SAMPLE - Tax & Super Australia · THE ULTIMATE SMSF TRUSTEE’S GUIDE. Published by. Tax & Super...

The Ultimate SMSF Trustee’s Guide

Sick of paying fees to superannuation funds? Ever wondered about setting up your own self-managed superannuation fund (SMSF) but were put off by the complexity? This easy-to-understand guide cuts through the jargon and provides the answers you need.

An important update to the first edition is the new chapter covering penalties and sanctions. With the ATO now having greater powers to take action on SMSF trustees, it is more important than ever that you operate your fund according to the laws and regulations.

This guide’s reliable insights will help you to keep on top of proven strategies and understand your compliance obligations so you can get the most out of your SMSF.

The Ultimate SMSF Trustee’s Guide draws on Tax & Super Australia’s more than 20 years of experience working with and advising the SMSF sector. Its easily-followed guidance for the day-to-day running of your fund perfectly complements the in-depth knowledge found in Tax & Super Australia’s publication the SMSF Manual.

Every SMSF trustee will find The Ultimate SMSF Trustee’s Guide an essential reference and reliable information source to keep on hand.

www.taxandsuperaustralia.com.au

The Ultimate SM

SF Trustee’s Guide | SECOND EDITION

The Ultimate SMSF Trustee’s Guide SECOND EDITION

RRP: $34.95

SMSF trustees guide cover 2018 final.indd 1 15/10/2018 3:16 pm

SAMPLE

Ultimate SMSF Trustee’s Guide

SECOND EDITION

THE ULTIMATE SMSF TRUSTEE’S GUIDE

Published by

Tax & Super AustraliaLevel 13, 303 Collins Street, Melbourne Victoria 3000ABN 06 075 950 284Reg No: A0033789TP: 03 8851 4555E: [email protected]

ISBN-13: 978-0-9942275-9-1Printed by Ligare Book Printers

The Ultimate SMSF Trustee’s Guide has been researched, authored, reviewed and produced by Reece Agland and the Tax & Super Australia team.

© 2018 Taxpayers Australia Ltd ABN: 96 075 950 284

All right reserved. Apart from fair dealing for the purposes of private study, research, criticism or review as permitted under the Copyright Act, no part may be reproduced, stored in a retrieval system, or transmitted in any form by any means electronic, mechanical, photocopying, recording or otherwise without written permission from the copyright holder. Permission to reproduce items covered by copyright may be obtained by email to [email protected] or by phone (03) 88514555.

All information provided in this publication is of a general nature only and is not personal financial or investment advice. It does not take into account your particular objectives and circumstances. No person should act on the basis of this information without first obtaining and following the advice of a suitably qualified professional adviser. To the fullest extent permitted by law, no person involved in producing, distributing or providing the information in this publication (including Tax & Super Australia, each of its directors, councillors, employees and contractors and the editors or authors of the information) will be liable in any way for any loss or damage suffered by any person through the use of or access to this information.

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ULTIMATE SMSF TRUSTEE’S GUIDE

CONTENTS

CHAPTER 1: SHOULD YOU SET UP AN SMSF?

1.1 Things to consider before setting up an SMSF . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.2 Pros and cons of setting up an SMSF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.3 Cost of setting up and running an SMSF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71.4 Comparing SMSFs to other fund types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81.5 Is an SMSF right for me? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

CHAPTER 2: SETTING UP AN SMSF

2.1 The first decisions – trustees and types of funds . . . . . . . . . . . . . . . . . . . . . . . . 112.2 Get started – the trust deed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192.3 Putting money into the fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222.4 Get registered – the ATO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232.5 Start your engines – the investment strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . 252.6 Contributions and rollovers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262.7 Appoint an auditor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272.8 Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

CHAPTER 3: RUNNING YOUR FUND

3.1 Keeping records – minutes, audits, accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . 293.1.1 Event-based reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313.1.2 Which SMSFs need to report? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313.1.3 How often SMSFs need to report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313.1.4 Accounting issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33

3.2 Do you need an SMSF professional? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343.3 Trustee roles and responsibilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

3.3.1 Sole purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 363.4 Auditor essentials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

