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Superannuation Day

Published on 22 Nov 2013 | Took place at Stamford Plaza, Adelaide, SA

    This Superannuation Day delved into the often complex world of SMSFs and superannuation in general.This year the program covered the various changes that have happened in recent times and looks at the potential changes to strategic thinking because of these. It also takes the time to review some well established law and principles, which are often the cause of review or confusion, to confirm current thinking and practical application.
    Topics covered include:
  • super changes – what’s new and what’s the impact?
  • superannuation guarantee – what you need to know
  • insurance in SMSFs – the changes and practical implications
  • relationship breakdowns – SMSF super splitting
  • stamp duty implications of common SMSF transactions
  • practical SMSF administration
  • acquiring assets from related parties – case study.

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Individual sessions

Superannuation changes - What's new and what's the impact?

Author(s):  Alanah Boylon

With the recent announcements and rulings within the superannuation environment, together with the recent federal election, this paper gives updates on the following topics and includes strategies/practice tips:

  • changes to excess contributions tax regime
  • concessional contribution cap changes
  • new taxation regime for high income earners
  • new rules for funds paying pensions
  • commencement and cessation of paying pensions
  • segregation of assets within funds.
Materials from this session:

Superannuation guarantee - What you need to know

Author(s):  Glynn FLAHERTY

Superannuation Guarantee rates are on the rise – but is it just as simple as increasing the rate you or your clients pay? With ATO Superannuation Guarantee reviews a compliance focus, there are many overlooked issues that employers are being caught out on. With some ATO superannuation reviews taking years to conclude it is timely to review some of these issues to get them right before they become an issue. This paper looks at some of the more commonly encountered issues, including real life examples, and will provides some meaningful takeaways to ensure compliance in your own and your clients’ businesses.

Topics covered include:

  • ordinary hours and OTE
  • who and what is included and excluded for SG purposes
  • how to deal with the increasing rates on salary packages
  • tricks and traps commonly encountered by employers
  • directors’ liability issues.
Materials from this session:

Insurance in SMSFs - The changes and practical implications

Author(s):  Tasha NAIGE

Given the pace and breadth of changes in the superannuation industry over the past few years, it is easy for the implications of some changes to be overlooked amongst the deluge. The new insurance operating standards under the SIS Regulations might be one such area. This paper addresses the role of insurance in SMSFs in the new regulatory environment, with a particular focus on:

  • the requirement for trustees to consider insurance
  • permitted types of insurance from 1 July 2014
  • grandfathering arrangements
  • the potential impact of the changes on insurance strategies in SMSFs.
Materials from this session:

Stamp duty implications of common SMSF transactions

Author(s):  Bernard WALRUT

SMSFs are regularly party to transactions involving real property and investment vehicles such as unit trusts. The tax advantages of holding assets in the superannuation environment are well-known. However, the stamp duty implications of SMSF transactions are often misunderstood or inadequately dealt with. This paper explores in some detail the South Australian stamp duty issues arising in a range of reasonably common transactions involving SMSFs, addresses some misconceptions and highlights the importance of careful planning and documentation to achieve appropriate stamp duty outcomes.

This paper covers:

  • stamping SMSF trust deeds, amendments and changes of trustee
  • stamp duty implications of transferring assets to SMSFs
  • stamp duty on the following types of transactions:
    •  o in specie benefit payments to members
    •  o in specie death benefit payments to dependants and legal personal representatives
    •  o limited recourse borrowing arrangements – setting up the security trust, acquiring the asset and vesting the security trust 
  • relevant exemptions and concessions in the SMSF context, and how to apply them.
Materials from this session:

Relationship breakdowns - SMSF super splitting

Author(s):  Matthew Andruchowycz

This paper provides an overview of the superannuation splitting rules and the tax considerations. This is an increasingly relevant area. Divorce rates are over 40% and a high proportion of the one million SMSF members are legally married or de facto spouses. A well-orchestrated super split can lead to a more satisfactory settlement outcome. All advisers in the SMSF area should have at least a basic understanding of the applicable concepts, options, practical requirements and taxation considerations.

This paper covers:

  • key concepts and available options
  • practical requirements and process
  • issues regarding governance, valuations, lumpy assets and in specie transfers
  • tax implications and characteristics of splittable payments
  • CGT and stamp duty relief
  • related issue - blended families and fixed pensions.
Materials from this session:

Practical SMSF administration

Author(s):  Tricia Kleinig

Once you know and understand the rules and regulations surrounding the operation of SMSFs, it is often considered just a matter of process to administer the events that happen. You just get the bank and investment information from the client, process the transactions into the superannuation software and produce the required year end documentation right? Alas that’s not the case. Unfortunately there are many tricks and traps that surround events that happen in the operation of SMSFs that can catch administrators out when processing these events. For instance, the timing, the content and the order of documentation can often be critical to getting it right.

This paper looks at a number of common events in the life of an SMSF and outline the various requirements to get it right, including:

  • commencement and full and partial commutations of pensions
  • events impacting trustees and members, such as admission, death, rollout of benefits and fund wind ups
  • refunding contributions
  • requirements for contributions (concessional, CGT cap amounts and work test issues).
Materials from this session:

Acquiring assets from related parties - case study

Author(s):  Andrew SINCLAIR

Whenever clients are dealing with related parties there are a number of aspects that need to be carefully considered. This paper uses a case study to highlight the areas that need to be considered when acquiring assets from a member or their associate. It has a particular focus on the following:

  • application of s66 of the SIS Act to these types of arrangements
  • how to identify who is a related party
  • application of the non-arm’s length income provisions
  • dealing at arm’s length – section 109 of SIS Act.
Materials from this session: