Smarter SMSF

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November 10, 2017  

Episode 24 - Finalisation of the TBAR reporting for SMSFs

The Australian Taxation Office (ATO) has recently finalised the approach for SMSFs to comply with the introduction of reporting various debits and credits against a member's transfer balance cap.  It has been a process of going back and forward with the industry, with the ATO having initially landed on a decision, only to be taken to task over the additional cost and compliance burden that was being imposed, not only on trustees, but the professionals who have endured enormous workloads due to the reforms, in addition to the ongoing problems with stability of ATO systems.

One of the biggest advocates for the SMSF sector pushing back on the ATO throughout this process was Ron Lesh, Managing Director of BGL Corporate Solutions.  In this week's webinar, I discuss with Ron about the outcomes of TBAR reporting for SMSFs, why the fight was so important to get this outcome and what it means for trustees and professionals.  Aaron and Ron discuss the impact of the changes, what they mean, the risks and benefits of the ATO's final position for transfer balance cap reporting.

October 23, 2017  

Episode 23 - Issues and opportunities with a member’s Total Superannuation Balance

In this week's episode, Aaron explores how the introduction of the total superannuation balance definition impacts a range of measures including the ability to make non-concessional contributions, eligibility for determining tax exemption using the segregated method and the catch up concessional contribution measures starting on 1 July 2018.

This new definition impacts a range of strategies employed across SMSFs, and in this podcast Aaron discusses how to navigate around key strategies such as recontributions, contribution reserving and the catch up concessional contribution rules.  In addition, he discusses the ATO's approach to the use of reserves as a tool to try and circumvent a member's transfer balance cap and total superannuation balance.

October 2, 2017  

Episode 22 - Insights from the Class SMSF Benchmark Report - June 2017

In episode 22 of The SMSF Academy podcast, Aaron Dunn talks with CEO of Class Limited, Kevin Bungard about the key insights from the recent release of the Class SMSF Benchmark Report - June 2017. 

They talk in detail about the key issues highlighted from within the quarterly data, including the expected surge in commutations under the super reforms from 1 July 2017 and how this contradicts some of the key messaging from the Australian Taxation Office about the level of expected reporting with an individual's transfer balance account (TBA). 

In addition, Aaron & Kevin discuss the increasing role that technology is going to play around the Transfer Balance Account Reporting (TBAR) into the future and whether these measures are the first legislative catalyst for a shift to cloud based technology for the SMSF industry.


September 25, 2017  

Episode 21 - Satisfying the Retirement Condition of Release

Changes from 1 July 2017 have put a greater spotlight on the requirements of an individual needing to satisfy the condition of release of 'retirement' that provides the ability for a member to move their accumulation benefits or transition to retirement income stream into retirement phase.

In this week's podcast, Aaron explores the key issues and what a member needs to satisfy where they are under age 60 to be 'retired', against the requirements a meeting the retirement definition within within SISR 6.01(7) for someone who has attained age 60. 

Aaron analyses the views expressed by the ATO within a case study of a closely-held arrangement for an individual under 60 and what a member will need to satisfy around their intent or never seeking gainful employment again on either a full-time or part-time basis.

September 18, 2017  

Episode 20 - Downsizer Contributions

In this week's podcast, Aaron Dunn from The SMSF Academy discusses the proposed new Downsizer Contribution rules that were announced in the 2017-18 Federal Budget and are currently before Parliament, with a commencement date of 1 July 2018 (once through both Houses of Parliament and has received Royal Assent).

The downsizer contribution rules introduce new requirements for making contributions, in particular as the qualifying age is 65 years and older.  In this podcast, Aaron explores the eligibility reuqirements for making the contributions, including the 10 year ownership period rules, along with potential issues and strategies that may confront individuals looking to utilise these rules once legislated.