CHAPTER 4: CONTRIBUTIONS

4.1 Types of contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 434.1.1 Superannuation Guarantee (SG) contributions. . . . . . . . . . . . . . . . . 434.1.2 Salary sacrifice contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 444.1.3 Personal concessional contributions . . . . . . . . . . . . . . . . . . . . . . . . . . 444.1.4 Non-concessional (after-tax) contributions . . . . . . . . . . . . . . . . . . . . 464.1.5 Spouse contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

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4.1.6 Superannuation contributions splitting . . . . . . . . . . . . . . . . . . . . . . . . . . . 484.1.7 Government co-contribution scheme . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 494.1.8 Low income superannuation tax offset (replaces low income superannuation contribution as of 1 July 2017) . . . . . . . . . . . . . . . . . . . 504.1.9 First home super saver scheme . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 504.1.10 Downsizing contributions into superannuation . . . . . . . . . . . . . . . . . . . 534.1.11 Arising from personal injury payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 544.1.12 Lifetime Total Superannuation Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

4.2 Contribution caps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 574.2.1 Concessional contributions caps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 574.2.2 Non-concessional contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 584.2.3 Small business CGT contribution cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

4.3 Excess contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 634.3.1 Excess concessional contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 634.3.2 Excess concessional contribution charge . . . . . . . . . . . . . . . . . . . . . . . . . . 644.3.3 Electing to release excess concessional contributions . . . . . . . . . . . . . 644.3.4 Excess concessional contributions and non-concessional cap . . . . . 654.3.5 Excess non-concessional contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

4.4 Re-contribution strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 664.5 TFN rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

CHAPTER 5: INVESTMENT STRATEGY

5.1 Investment strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 715.1.1 Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 725.1.2 Diversification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 735.1.3 Liquidity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 745.1.4 Writing your plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

5.2 Investment strategy guides . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 765.2.1 Investment strategy document template . . . . . . . . . . . . . . . . . . . . . . . . . 76

CHAPTER 6: INVESTMENT RESTRICTIONS

6.1 Lending money or giving financial assistance to members . . . . . . . . . . . . . . . . . . 836.2 In-house assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

6.2.1 “Asset” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 886.2.2 “Loan” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 886.2.3 “Investment in” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 896.2.4 “Lease” and “lease arrangement” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 896.2.5 Common breaches of “in-house” assets rule . . . . . . . . . . . . . . . . . . . . . . . 896.2.6 Exemptions to “in-house assets” rule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90

6.3 Acquisitions from members prohibited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 916.4 Borrowings by an SMSF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 936.5 Arm’s length investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94

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6.6 Charge over fund assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 956.7 Collectibles in your SMSF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

6.7.1 Restrictions on collectibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 966.7.2 Collectibles are not to be leased to a related party . . . . . . . . . . . . . . . . 976.7.3 Collectibles are not to be stored in the private residence of a related party . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 976.7.4 Decision on how stored must be documented . . . . . . . . . . . . . . . . . . . . 976.7.5 Collectible must be insured in the name of the fund . . . . . . . . . . . . . . 986.7.6 Collectible cannot be used by a related party . . . . . . . . . . . . . . . . . . . . . 986.7.7 Transfer of collectible to a related party must be at market value determined by independent valuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

CHAPTER 7: INTEREST-BEARING INVESTMENTS

7.1 Interest-bearing investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1007.2 Cash management accounts and trusts and at-call online savings accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1027.3 Term deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1037.4 Bonds, notes, debentures and other unsecured debt products . . . . . . . . . . . . . 1047.5 Hybrid securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1067.6 Mortgages and mezzanine finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1077.7 Some tips for interest bearing investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108

CHAPTER 8: SHARES AND LISTED SECURITIES, EXCHANGE TRADED FUNDS AND MANAGED FUNDS

8.1 Shares and other listed securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1118.1.1 Why invest in shares? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1118.1.2 Deriving income from shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1128.1.3 Capital gains/losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1158.1.4 What to look for in stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1168.1.5 Setting up your share portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1178.1.6 Overseas shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118

8.2 Exchange traded funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1198.3 Managed funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

