Nicholas Ali

Self-managed superannuation (SMSF) education, administration and software provider, SuperConcepts, continues to expand their SMSF offering with the addition of specialist consultation services.

Available to both individuals and professionals, including accountants and advisers, the service follows a basic fee structure and can be commissioned on an hourly basis for $385 (excluding GST).

“Our expert team of SMSF specialists comprise some of the Australia’s most renowned and sought-after technical minds,” General Manager Growth, Annette Sheppard said.

The nature of the SMSF lifecycle means that technicalities, complexities and issues arise periodically, and specialist assistance can be required on an ad-hoc basis.

“These consultation services make the team accessible to those in the industry as and when required,” Executive Manager, SMSF Technical Specialist, Nicholas Ali explained.

Consultation matters may include death, divorce and estate issues, the examination and compliance of asset treatments, remediation services and general SMSF health checks.

“We can help individuals and professional navigate the complexities of SMSFs without the need to have a specialist on retainer,” Ali said.

“By working through issues strategically we can support the decision-making process and, most importantly, ensure compliance.”

Led by Nicholas Ali, SuperConcepts’ technical education team include Graeme Colley, Philip La Greca and Anthony Cullen.

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John Maroney

Allens partner and superannuation law expert Michelle Levy, who is heading the Quality of Advice Review with Treasury, will join a panel dissecting Quality of Advice at the SMSF Association Technical Summit being held on 27-28 July on the Gold Coast.

Levy will be one of five speakers on the Breakfast Panel discussing the topic, “Quality of Advice – A new horizon”. The other speakers will be BT Financial Group Head of Financial Literacy & Advocacy, Bryan Ashenden, FPA Chief Executive Officer, Sarah Abood, AFCA Acting Leading Ombudsman, Investments and Advice, Shail Singh, and Institute of Public Accountants Group Executive, Advocacy & Policy, Vicki Stylianou.

SMSF Association CEO John Maroney says: “The panel will examine what the quality and affordability of advice will look like in the future. It will also provide an opportunity for the industry to collaborate on proposed practical solutions to remove complexity and lower costs.”

One session certain to attract strong attention will focus on how advisers can take better care of their mental health and emotional well-being.

To be run by Artemis Investments Director Philippa Hunt, this session takes on special relevance for many delegates in the wake of a recent survey of 700 financial advisers that showed more than 50% of respondents had suffered a significant decline in their mental health since the Royal Commission and subsequent legislation.

Maroney says: “The survey returned quantitative results and anecdotal evidence of widespread issues with mental health across the industry.  This session will identify aspects of mental health and emotional well-being, how to recognise undue stress and when to take action to alleviate it. “

Another session with three SMSF specialists will use a case study to bring to life the “superannuation life cycle” of a professional surfer, from setting up her SMSF in her 20s to her final wipe-out in her late 70s.

SuperConcepts’ Graeme Colley will be the session narrator and client adviser whose decisions and documentation will be critically reviewed by the fund auditor, ASF Audits’ Shelley Banton. The third actor in this compelling drama will be the client’s lawyer, Coleman Greig Lawyers’ Peter Bobbin, who will provide a risk management overlay from both a client and adviser perspective.

“We’re always looking for fresh ways to give the sessions ‘a practical bent’ by creating life-like client situations to make them more compelling listening as well as stimulating delegate participation.

“With this session I believe the organisers have scored the perfect 10 by offering a documented history of a female surfer’s super life cycle, beginning with a ripple then moving on to a gnarly ride before she rides off into the sunset.

“It’s a case study that will consider the importance of documentation from different perspectives, including the client, accountant, auditor and lawyer, as delegates follow her wild ride from setting up the fund to admitting new members to the ongoing acceptance of the annual fund accounts and its final winding up.”

Cryptocurrencies will also come under the spotlight with ATO statistics showing this asset comprised $226 million of SMSF assets at 31 March 2022. RSM Director Katie Timms and Associate Director Tracey Dunn will explain the basics of blockchain, cryptocurrency and digital assets, the taxation treatment of digital assets, and sole purpose test considerations with non-fungible tokens and crypto wallets.

Register for the event.