September 11, 2017  

Episode 19 - ATO changes in calculating a fund’s tax exemption

In this episode, Aaron Dunn from The SMSF Academy explores the Australian Taxation Office's updated views on the calculation of exempt current pension income (ECPI) for determining tax exemption within a SMSF from 1 July 2017.  This includes a concession around the calculation of ECPI for the 2016-17 income year where a fund has segregated assets for part of the year and unsegregated assets for part of the year where an actuarial certificate will need to be obtained. 

September 4, 2017  

Episode 18 - Paying SMSF income streams

In episode 18, Aaron Dunn from The SMSF Academy revisits the topic of paying pensions and benefit payments post super reforms.  

This area as a result of the new superannuation measures is expected to come under far greater scrunity, in particular with the concept of retirement phase now determining a fund's entitlement to earnings tax exemption.  In this podcast, Aaron highlights some of the key risks and opportunities that professionals should be considering with their SMSF clients when it comes to establishing and maintaining superannuation income streams.

August 24, 2017  

Episode 17 - ATO position paper with SMSF events based reporting

The ATO has released a position paper on the two options being contemplated for events-based reporting with self-managed super funds (SMSFs).  In this episode, Aaron Dunn explores these options and addresses some of the key challenges confronting SMSF professionals into the future.

September 28, 2016  

Episode 16 - Pension Transfer Balance Cap

In the 'revival' episode on the SMSF Podcast Show, Aaron explores the second tranche of the Governments superannuation reforms, focusing on the release of the exposure draft and impact of the $1.6 million transfer balance cap for retirement income stream.  Aaron discusses how the measures will work, including the proposed impacts on reversionary pensions, excess amounts, asset segregation, CGT relief and more.

October 11, 2015  

SMSF podcast - Episode 14 - what happens at the expiry of a complying pension?

In this SMSF podcast, Aaron explores the key issues that need to be considered with the expiry of a life expectancy complying pension.   It is anticipated that a growing number of these defined benefit pensions will expire in the coming years and will impact have an impact from a centrelink, superannuation and tax law perspective.  Aaron explores the key issues and provides some valuable insights in helping to plan for the expiry of these fixed term pensions.

September 18, 2015  

SMSF podcast #13 - Guest: Nathan Burgess, ATO - Is your SMSF SuperStream compliant?

In this SMSF podcast, Aaron Dunn talks to Nathan Burgess from the Australian Taxation Office (ATO) about the importance of 'active' electronic service addresses (ESA) with self-managed super funds.

September 7, 2015  

SMSF Podcast #12 - Exempt Current Pension Income (ECPI) update

In TheDunnThing podcast show, Aaron discusses the ATO's recent updated view on exempt current pension income (ECPI) following industry consultation to clarify their interpretation of segregated current pension assets and when a certificate in required.

October 12, 2014  

SMSF Podcast Show - Episode #12 - Reform of excess non-concessional contributions tax

In this episode, Aaron Dunn discusses proposed new measures that will allow an individual the option of withdrawing contributions made in excess of the non-concessional contribution cap made after 1 July 2013, with an associated earnings amount to be taxed to the individual at their marginal tax rate.

March 10, 2014  

SMSF Podcast Show - Episode #11

In the first of what will be a regular podcast with the ATO on SMSF issues, Aaron is in this episode joined by Nathan Burgess, Director of Tax & Regulatory Risks for the SMSF Segment within the Australian Taxation Office (ATO) to discuss the topical issue of SMSF Limited Recourse Borrowing Arrangements.

Aaron and Nathan discuss a broad range of issues within this LRBA topic, including:
  • the heightened level of media coverage with LRBAs and how the ATO is risk assessing these arrangements;
  • what areas are attracting the interest of the Regulator; and
  • an update on the current legislative instrument (to be finalised) providing certainty around various in-house asset issues.
This podcast provides some great insights into the ATO's current state of play on LRBAs, but more broadly evidencing a maturing SMSF sector.

January 24, 2014  

SMSF Podcast Show - Episode #10

The past 12 months have seen continued transformation of the SMSF sector, with self-managed super funds going from strength to strength.  The year ahead presents some significant opportunities for the sector to continue to mature and stand as a profession in its own right. 