8.3.1 Cryptocurrencies (e.g. Bitcoin) and SMSFs . . . . . . . . . . . . . . . . . . . . . . . . 122

CHAPTER 9: PROPERTY AND LIMITED RECOURSE BORROWING ARRANGEMENTS

9.1 Residential property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1299.2 Commercial and industrial property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1309.3 Strata title property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1319.4 Holiday home/resort unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1329.5 Non-geared property unit trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1329.6 Real estate investment trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1339.7 Limited recourse borrowing arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135

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9.7.1 Prohibition on borrowing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1359.7.2 Repairs, maintenance and improvements . . . . . . . . . . . . . . . . . . . .1369.7.3 LRBA structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1369.7.4 Issues to consider before getting into an LRBA . . . . . . . . . . . . . . . .137

CHAPTER 10: INSURANCE

10.1 What does the regulation stipulate? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14110.2 Advantages and disadvantages of insurance in an SMSF . . . . . . . . . . . . . . .142

10.2.1 Advantages of having insurance in an SMSF . . . . . . . . . . . . . . . . . . .14210.2.2 Disadvantages of holding insurance in SMSF . . . . . . . . . . . . . . . . . .142

10.3 Different types of insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14310.4 Trustee considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144

CHAPTER 11: TAXATION OF SMSFS

11.1 Income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14511.1.1 Calculating tax payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14611.1.2 Amounts included in assessable income . . . . . . . . . . . . . . . . . . . . .14711.1.3 Amounts that are not assessable income . . . . . . . . . . . . . . . . . . . . .14811.1.4 Low tax component . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14811.1.5 Non-arm’s length component . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14911.1.6 Higher contribution tax (HCT) (aka Div 293 tax) . . . . . . . . . . . . . . .14911.1.7 Income can be exempt from tax if used to pay current pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150

11.2 Capital gains tax and SMSFs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15111.2.1 Collectibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15211.2.2 Personal use assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15311.2.3 Discount capital gains distributed from a trust . . . . . . . . . . . . . . . .15311.2.4 Capital gains and unit trust distributions . . . . . . . . . . . . . . . . . . . . .153

11.3 Deductions for a superannuation fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15411.3.1 Deductible items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15411.3.2 Costs that are not deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15511.3.3 Deductions for anti-detriment payments . . . . . . . . . . . . . . . . . . . . .156

11.4 Superannuation fund lodgment and payment of tax . . . . . . . . . . . . . . . . . . .159

CHAPTER 12: COMMON SMSF STRATEGIES

12.1 Salary sacrifice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16112.2 Superannuation contribution reserving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16112.3 Re-contribution strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16312.4 Spouse Contribution Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16612.5 Death benefit strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16712.6 Using an anti-detriment payment to reduce CGT liability . . . . . . . . . . . . . .167

12.6.1 The ADP calculation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .169

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The Ultimate SMSF Trustee’s Guide © 2018 Tax & Super Australia v

CHAPTER 13: ACCESSING YOUR SUPER – RETIREMENT AND OTHER METHODS

13.1 Transfer balance cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17313.1.1 General transfer balance cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17413.1.2 Transfer balance account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17413.1.3 Transfer balance debits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17613.1.4 Excess transfer balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17813.1.5 Excess transfer balance earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17813.1.6 Excess transfer balance tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17913.1.7 Default commutation authorities . . . . . . . . . . . . . . . . . . . . . . . . . . . .179

13.2 Condition of release . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18013.2.1 Severe financial hardship . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18013.2.2 Terminal illness or injury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18113.2.3 Compassionate grounds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18113.2.4 Incapacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18313.2.5 Temporary residents departing Australia . . . . . . . . . . . . . . . . . . . . .18413.2.6 Retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .184

13.3 Transition to retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18513.3.1 Income streams . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .186

13.4 Lump sum or pension/income stream . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18713.5 Account-based income stream . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .188

13.5.1 Account-based pension rules. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189

CHAPTER 14: DIVORCE, DEATH, BANKRUPTCY AND WINDING UP YOUR SMSF

14.1 Divorce and your SMSF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19114.1.1 Family Law Act. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19114.1.2 Calculating method . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19314.1.3 Business real property assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19414.1.4 CGT consequences of divorce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19414.1.5 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .195