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John Maroney

The SMSF Association has constructed an exciting technical program for its annual National Conference that is attracting enormous interest from SMSF specialists and advisers hungry for knowledge about how to better serve their clients through this difficult period.

Association CEO John Maroney says delegates will be impressed with the variety and quality of sessions at the National Conference being held in Adelaide from 16 to 18 February, with three sessions, in particular, having strong appeal

“One of our most anticipated sessions is with SuperConcepts Executive Director Graeme Colley who will address the issue of related parties in SMSFs, identifying the entities that qualify as related parties, clarifying misconceptions, and discussing situations where non-related parties may become related.

“This will be a critical session for those looking to better understand the rules and definitions that guide SMSFs. We are navigating a challenging time, as we all know, and the demand for sessions that give members clarity around rules, exemptions and unique circumstances is high

“For those interested in the broader regulatory framework impacting on SMSFs, we have a comprehensive session on financial services law, focused on SMSF advice fee disclosures, sophisticated investor definitions, DDOs, TMDs, PDSs and much more, which will be run by the Managing Partner at Holley Nethercote, Paul Derham.

“The session is one of our more comprehensive legal sessions to date. Paul will also provide an excellent summary of key regulatory developments and practical tips for 2022.”

Maroney says the address by Leigh Mansell, Director of SMSF Technical & Education Services at Heffron SMSF Solutions, on clarifying the differences between the transfer balance account, transfer balance cap and total superannuation balance is long overdue.

“TBC, TBA, TSB, DTLs, these are all concepts we have been living with for years now, but there remains a gap in SMSF knowledge about how each of these concepts operate and what they actually affect.

“Leigh will unpack each concept and identify what is the impact of each on a fund in terms of regulation and reporting and explain how to calculate each concept considering things such as deferred tax liabilities and termination costs.

“She will also reveal some of her best tips and alert delegates to some traps to avoid. I’m particularly looking forward to this session for its practical value.”

Maroney concludes: “It’s great that the South Australian borders have reopened so that everyone can have confidence coming to Adelaide in February and possibly staying for the weekend to enjoy some of the wonderful attractions in the city and nearby wine regions.”

Early bird registrations for the National Conference close on 26 November 2021.

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The role of technology was a focus of the SMSF Week panel discussion.

The adoption of new technology and more education will be critical for the future of SMSF sector, according to an industry expert panel held as part of SMSF Week.

The thought leadership panel, hosted by the SMSF Association and the Australian Taxation Office (ATO), was part of the inaugural SMSF Week and regulators and included industry leaders from the ATO, the Australian Securities and Investment Commission (ASIC), Investment Trends, SuperConcepts, and OpenInvest.

John Maroney, CEO, SMSF Association led the discussion and highlighted the need for SMSF investors to seek more information, new technology and expert assistance in a climate of regulatory uncertainty.

“There is little point working hard throughout your life to maximise your retirement income through an SMSF, only to put it at risk because you don’t have an appropriate investment strategy or the right advice to manage longevity risk. Seeking expert assistance during all phases of your SMSF journey is important, especially during the transition to retirement and estate planning phases.”

The role of technology in the SMSF sector and superannuation landscape more broadly was a focus of the panel discussion.

James O’Halloran, Deputy Commissioner, Superannuation, Australian Taxation Office said, “It’s important for SMSF investors to accept technology as a useful part of their toolkit. Evolving technology will be able to provide real-time and event based information to SMSFs and lead to better decisions, but technology will never replace human judgement.”

Michael Blomfield, CEO, Investment Trends, said, “Technology will make it more convenient and cheaper to invest in an SMSF and that’s what we hope and expect to see in the future.”

Andrew Varlamos, Co-founder/CEO, OpenInvest, said, “New technology solutions are going to bring top tier investment management capabilities directly to investors, including SMSF trustees, in a user- friendly and engaging way.

“New solutions will provide ready access to diversified, multi-asset class portfolios managed by the word’s best investment managers, enabling trustees to obtain portfolio diversification that is appropriate to their circumstances, thereby providing them with the best chance of meeting their retirement goals.” said Mr Varlamos.