In the first episode for 2014, Aaron is joined by Graeme Colley, Director of Technical and Professional Standards at SPAA to reflect on 2013 for the SMSF industry, along with discussing what is shaping as another significant year in 2014.
December 15, 2013  

SMSF Podcast Show - Episode #9

The rapid change in technology is quickly redefining how professionals charge for SMSF compliance-related services.  In the next 2-3 years, it is predicted that as much as one-third of professional services revenue could disappear as a result of technology advancements. 

In this week's SMSF Podcast Show, Aaron is joined by Kate Sheringham, Product Manager at Class Super to discuss:

  • the role of technology in building greater efficiency within compliance-based services.
  • what impact the shift in cloud technology can provide professionals; and
  • how technology as an 'enabler' will provide the tools to create large SMSF administrators

December 1, 2013  

SMSF Podcast Show - Episode #8

With online communities growing in popularity as a means to engage with like-minded individuals, it is expected that many self-directed SMSF trustees will engage within communities on a range of strategic and investment decisions for their self-managed super funds.

With only one in five Australian's currently seeking financial advice from a licensed adviser, do these online communities pose a threat or opportunity for skilled professionals to engage and attract a growing number of financially savvy trustees?  In this podcast, Aaron Dunn discusses the evolution of online communities with Managing Director of Self-Wealth, Andrew Ward, including how consumer behaviours through the use of social media and peer-to-peer investing are changing how advisers need to be engaging with the next generation of SMSF trustee.
November 24, 2013  

SMSF Podcast Show - Episode #7

It is all too often that a lack of appropriate estate planning ends up leading to the courts to resolve family disputes over family wealth.  With superannuation now a significant part of an individual's wealth pool, this area is likely to lead to greater dispute through the courts.  Putting in place the appropriate death benefit nominations to deal with the orderly transfer of wealth is a critical ingredient to building a SMSF estate plan.

In this week's SMSF Podcast Show, Aaron is joined by Ian Glenister, Solicitor and co-founder of The SMSF Academy to discuss the importance of death benefit nominations in light of a recent Victorian Supreme Court decision in the case of Wooster vs. Morris [2013] VSC 594.  With a growing number of blended families in existence within Australia, this decision handed down provides some valuable lessons for both trustees and professionals to ensure appropriate attention is given to the structuring of estate planning outcomes and validity of death benefit nominations.
November 17, 2013  

SMSF Podcast Show - Episode #6

Technology is playing a significant role in shaping the future of the SMSF industry, quickly redefining the needs of trustees and the service offerings of professionals.  The shift to ‘cloud’ is no longer seen as a consideration, but a must for professionals to build greater efficiency and effectiveness in your business and with your value proposition.

In this SMSF Podcast Show, Aaron Dunn is joined by Ron Lesh, Managing Director of BGL Corporate Solutions Pty Ltd.  Aaron and Ron discuss the:
  • relatively slow uptake of technology by professionals within the SMSF industry, and some of the benefits that businesses gain by adopting current technology, 
  • pros and cons of moving your SMSF business to the 'cloud', and how to best assess this decision; and
  • how technology is influencing trustee behaviour and what professionals need to be thinking about with their clients in the coming years.

November 10, 2013  

SMSF Podcast Show - Episode #5

The dynamics and demographics of the self-managed super fund sector are changing at a fairly rapid rate.  There are a growing number of new trustees, with 4 in every 10 now under the age of 45.  Whilst more and more trustees are adopting a more self-directed approach to their retirement savings, this doesn’t mean people are reducing the level of engagement in obtaining professional advice.  For those advisers doing it well, the level of engagement with new and existing clients is as high or if not higher than it’s ever been before.

In this podcast, Aaron Dunn discusses this topic with recent AFA Adviser of the Year, Jenny Brown of JBS Financial Strategists as they explore various engagement tactics, along with the growing role of engaging via social media.