14.2 Death and your SMSF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19614.2.1 What happens when a member dies? . . . . . . . . . . . . . . . . . . . . . . . .19614.2.2 Binding death benefit nominations . . . . . . . . . . . . . . . . . . . . . . . . . .19714.2.3 Transfer balance cap for death benefits . . . . . . . . . . . . . . . . . . . . . .19914.2.4 Reversionary pensions and the transfer balance cap . . . . . . . . . .19914.2.5 Dependant child beneficiaries and the transfer balance cap . . .20014.2.6 Tax on super death benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201

14.3 Bankruptcy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20214.3.1 Impact on SMSF of a bankrupt member . . . . . . . . . . . . . . . . . . . . . .20214.3.2 Impact on the fund assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20314.3.3 Out of character contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20414.3.4 Insolvency risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20414.3.5 Clawback provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .204

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14.4 Winding up your fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20514.4.1 Review your SMSF deed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20614.4.2 Minutes of actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20614.4.3 Obtain fund balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20614.4.4 Prepare financial accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20614.4.5 Prepare and lodge outstanding returns . . . . . . . . . . . . . . . . . . . . . .20614.4.6 Pay any outstanding liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20714.4.7 Sell assets to pay member benefits or prepare assets for rollover . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20714.4.8 Roll-over member amounts to new fund or pay out benefits if condition of release exists . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20714.4.9 Final audit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20714.4.10 Lodge final return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20714.4.11 Inform ATO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20814.4.12 Corporate trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20814.4.13 Keeping the bank account open . . . . . . . . . . . . . . . . . . . . . . . . . . . 208

14.5 Signing out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208

CHAPTER 15: GETTING IT WRONG – PENALTIES AND SANCTIONS

15.1 Action available . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20915.2 SIS offences and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .209

15.2.1 Civil penalty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21015.2.2 Strict liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21015.2.3 Fault liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21115.2.4 Two-tier fault and strict liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21115.2.5 Civil liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .212

15.3 ATO Regulatory powers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21315.3.1 Disqualification of trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21315.3.2 Fit and proper person test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21415.3.3 Enforceable undertakings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214

15.4 Administrative directions and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21515.4.1 Rectification directions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21515.4.2 Education directions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .215

CHAPTER 16: WHAT DOES THE FUTURE HOLD FOR THE SMSF SECTOR?

16.1 Commission reviews . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21716.2 Likely reforms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .218

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The Ultimate SMSF Trustee’s Guide © 2018 Tax & Super Australia vii

ABOUT THE AUTHORReece Agland is a graduate of the University of Melbourne with qualifications in law (LLB) and commerce (BComm), and most recently graduated from a Master’s of Public Policy and Management, also from the University of Melbourne. He has spent over 20 years in the tax and superannuation industry as a policy and technical specialist. Reece has played an active role in superannuation policy development including the Future of Financial Advice (FoFA) reforms and the Cooper review into superannuation.

Ensuring people make the most of their superannuation is important for Reece, who is convinced that Self-Managed Superannuation Funds (SMSFs) are an essential part of the super system. He has time and again successfully argued in favour of the SMSF sector in the face of criticism by both industry super funds and the retail fund sector.

While Reece does not believe that SMSFs are for all people, he is keen to demystify the sector and open it up to those who can benefit from it. The guide is a pathway for those interested in controlling their retirement.

About the author

viii © 2018 Tax & Super Australia The Ultimate SMSF Trustee’s Guide

About Tax & Super Australia

ABOUT TAX & SUPER AUSTRALIAFormerly known as Taxpayers Australia, Tax & Super Australia is a not-for-profit organisation that has assisted tax and superannuation professionals for nearly 100 years. It was established in 1919 by a group of Melbourne businessmen who believed in a simple, fairer tax system. Since then, we have evolved to meet the challenges of Australia’s modern tax regime and we remain at the forefront of supporting professionals.

With a long and proven track record, Tax & Super Australia provides relevant and easy-to-understand tax and superannuation guidance that empowers our members to better service their clients. Our information is authoritative, accurate and delivered by skilled tax experts. Our members have peace of mind that their clients are fully compliant with all their obligations.

Tax & Super Australia represents its members’ views through the media and to the ATO and government. As an advocate for professionals, we support today’s practitioners so they can thrive tomorrow.

TAX & SUPER AUSTRALIA MEMBERSHIP: BENEFITS FOR SMSF TRUSTEES

Membership with Tax & Super Australia is the best way for SMSF trustees to increase their knowledge and keep on top of legislative changes. Members enjoy exclusive benefits, including the SMSF Manual (updated twice a year) and The Contributor, our bi-monthly journal which will keep you up-to-date and deliver practical insights and strategies. Members also receive 6 helpline calls where they can speak with an SMSF expert, and discounts on our products and services, including Superannuation Discussion Groups, quarterly Superannuation Update webinars and much more.

For more information go to www.taxandsuperaustralia.com.au or call member services on (03) 88514555.

The Ultimate SMSF Trustee’s Guide © 2018 Tax & Super Australia 1

CHAPTER 1: SHOULD YOU SET UP AN SMSF?Even before you embark on the process of setting up a self-managed superannuation fund (SMSF) you need to consider your motivation for doing so, and whether or not you are the right type of person to have an SMSF.

While the law generally does not set any limitations on the type of person permitted to set up an SMSF, there are pitfalls for the unwary and some people are just not sufficiently motivated or committed to running an SMSF. They may be better suited staying with a retail or industry fund and instead choose the investment options within such a fund rather than taking on the responsibilities and duties required as an SMSF trustee.

However, you cannot be a trustee of an SMSF if you are a “disqualified person” i.e.:

n have been convicted of fraud or penalised for dishonest conduct (e.g. fraud or theft) in Australia or elsewhere, or

n have had a civil penalty order made in relation to them under the SIS legislation, or

n are an insolvent under administration (e.g. an undischarged bankrupt), or

n are a company, is in liquidation, or receivers have been appointed, or has begun to be wound up.

Some are well equipped to take on the role of running their SMSF and relish the possibility of taking full control of their retirement saving to the extent permitted by the SMSF rules and regulations. Whatever your situation you must make an informed decision before setting up an SMSF, and talk it through with your accountant or adviser.

1.1 THINGS TO CONSIDER BEFORE SETTING UP AN SMSF

Taking care of your own retirement savings is a big responsibility – how you live, and how comfortable your life can be when you’re no longer earning an income, will all depend on your own efforts. Remember you are likely to be retired for over 20 years, the money will need to last a long time.

Wanting greater control is often cited as one of the chief reasons that people want their own SMSF, followed closely by the desire to have greater flexibility over investment choice.

Given the fact that an SMSF is more hands-on, they are a super fund that needs full commitment, as managing your own super takes knowledge, time and skill. Members may be fine about investment control, but there are also regulatory responsibilities to manage. Therefore, while an SMSF will be suited to a lot of people, they are not for everyone.

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Should you set up an SMSF?

As the name implies, “self-managed superannuation fund” means that you are responsible, you are the trustee of your own fund, and you need to comply with the superannuation laws and regulations, and consequences of all your investment decisions. You stuff up, you pay the price. There is no government protection for poor investment decisions by SMSFs.

But it’s no free-for-all. There are strict rules in place about how you must run an SMSF and where you can invest your fund’s money. The Australian Taxation Office (ATO) is the regulator for SMSFs, and the Australian Securities and Investments Commission (ASIC) regulates the financial services firms that give professional advice to them as well as regulating SMSF auditors.

If you think managing your own fund could be right for you, there are many factors to consider. Think about your options, get informed advice, and consider the following:

n make sure you have the time, skills – and sufficient assets – to run your own fund

n you should have a good understanding of all the laws and rules, and the risks

n the trust deed and investment strategy must suit every member of your SMSF

n ensure all record-keeping and reporting requirements are met

n you must have an annual audit, and

n you should seek appropriate advice about running your fund from your accountant or administrator and investment advice from a financial planner qualified under an AFSL.

Remember, however, that if you decide to establish an SMSF, you will be either the trustee of the fund or a “director” of a corporate trustee for the fund. A professional can provide advice and assistance, but you are the one who wears ultimate responsibility for all decisions made. The ATO, as the regulator of SMSFs, has enhanced powers to take action against trustees (you) that, in its view, are not meeting their obligations.

The ATO can issue the following:

n a rectification notice – this requires specific action be taken by the trustee within a specified timeframe to rectify a contravention

n an education notice – this requires a person to undertake a specified course, and give the ATO evidence of completion, and

n an administrative penalty notice – for breaches of certain sections of the Superannuation Industry (Supervision) Act (SIS), a penalty notice may be issued to either individual trustees or a corporate trustee.