The panel also had a healthy debate around the future of advice within the SMSF sector. Unmet advice needs in the SMSF sector continue, with the ongoing challenge to encourage more SMSFs to leverage the wealth of information available.

Michael Blomfield said, “A lot of SMSFs think advice is too expensive and they don’t know who to trust to get it from. This is a challenge that goes beyond the current trust deficit in the financial services sector and we should be able to overcome it. “

Kate Metz, Acting Senior Executive Leader, ASIC, said, “There is a wealth of information available that is not advice, people can access information and insights on ASIC’s MoneySmart or ATO websites. We have no doubt that we will see more digital advice solutions relevant to SMSFs and we’re already seeing new ideas coming through ASIC’s innovation hub.”

James O’Halloran said, “People need to remember that the decisions you make today will impact you in 10, 20, 30 years-time. You need the right support and advice as early as possible.

“Creating an SMSF is not just an investment decision, there are serious trustee obligations. The seriousness of the decision for your future means it is critical to have advice. Due diligence and well- informed appropriate advice can protect SMSFs and their future, their family and retirement lifestyle.

“We understand that building trust and confidence in both the tax and super system is vital to the future of the SMSF sector,” said Mr O’Halloran.

Graeme Colley, Executive Manager, SMSF Technical and Private Wealth, SuperConcepts, said, “Accountants will continue to play a critical role in helping SMSFs navigate their path. Accountants should be directing investors where to seek advice and educating them on what insights they need.”

Regulatory Uncertainty

The panel also discussed the future of Limited Recourse Borrowing Arrangements (LRBA) and proposed changes to franking credits as examples of regulatory uncertainty for the SMSF sector. The discussion followed the revelation from a new report released this week from the SMSF Association, based on Investment Trends data that regulatory uncertainty is now the top cited challenge in managing an SMSF.

Kate Metz said, “We will be looking closely at one-stop-shops for property investment via SMSFs. We’re concerned that there is little to no discussion about how you use a property investment in retirement. Will it need to be sold and if so what if property market drops?”

Graeme Colley, said, “The majority of SMSFs are being discriminated against with the proposed changes to franking credits removal – we think it’s inequitable.”

Longevity Risk

With an ageing population and a generation of SMSFs maturing the panel also raised longevity risk within Australians’ retirement savings as a major challenge for the industry.

Michael Blomfield said, “There is not enough conversation about the need for liquidity in SMSFs approaching retirement. We have to find a way in a regulatory or policy sense to ensure liquidity sensibility to the way people can protect their retirement savings.”

“We need to look at SMSFs as a whole-of-life and intergenerational investment tool.”

Today’s panel event provided valuable insights into the future challenges and opportunities facing the SMSF sector and Australia’s retirement savings landscape more broadly.

The post The five-year evolution: what’s the next frontier for SMSFs? appeared first on AdviserVoice.

The new role continues SuperConcepts’ commitment to providing SMSF customers with a leading technical and education service, and forms part of the existing team of industry-leading technical experts, led by General Manager Technical and Education Services, Peter Burgess.

Graeme has more than 30 years’ experience relating to taxation and superannuation, having held senior roles in the Australian Taxation Office and as an Assistant Commissioner of the Insurance and Superannuation Commission. Most recently, Graeme was Director, Technical and Professional Standards at the SMSF Association.

Natasha Fenech, CEO SuperConcepts said the appointment reflects the importance of providing customers with quality education, knowledge and insights within the SMSF sector.

“Graeme is a well-known figure in the SMSF community with a long-standing reputation as an accomplished SMSF educator, technical expert and advocate for the sector.

“Graeme’s appointment adds considerable strength and capacity to our technical team, which already includes some of the industry’s leading technical experts and SMSF educators.

“Providing SMSF advice is an area which requires specialist knowledge. We believe providing a market-leading SMSF service is about quality administration and software, and also about providing access to technical knowledge and insights through our technical experts and professional development events,” she said.

SuperConcepts provides a range of complimentary technical support services and professional development events to its customers, including access to the largest and most experienced team of technical experts in the SMSF sector. The increased capabilities with Graeme’s appointment will support new technical services to be launched in the coming months.

