SMSFs Summit
We have gathered a team of experts to unpack significant issues with SMSFs. The impact of Non-Arm’s Length Income and the LCR 2021/22 will be demystified for you. Uncover the rippling effect of recent changes on in-specie property contributions. Be a step ahead of legacy pensions and so much more. With so many changes in recent times it’s easy for your strategies to become outdated, so make sure you’re investing your time wisely into staying at the forefront of a successful SMSF practice. WEB223N42
Description
For Lawyers: Attend and earn 7 CPD units including:
3.5 units in Substantive Law
3.5 units in Professional Skills
For Financial Advisors: Attend and earn 7 CPD units
Estimated FASEA CPD Categories
2 CPD units in Regulatory Compliance and Consumer Protection
1 CPD unit in Client Care and Practice
4 CPD units in Technical Competence
This program is applicable to practitioners from all States & Territories
Session 1
New Changes to Contributions, NALI, SMSF Trustees & Planning
Chair: Lisa To, Partner, Bartier Perry; SMSF Specialist Advisor
WHAT'S NEW WITH NALI AND CONTRIBUTIONS
Professional Skills
9.00am to 9.45am New Law! Non-Arm’s Length Income and the LCR 2021/22
The issues of Non-arm’s length income (NALI) or expenses, impacts on any superannuation arrangements where the fund trustee deals with a related party. In this session you will consider:
- When income is likely to be considered NALI
- When expenses or a reduced purchase price could give rise to NALE
- What happens when an expense is not directly attributed to income source
Presented by Mark Wilkinson, Partner, Superannuation, BDO; CA SMSF Specialist
Professional Skills
9.45am to 10.30am What’s New with Contributions? In-specie Property, NALE and Other Key Updates
Recent guidance from the Australian Taxation Office has touched on contributions in a variety of scenarios and this may impact your clients’ strategies for contributing to superannuation. You will examine the recent publications and the practical consequences including eligibility to make contributions and impacts on the caps. The topics discussed will include:
- General contribution update
- Guidance on in-specie property contributions
- Financial compensation and contributions
- NALE contribution considerations
Presented by Tracey Norris, Director – Superannuation Services, Pitcher Partners; CA SMSF Specialist
10.30am to 10.45am Break
10.45am to 11.30am The ATO’s Investigatory Powers
- The key principles including The Co-operative Approach
- The scope and limitations of the Access Power and the Notice Power
- Exceptions to the ATO's powers
- What are lemons?
Presented by John Ebert, Former Principal Lawyer General Counsel, Australian Taxation Office
11.30am to 12.30pm Obligations of SMSF Trustees: Disqualification of Trustees and Directors of Trustees
- General common law duties and statutory covenants
- Obligations to comply with SIS legislation e.g. sole purpose test and arm’s length rules
- Indemnification from trust fund
- Contraventions of the SIS Act and regulations
- Disqualification of trustees and directors of corporate trustees
Presented by Dr Bill Orow, Barrister, Greens List; co-author, Income Tax and GST Strategies Manual, Thomson Reuters
12.30pm to 1.15pm Legal Complications in SMSF Planning
Delve into the various aspects of superannuation planning and some legal challenges SMSF members and advisors may encounter throughout this exercise including:
- SMSF control considerations
- Conflict of interest issues
- Tips and traps for BDBN and death benefit pensions and superannuation proceeds trusts
Presented by Yikai Hoe, Director, Provident Lawyers; SMSF Specialist Advisor
Session 2
Tax Free Benefits, Indexation of TBC and Legacy Pensions
Chair: Simon Robinson CFP, Financial Advisor, RSM
2.00pm to 3.00pm Death Bed Payments, Tax Free Super Benefit or Taxable Death Benefit?
A strategy to make a member payment shortly before that member’s death can be an effective way to minimise the tax that would otherwise be payable on that member’s superannuation death benefit. But how must it be done to achieve the intended outcome?