Professional advice to assist running your fund

There are many professionals who deal with SMSFs and can provide essential advice about all the requirements and costs of setting up your SMSF – and on-going support. It’s also helpful to have your investment options and risks reviewed by someone with expertise in this area.

An adviser can help with the set-up and establishment of an SMSF, and also advise on its structure, valuation and ongoing operation.

A licensed financial adviser (make sure they are licensed by ASIC or an authorised representative of a license holder) can look at your situation and recommend products and investments. There is also recourse to a free and independent complaint scheme (the Financial Ombudsman Service) should anything go wrong.

Note, however, that at present there is no option for SMSFs to access any scheme for compensation for fraud, which is open to members of other superannuation funds.

An SMSF must have proper accounts that will need to be drawn up by an accountant and audited by a licensed SMSF auditor (ASIC). SMSFs are also required to be registered for GST and prepare BAS. A tax return will also need to be prepared and lodged by a tax agent registered with the Tax Practitioners Board (TPB).

Cost of running your fund

There are regular fees and costs, especially as many SMSF owners need professional help. So make sure you factor in these annual costs into running your SMSF.

However, if you are capable and prepared to take on many of the tasks of running the fund yourself then the cost equation can be reduced. Therefore, you should seriously consider the costs of administration before you set up your SMSF.

If the annual cost of running the fund is more than 2% of the fund assets, then you should seriously consider whether an SMSF is right for you at the moment. It may be worth getting your superannuation balance up to a reasonable amount before setting up an SMSF.

Sole purpose test

One overriding obligation that every SMSF must meet is the “sole purpose test”, which broadly states that the fund is legally required to be maintained for the sole purpose of providing benefits to each member on retirement, or to their dependants upon the member’s death. A current day benefit must not be provided to the member or related parties of the member. Buying a holiday home or yacht is in breach of the sole purpose test where you use these assets for your own enjoyment or that of family members (even if only some of the time). Compliance with this requirement is fundamental and straying from it can lead to severe penalties and huge tax liabilities. If you want to use the investment for purposes other than




providing for your own retirement, then you need to consider an alternative investment vehicle. See Chapter 3 for more details of the sole purpose test.

Investment strategy

You will need to set up an investment strategy. This should not be done in a perfunctory way — the investment decisions you make need to be for the long term (remember you may be retired for more than 20 years). The investment strategy should spell out your SMSF’s investment objectives, and how you plan to achieve them. It should provide you and any other trustees (members) with guidance on making investment decisions with an aim to increase member benefits.

An investment strategy needs to consider the personal circumstances of all members, such as age and risk tolerance. One strategy may not suit every member, especially where there are varying ages of members at different stages of life.

Also remember to update your investment strategy regularly, particularly before you decide to undertake a new type of investment.

If the SMSF invests money in an investment and fails to perform, it is possible that other trustees (members) could seek redress for your failing to be diligent in your duties. However, if these decisions are recorded in meeting minutes, and the other trustees signed these minutes, there will be a record to show that all were in agreement with these decisions.

It is also a good idea to include in the minutes the reason that a particular investment was chosen, and that all trustees agreed with this decision.

Annual audit

Don’t forget the compulsory annual audit, and what’s involved. You have a legal obligation to have your SMSF independently audited every year. The auditor needs to be at arm’s length from the person or firm that prepared the SMSF’s financial statements.

An essential role of an SMSF trustee is to keep proper and accurate tax and superannuation records, and to make sure you meet all record-keeping and reporting requirements. The annual audit will require certain records be made available, and there are annual reporting requirements that the ATO will need. You may need to provide other records of the SMSF to the ATO if asked, and all of these are required to keep your SMSF compliant.

If your fund has breached any of the rules, the auditor will report this to the ATO in the form of an “auditor contravention report”.



1.2 PROS AND CONS OF SETTING UP AN SMSF

Pros

n easy to establish

n personal control of your retirement savings

n you can decide where and in what to invest (some restrictions apply)

n the ability to invest in real property (even your business premises)

n the tax concessions available in superannuation, low tax (15%) in accumulation phase, and zero tax when in full pension phase apply equally to an SMSF, and

n more options for estate planning and benefit payments with the scope of the SMSF rules and regulations.