Graeme will join SuperConcepts on 5 September, reporting to Peter Burgess, General Manager Technical Services and Education.

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Graeme Colley

It is imperative that SMSF trustees have an active electronic service address (ESA) to ensure they are compliant with SuperStream, says Graeme Colley, the SMSF Association’s Director of Technical and Professional Standards.

“The Australian Tax Office estimates about five per cent of all SMSF trustees who are employees don’t have an active ESA, and they run the real risk of having their SG contributions going to a default super fund.

“Although five per cent seems a small percentage, when it’s considered about 300,000 funds receive employer contributions, then it means about 15,000 funds don’t have an active ESA – a sizeable number.

“It’s also worth noting that as small employers enter the SuperStream system in 2015-16, there will be an increase in the number of employer contributions to SMSFs and, in all likelihood, an increase in the number of ESAs not active.”

Colley says that in most cases it’s simply a case of the SMSF being unaware they haven’t correctly linked their fund to the messaging provider, the entity responsible for processing employer contributions and then informing trustees about this information. [A common error is to think an email address is an ESA.]

“Remember, too, that if an SMSF trustee provides an ESA to their employer and the messaging provider is not expecting a contribution message for this SMSF, it will be rejected. The employer will receive an error message and is required by law to obtain the correct information from the SMSF.

“Where this occurs, the employer should ask their employee to complete a Choice of Super Fund Form that mandates the provision of both ESA and bank account details – information the employer needs to be able to send contributions electronically.

“If, after 28 days, the employee does not provide a completed standard choice form to them, the employee can instead make the super contributions to their default super fund.”
Colley said to be SuperStream compliant, SMSF members need to provide bank account details, an Australian Business Number and an ESA to their employer.

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Graeme Colley

Specialist members will have the opportunity to participate in practical, hands-on workshops over the two-and-half days of the SMSF Association 2016 National Conference being held in Adelaide from February 17-19.

Association Managing Director/CEO Andrea Slattery says: “This is an innovative idea that will allow specialist members to work together to learn how to solve the types of problems their clients bring through the door every day.
“The aim is to make the workshops real ‘work life experiences’ by limiting the numbers and making them interactive to ensure our specialist members take back to their businesses practical experiences from the conference.”

Delegates are invited to join the conversation at the Thought Leadership breakfast titled: The future of wealth management and advice – what forces are shaping advisers’ roles? Last year’s inaugural event boasted speakers such as David Murray, Don Russell and Warwick McKibbin.

Slattery says the positive response to the lifecycle theme at the 2015 conference convinced the Association to adopt this approach again.

“We received very encouraging feedback about how understanding the SMSF lifecycle provided the correct architecture for the conference.

“We believe that better outcomes arise when professional advisors and trustees are armed with the best and latest information most appropriate to their circumstances.

“Delegates enthused about the concept with comments such as ‘like this style, it reflects my businesses model’, ‘it assisted with choice of topics as it gave an idea of what the content would be’ and ‘this helped (me) hone in on areas of interest’.”

The conference, to be held at the Adelaide Convention & Exhibition Centre, will again highlight why it is the pre-eminent event on the SMSF calendar with 45 conference sessions, 60 expert speakers, networking opportunities with specialists across the professional spectrum, and an impressive exhibition hall.

Graeme Colley, the Association’s Director Technical and Professional Standards, who heads the National Conference committee, says: “The conference just keeps growing. Our task is to ensure that the quality of the speakers, the technical content, industry updates, networking and social opportunities meet our members’ high expectations, so every year the pressure is on to devise an agenda that fulfils this goal.

“Aside from the workshops and the Thought Leadership breakfast, other initiatives include a ‘trustee exchange’ showcasing three high-profile trustees and a strong focus on all issues germane to accountants becoming licensed and planners becoming registered to offer tax advice. All these events should attract keen interest.”

Colley says the other main “attraction” is holding the conference in Adelaide. “It’s the best time of the year to visit with the conference coinciding with the internationally renowned Adelaide Fringe Festival.

“It’s also Australia’s wine capital, with numerous famous regions in short driving distance from the city and boasts a number of internationally recognised golf courses. With all this on offer we encourage delegates to book early.”