Explore the practical issues when planning and implementing a member withdrawal shortly prior to death and the steps that must be taken to ensure any strategy like this is successful including:
- Trust deed and trustee control issues
- Member incapacity and enduring powers of attorney
- Conditions of release, the payment process and assets to be transferred
- The things that should be done now to make sure the strategy works later
Presented by Steven Jell, Senior Associate, Cooper Grace Ward; SMSF Specialist Advisor
Professional Skills
3.00pm to 4.00pm Indexation of the Transfer Balance Cap
There are several areas of dealing with the transfer balance cap that remain widely misunderstood. With the cap increased to $1.7 million from 1 July 2021 there is significant increased complexity arising from the indexation. Through a series of case studies, explore:
- Transfer balance cap indexation
- Calculating the personal transfer balance cap
- Dealing with death benefits
Presented by Julie Steed, Senior Technical Services Manager, Australian Executor Trustees; SMSF Specialist Advisor
4.00pm to 4.15pm Break
Professional Skills
4.15pm to 5.15pm Superannuation: What’s Been and What’s to Come
- Fund structuring and contributions after 67
- ECPI and fund income
- Legacy pensions
Presented by Graeme Colley, Executive Manager, SMSF Technical & Private Wealth, SuperConcepts
Presenters
Lisa To
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.
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.
Tracey Norris
Tracey Norris commenced in public practice over 20 years ago and initially advised small and medium enterprises on taxation and superannuation affairs. Her demonstrated knowledge and experience in the application of superannuation and taxation laws includes; SMSF compliance and audits; advising on restructure of assets to and from superannuation funds, whether the result of life events or business sales and acquisitions; assisting clients with effective retirement planning strategies; maximising investment opportunities using superannuation structures; writing expert reports for legal counsel in court hearings; sitting on the compliance committee of a retail fund; and consulting on and performing audits for Medium / Large APRA funds. Tracey is an FCA.
John Ebert
John Ebert retired in 2014 after a 30 year career at the Australian Taxation Office. Prior to his retirement John was the National Access Leader in ATO General Counsel. He had national ATO responsibility for access and information gathering issues. This involved giving written and oral advice on a broad range of legal and policy issues, frequently representing the ATO at meetings on disputed issues for example legal professional privilege with taxpayers and their legal and accounting representatives and conducting internal and external presentations.
Dr Bill Orow
Bill is an expert in the fields of taxation law and trusts. He has many published works on taxation. 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.
Yikai Hoe
Yikai is the founder of Provident Lawyers. He is an admitted legal practitioner in the Supreme Court of Western Australia and the ACT, and the High Court of Australia. Yikai enjoys practicing in superannuation and tax law and assists business clients and professional advisers with a myriad of legal solutions on all types of superannuation, tax compliance and commercial matters. He also delivers tailored estate planning and succession strategies to high net worth clients and is a SMSF Specialist Advisor and Chartered Tax Adviser.He has presented for CPD providers on various superannuation, tax and commercial law topics.
Simon Robinson CFP
Simon has over 10 years' experience in the Financial Planning industry. His key areas of expertise are wealth accumulation, superannuation and retirement planning. Simon has a Bachelor of Commerce (Financial Planning) and is a Certified Financial Planner© practitioner and an LRS® - Life Risk Specialist. Outside of work Simon is an avid sports fan and doting dad who enjoys playing golf, tennis, touch football and surfing in his spare time.
Steven Jell
Steven provides clients with estate planning, self-managed superannuation, asset protection, structuring and succession planning advice as well as broader transaction-based commercial legal services. Steven is passionate about using his experience to take a proactive approach to the implementation of various strategies and structures aimed at the intergenerational transfer of wealth and the mitigation of litigation risks. Steven is an accredited specialist superannuation adviser with the SMSF Association and regularly presents for education providers. In 2021, Steven was highlighted as a rising star by Doyle’s Guide in the Wills, Estates and Succession Planning Law practice areas.
Julie Steed
Julie Steed has more than 30 years of experience in the superannuation industry as a technical specialist, consultant and client services manager. Julie is responsible for the provision of superannuation technical information, specialising in small funds. Julie is passionate about helping people with the technical aspects of super, keeping it simple and in helping practitioners provide quality services to their clients. Julie is a Senior Fellow of Finsia, a Fellow of ASFA and an accredited SMSF Specialist Advisor with the SMSF Association.
Graeme Colley
Graeme responsibilities include the provision of technical and education services to private wealth clients, maintaining the company’s media and corporate profile and its advocacy with government. Graeme has considerable taxation and superannuation experience gained from senior positions in the ATO, as an Assistant Commissioner of the Insurance and Superannuation Commission, ING as well as leading fund managers and consultants, including Macquarie Bank, Mercer and Chartered Accountants ANZ. He is a joint author of the CCH Master Financial Planning Guide and Financial Planning in Australia. His academic experience extends to the Master of Commerce (Financial Planning) course at UWS.