An SMSF is not necessarily that hard to set up providing you are diligent. The following chapter will go through the step-by-step approach that must be taken to set up the SMSF. You will need a trust deed provided by a lawyer, or you can obtain a “boiler plate” or generic deeds online that have been prepared by law firms. For example, ClearDocs (www.cleardocs.com) are prepared by Maddocks.

The number one reason given for setting up an SMSF is the degree of control that they provide in relation to the types of investments and how the fund is run. Many people who set up an SMSF do not trust the decisions and investments made by other funds where investment decisions may be seen to be made for the benefit of the fund manager rather than the individual members.

Having control of how, where and when to invest can mean that SMSF can be more nimble, providing you are! Many SMSFs weathered the global financial crisis (GFC) of the late 2000s better than other funds because they were able to quickly change investments from shares into income products and then back out again when the economy and markets recovered. Furthermore, most retail and industry fund investments are made to cater for the accumulation phase, which may mean investments are inappropriate for pension phase. With an SMSF you are better able to tailor your investment to your circumstances.

Another attraction of SMSFs is the ability to invest in real property. Many small business people with real property place these assets in their SMSF to protect the asset and ensure their long-term wealth. SMSFs are also increasingly investing in residential property (particularly through “limited recourse borrowing arrangements”, or LRBAs) as a way into the property investment market. However, the investment must conform to the investment strategy of the fund and be bought with an expectation of both income and capital growth and not merely to follow a trend.



Like all superannuation funds, an SMSF has tax-preferred status, meaning that income earned is only taxed at 15% in accumulation phase and 0% in pension phase. This makes superannuation a very tax effective form of investment.

SMSFs can also provide an effective means of estate planning and are a way to ensure that benefits are paid to parties based on the will of the members.

Cons

n some extra costs, such as compulsory annual audit fees

n more responsibility on the trustee (you)

n regulatory and compliance demands to meet by the trustee (you)

n potential investment losses

n fines and penalties for inadvertently/accidentally breaching trustee conditions.

While it is relatively easy to set up an SMSF, there are costs involved, such as advice about setting up the fund, legal advice in relation to the trust deed, and making sure you have in place suitable arrangements or software to record the activities of your fund. Then there are the ongoing costs, including the annual audit and annual ATO fee.

There can be other additional costs depending on your level of involvement. For those who don’t want to be heavily involved in the administration of the fund, you can outsource this service to professional administrators or an accountant. If you want financial advice, you will need to add the cost of a financial planner. If you want insurance there will be an additional cost for that. Therefore, while the fees can be relatively low for those who do most things themselves, the more you outsource the more costly running your fund will be.

Funds with low balances will end up paying a higher percentage of their assets as fees compared to funds with higher balances. This may make the SMSF more costly in the beginning. If you have complex investments the audit fee is likely to be higher than if there are simple investments.

The biggest negative though is the higher degree of responsibility for you as a trustee. As an SMSF trustee there are a number of obligations on you in relation to the running of the fund and the investment decisions you make. Breach these and the ATO has the power to take appropriate action against you. You therefore must be prepared to take on these responsibilities — if not, then an SMSF is not right for you.

One of the advantages of a retail or industry fund is that all the complex regulatory work is done by others. In an SMSF they are your responsibility. Even if you outsource these tasks you remain legally responsible.



As with any investment, things can go wrong. And if you make a bad investment decision you only have yourself to blame. If something goes wrong, you do not have access to statutory protection like retail and industry funds. An example saw a number of retail funds and a number of SMSFs invest in a product that was fraudulent. Those in the retail funds were protected while the SMSF members had to bear the losses themselves.

Furthermore, not everyone is an investment guru. With an industry or retail fund you can (hopefully) rely on experts to invest for you. In an SMSF you can only fall back on your own decisions. Do you really know what you are doing? If not, it may be better to leave it to the experts.

The ATO’s powers can fine trustees for breaches. These fines can be costly, and it is no excuse that you did not know you were breaching. It is your responsibility to know. If one trustee (member) is making all the decisions, the other members can be equally liable and subject to fines for mistakes made by the member in charge.

In the end you will need to weigh up the pros and cons of setting your own fund up. Just be honest as to your own abilities to run the fund yourself.

