg 13.22 'ungeared' unit trusts as a convenient vehicle for joint investments or property development. However, what happens if the fine print in the builder's contract places a lein over the unit trust land?
  • How pre-12 August 1999 trusts can be caught by the in-house asset rules due to the obligation to distribute income or by converting them into an 'ungeared unit trust'.

This paper covers the key rules to be aware of when SMSFs invest in unit trusts and companies with a particular focus on how they apply in today's market, including tips and traps and detailed case studes.

Materials from this session:

The use of binding nominations, reversionary pensions and powers of attorney with SMSFs

Author(s):  Allan SWAN

When considering and advising with how super benefits can be dealt with on a member's death or incapacity it is crucial to have the right 'tools'. This paper examines some of those tools, including:

  • How binding death benefit nominations, reversionary pensions and enduring powers of attorney (financial) operate or can fail
  • How these instruments can work together in the super/estate planning arena
  • When binding nominations and reversionary pensions take precedence over the other
  • Illustrating how an enduring power of attorney (financial) can be used where a trustee loses capacity.
Materials from this session: