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SMSF Intermediate Online Workshop

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Because the software only does what you tell it

Accurium

Essential training for SMSF compliance teams
The new NALI rules in practice
How indexation of the TBC impacts your clients 2023-24 compliance work
Practical management of complex and unusual assets

A Live Instructor Led Online Workshop

Move beyond the basics of SMSF compliance work.

On the job training will only take you so far and software is only as good as the data it's given. This exceptional workshop is designed to deliver the skills SMSF compliance teams need to identify and manage complex SMSF tax and compliance issues before they become a problem.

The SMSF Intermediate Online Workshop steps through the essential processes and procedures for managing the key elements of an SMSF client’s tax and financial preparation work, brings you up to speed with the latest regulatory changes and methodologies, and identifies the tax and SIS ‘red flags’ that you need to know.

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AU $528
Per individual

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AU $1,320
Up to 10 participants

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Total 5.75 CPD Hours

Details & Details

Recorded: 9, 11 & 16 September 2024

SMSF Association accredited for a total of 5.75 CPD hours

This workshop is presented by our partners at Accurium

Terms & conditions: All registrations to Knowledge Shop events are subject to our terms and conditions which include a cancellation policy. No refunds are provided for cancellations received 1 day prior to the webinar. No credits are available less than 2 hours prior to the event under any circumstances.

*Office Registrations. Maximum 10 participants per firm (must have same email domain). The PD points for all attendees will be recognised and links will be provided to all attendees.

What we cover

The SMSF Intermediate Online Workshop is for accountants working with SMSFs that want to extend their knowledge. It provides an essential framework for common SIS compliance and tax issues to help intermediate accountants transition to the next stage.

1

Session 1

w Natalie Scott

The definition of an SMSF and why it matters

  • Definition of an SMSF including the rules for 6 member funds
  • Who can be a member and who should be directors
  • Corporate v individual trustee
  • What happens if an SMSF does not meet the definition
  • Definition of an Australian Superannuation fund and consequences of failing the definition

Financial Statement and Tax Return Preparation

  • Actuarial certificates - when you need them
  • Identifying and tracking in-house assets
  • 2024 tax return updates and common problems
  • Calculating member tax preservation components
  • Market valuations - what is sufficient and when do you need an independent valuation?

Managing deductions

  • Exempt current pension income, segregated assets or proportionate method
  • When does a fund have disregarded small fund assets?
  • Deduction problem areas
  • Member insurance deductions
  • Investment property deductions including borrowing costs
  • Adviser fees, legal and administration costs
  • Managing capital and tax losses in a fund
  • The rules on share trading losses including options
  • Allocating deductions within segregated funds
  • The interaction between GST and deductible expenses
3

Session 3

w Natalie Scott & Anthony Cullen

The ‘red flags’ that management expect you to identify and raise.

LRBA rules

  • What is a single acquirable asset
  • Can the fund make improvements

In-house assets

  • Understanding the in-house asset rules including who is a Part 8 associate and why this is important to know
  • What to consider in relation to related party purchases

Market Valuations within an SMSF

  • When is it necessary for an SMSF to obtain a market value for property?
  • What is considered an independent valuation?
  • What to consider when valuing unlisted assets?

NALI/NALE

  • How NALE applies to administration expenses that are below market rate 
  • Safe harbour loans – when can NALI be an issue?
  • Related parties performing work for the SMSF and how this could potentially cause NALE to apply 

Stay up to date

We’ll bring you up to speed with the 2024 changes including:

  • The new rules for NALI/NALE, when and how the new rules apply to your clients
  • Changes to contribution caps from 1 July 2024 and how these impact on the bring forward rules
  • Understanding which ECPI method should be used for your client and when a choice is available
  • Indexation of the transfer balance cap from 1 July 2023
2

Session 2

w Anthony Cullen

Contributions

  • When your clients can and can’t make a contribution
  • How much can they make?
  • Applying the non-concessional bring forward rules
  • In-specie transfers and non-cash contributions - what to do with them
  • Excess contributions
  • Contributions tax for high income earners
  • Unused concessional contribution cap and when a member can utilise this
  • Recent work test changes
  • Calculating a member’s total superannuation balance, it isn’t always as easy as identifying their member balance last financial year

Pensions

  • Withdrawing pensions and how to treat excess pension payments
  • Converting transition to retirement pensions to retirement income phase pensions
  • Dealing with segregated funds post 1 July 2018
  • How to meet minimum pension obligations: why it’s important not to get this wrong and ensure clients meet their obligations
  • How to apply the 1/12th rule when the minimum pension has been missed
  • How preservation issues often arise without you knowing: the strict cashing order that must be followed for preservation components
  • Stopping and starting pensions: what needs to be put in place
  • Calculating member balances - part year, market value, TRIS and preserved benefits
  • Withholding obligations
  • What to do when a member dies

Event-based reporting and the transfer balance cap

  • Working with event-based reporting and understanding the framework
  • What you need to look out for
  • When you need to report and a summary of the timeframes
  • How to prepare a transfer balance account report (TBAR) form
  • Indexation of the transfer balance cap and how to calculate a member's personal transfer balance cap

Our presenters

Superannuation Adviser, Knowledge Shop

Natalie Scott

Natalie ScottNatalie has led the SMSF divisions of mid and second tier firms and understands SMSFs from the ground up – accounting, tax, structuring and advice. She has spent well over a decade immersed in the intricacies of how SMSFs operate, navigating an increasingly complex legislative and regulatory environment, and managing the issues that arise servicing client needs.

At Knowledge Shop, Natalie is an adviser's adviser, helping the profession clarify the practical requirements and opportunities of SMSFs. She brings this knowledge to her presentations and explores the issues in a very practical way – knowledge that is immediately transferable in practice.

Natalie is a Chartered Accountant and a specialist member of the SMSF Association.

Senior SMSF Educator, Accurium

Anthony Cullen

Anthony CullenAnthony is a new member of the Accurium education team and comes to us with nearly 25 years of experience in the accounting and SMSF industry.

He has previously held senior roles managing the SMSF division of a small accounting practice and providing SMSF technical support within a large SMSF administration business.

Over the years, Anthony’s roles have evolved from the accounting function of SMSFs to keeping on top of the ever changing technical and compliance nature of this specialised area.