1.3 COST OF SETTING UP AND RUNNING AN SMSF

There will be a one-off cost to launch your SMSF, but this varies greatly. An essential element will be the establishment of the SMSF’s trust deed. A lawyer should be used to ensure your trust deed suits your needs and will operate within the SMSF rules and regulations.

Audit fees

The average audit fee for SMSFs can vary greatly, depending on complexity and services offered. The auditor market is as full of choice and fee structures as any other. Auditing fees can also depend on variants such as fund size or number of investments.

Beware though, some auditors start at a low fee but add extras as the audit progresses. There can be additional fees if a revision of financial statements results from the audit, or a “contravention report” needs to be prepared and lodged with the ATO.

Administration services

Making use of a professional SMSF administration firm can suit a lot of SMSF trustees, as these firms are in a good position to pick up on any compliance issues or changing requirements, can reduce the paperwork that trustees have to deal with, and add to the efficiency with which an SMSF is run.



But such a service comes at a cost. You should investigate your options and determine what you are prepared to do yourself and what are you prepared to pay for. The more you do yourself, the less you will have to pay others, but the more time you will need to spend on administration itself. It is a personal choice what you do yourself and what you outsource. You cannot do the audit yourself though.

Beware that some who offer attractive price for administration, that this cost may only apply in limited situations and the more complex your fund and investment, the more likely your costs will be above this advertised rate.

If you take a hands-on approach to your SMSF investment decision making and other administrative options, you may be able to keep the costs down.

1.4 COMPARING SMSFS TO OTHER FUND TYPES

It is difficult comparing SMSFs to other funds as it is very much a case of comparing apples to oranges. However, it is possible to distill some of the differences. These are the general characteristics of the alternatives to having an SMSF.

Retail funds

n generally large funds operated by life insurance, banks and other for-profit financial industry organisations

n generally open to all

n charge fees and commissions

n investments professionally managed

n can provide other services, such as life insurance and financial advice

n regulated by APRA

n access to statutory compensation scheme.

Industry funds

n not-for-profit organisations usually established by unions and employer representatives

n originally industry based but now many are open to anyone

n may be in an award

n generally don’t pay commissions but do charge fees



n generally 50% union representation and 50% employer representative on board (may change)

n investments professionally managed

n can provide other services such as life insurance and financial advice

n regulated by APRA

n access to statutory compensation scheme.

Small APRA funds (SAF)

n small fund regulated by APRA

n four or fewer members

n must appoint licensed trustee

n licensed trustee responsible for all administration and regulatory compliance

n access to statutory compensation scheme

n flexibility re investments without administrative burden of SMSF

n additional cost of licensed trustee.

1.5 IS AN SMSF RIGHT FOR ME?

The decision to set up an SMSF is a complicated one and people should not set them up just because everyone else seems to be doing it. Talk to your trusted adviser before making your final decision to change your superannuation fund.

The following checklist should be considered before setting up an SMSF:

n Do I have the time and capacity to run a fund?

n Do I want to take on the role of a trustee?

n Do I have access to appropriate expert advice to run my fund?

n Are the costs of running an SMSF too high given my current superannuation balance?

n Can I realistically do a better job than a professionally managed fund?

n If I leave a retail or industry fund will I lose important insurance they provide (consider keeping some in one to ensure you don’t lose this insurance coverage)?



If the answer to all these questions is yes, then you are probably on the way to having your own fund. If you answer no, then you should seriously consider your options before taking on responsibility for running your own fund. Most industry superannuation funds offer a choice of investment options in an attempt to compete with SMSFs flexibility. You may wish to talk with your current fund to see if you can have more control over the types of investments you can make. An SMSF is not always the answer.

SMSFs most suit those who have a reasonably sized superannuation balance, who have the time to commit to running the fund and are prepared to take on administrative tasks, which can be time consuming and sometimes boring. You should also have some investment nous or at least have access to good financial advice. Remember, this is an investment in your long-term future, and bad investment decisions will have long term effects on your retirement lifestyle.

SAMPLE - Tax & Super Australia · THE ULTIMATE SMSF TRUSTEE’S GUIDE. Published by. Tax & Super...

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Transcript of SAMPLE - Tax & Super Australia · THE ULTIMATE SMSF TRUSTEE’S GUIDE. Published by. Tax & Super...