SMSFs Masterclass
WEB213N41: This SMSF strategy briefing and its comprehensive review of the area is all you need. Examine the facts on challenging trustee discretion in SMSF death benefit payments. Walk through the critical considerations in the administration and management of SMSF funds and how to maximise the benefits when using an SMSF as a retirement vehicle. Unlock how to create an effective plan of action for an SMSF both before and after a relationship ends.
Description
Attend and earn 4 CPD units in Substantive Law
This program is applicable to practitioners from all States & Territories
Chair: Lisa To, Partner, Bartier Perry; SMSF Specialist Advisor
9.00am to 10.00am Challenging Trustee Discretion in SMSF Death Benefit Payments
- Reviewing Re Marsella: Marsella v Wareham
- What is acting in good faith and real and genuine consideration?
- Risks of failing to acknowledge a potential conflict or seek relevant advice
- Duty of trustee to avoid a conflict of interest
- Obligation of trustee to give reasons for exercise of discretion
Presented by Hayley Mitchell, Partner, Cooper Grace Ward; SMSF Specialist Advisor; Accredited Specialist in Succession Law; Recommended Wills & Estates Litigation Doyle’s Guide 2020; Wills, Estates & Succession Planning Rising Star, Doyle’s Guide 2019; Best Lawyers 2021, Trusts and Estates, Wealth Management/Succession Planning Practice
10.00am to 11.00am Administration and Management of SMSF Funds
- Exercise of discretions and powers
- Non arms-length dealings
- In-house assets and in-house asset ratio
- Requirements to maintain investments at arm’s length
- Sole purpose test
Presented by Dr Bill Orow, Barrister, Greens List
11.00am to 11.10am Break
11.10am to 12.10pm Key SMSF Considerations Pre and Post Relationships: What You Need to Advise Your Clients
Explore how to advise clients both pre-relationship and at the end of a relationship
- Pre-relationship issues to consider
- Superannuation is property of a marriage or defacto relationship under Part IIIVB of the Family Law Act 1975
- Financial agreements pre-relationship (pre-nup) and practical tips
- Issues to consider immediately on separation
- Liability as trustee and binding death benefit nominations
- What needs to be dealt with on property settlement and divorce
- Valuation of SMSF assets & nature and liquidity of assets
- Related parties and compliance issues in SMSFs
- Timing of payment and relevant considerations and BDBNs
- How to deal with the ATO in the event of unauthorised access to the fund’s money and managing liability for the ‘innocent’ party
Presented by Peter Bobbin, Principal Lawyer, Coleman Greig; Preeminent Wills, Estates & Succession Planning Lawyer, Doyle’s Guide 2020
12.10pm to 1.10pm Maximising the Benefits of Using an SMSF as a Retirement Vehicle in the Current SMSF Environment
Gain insights and real world guidance on wealth creation and retirement strategies that should be considered at each stage of life and the practical tips and traps you need to know regarding retirement and estate planning.
Presented by Mark Wilkinson, Partner, Superannuation, BDO; CA SMSF Specialist
Presenters
Lisa To, Partner, Bartier Perry
Lisa and has over 15 years' experience specialising in federal and state taxation, superannuation, trusts, estate planning and business succession planning. Lisa sits on the NSW Law Society and Revenue NSW liaison committee and is actively involved with SMSF, tax education and promoting women leadership. She has significant experience in property development and business transactions involving SMSFs, trust structures and borrowing arrangements. Lisa manages all stages of tax and SMSF disputes, reviews, audits, objections, SMSF specific advice and private ruling applications with the ATO including seeking Commissioner discretion.
Hayley Mitchell, Partner, Cooper Grace Ward
Hayley’s expertise and specialist knowledge in Wills, estates and superannuation funds means that she can provide advice and assistance to clients in a range of matters including estate planning, wills, enduring powers of attorney and superannuation binding death benefit nominations. She also advises on SMSF disputes and superannuation death benefit disputes, trust succession disputes. She assists with applications for probate and letters of administration and gives advice to executors and beneficiaries of estates. She also assists with family provision applications, Will disputes and estate disputes and enduring power of attorney disputes.
Dr Bill Orow, Barrister, Greens List
Bill is an expert in the fields of taxation law and trusts. He has many works on taxation published. He practices in Federal and State taxation and has been briefed in matters involving income taxation, GST, superannuation, stamp duty, land tax, general infrastructure contribution tax and payroll tax. Bill has been briefed in general commercial law matters and is an accredited mediator.
Peter Bobbin
Peter has over 30 years’ experience in superannuation and taxation in the personal and commercial arena. He excels in tax, estate and business succession planning, commercial structuring, trusts, ATO litigation management, regulatory compliance and general commercial issues. A former university lecturer and accountant, Peter is also active in lobbying the government to support a good cause or achieve better outcomes in the law. He has successfully had laws amended and was the only individual (non-association) representative invited to the Federal Treasury initiative on the Ralph Report to tax trusts as companies. Peter is the Chair of STEP Australia.
Mark Wilkinson
Mark has been providing superannuation and retirement planning advice for more than 30 years. Licensed to provide superannuation and wealth advice, he advises on SMSF establishment, contribution planning strategies, pension planning advice, estate planning and the investments that would complement each of these strategies. Mark provides strategic retirement and wealth creation advice on the areas of superannuation, retirement, estate and succession planning for clients as they build their wealth en route to retirement. He is also the author of a number of guides and books dealing with complex superannuation issues.