Registrations are now open, with Early Bird offers (including first-in-first-serve registrations to limited capacity sessions) available until 30 November, so make sure you secure your seat. In addition, there is the opportunity for industry professionals to sign up as an SMSF Association member to take advantage of the pro rata annual membership.

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Graeme Colley

The market turmoil of recent days has underpinned the critical importance of SMSF trustees having a written investment strategy, says Graeme Colley, Director, Technical and Professional Standards, of the SMSF Association.

“When markets fluctuate to the degree we have seen in the past week, then having a written, long-term investment strategy not only gives trustees peace of mind when markets are turbulent, but reminds them that superannuation is all about the long term.

“It provides them with an important reference point at the very time when people are liable to panic because the markets, especially the equity markets, are falling sharply.
“When you consider an SMSF fund has, on average, about one-third of its assets in Australian shares, the reassurance the investment strategy provides cannot be under-estimated.”
Colley says that according to the latest Intimate with Self-Managed Superannuation report, just over 50% of trustees claim to have a written investment strategy, and another 30% entrust their specialist advisor with this responsibility.
“Whether trustees take personal responsibility for this document, a legal requirement under the Superannuation Industry (Supervision) Act 1993, or hand the responsibility to their advisor, it’s encouraging that about 80% of SMSFs realise its importance.
“What’s concerning is that there are about one in five trustees who don’t have a written strategy, and it’s likely they will be more prone to making poor decisions, especially when markets are volatile.
“As the report says, ‘these trustees could be exposing themselves to investment and legal risks by not having an investment strategy or by only having it memorised and not written down’,” Colley says.

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Graeme Colley

The SMSF Association is confident a compromise position can be found on Limited Recourse Borrowing Arrangements (LRBAs) in the wake of the Financial System Inquiry (FSI) recommendation to ban borrowing inside superannuation.

Graeme Colley, the Association’s Director, Technical and Professional Standards, told the Sydney State Technical Conference today there were “positive signals” emanating from Canberra that suggested a compromise could be found on this issue.

In his Regulations and Legislative Update address to Association members, he said the FSI final report noted it had “several concerns” about borrowing in superannuation, including magnified risk, a concentration of assets, not being truly limited recourse, and the capacity to circumvent contribution caps.

Colley said the Association had never agreed that the risks posed by LRBAs justified a total ban.

“As the evidence highlighted in the Intimate with Self-Managed Superannuation report released yesterday showed, LRBAs, as a percentage of total SMSF assets, are still a small percentage of the total pool. They are increasing, but not to a position where they are a threat to the system.

“In light of this evidence, the Association’s view is that by implementing some measures to mitigate risk, then LRBAs have a viable role to play in SMSFs.

“What we have proposed is the licensing of LRBA advice; greater resourcing of ASIC to crack down on the spruikers; to limit use of personal guarantees and tighten related party earnings; and establishing LRBA industry best practice guidelines.”

LRBAs aside, Colley said the SMSF sector was entitled to take a vote of confidence from the final FSI report that made no other recommendations to curtail their activity.

“The lack of comment about our sector, especially in light of some of the issues raised in its interim report, can only suggest that David Murray and his fellow members of the inquiry, were relaxed about the state of play with SMSFs.

“Perhaps we shouldn’t be surprised. In 2010, the Cooper Review came to a similar positive view about the SMSF sector.”

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Graeme Colley

The SMSF Association has prepared a challenging program for its annual State Technical Conference Series that aims to enhance the skills and knowledge of SMSF specialists to assist them provide clients with the best possible advice about their retirement savings.

The day-long conferences, which begin in Sydney on Tuesday 28 July, will address seven issues of critical important to the SMSF specialist. Sydney will be followed by Brisbane on 29 July, Melbourne on 30 July, Adelaide on 31 July and Perth on 3 August.

Association CEO/Managing Director Andrea Slattery says: “It’s our firm belief that the best outcomes for SMSFs are achieved when trustees and members, and their specialist advisors, are fully armed with the most up-to-date information

“The world of SMSFs can be complex, and it is only when advisors, in particular, are at the top of their game can their clients be confident of achieving the optimum results across the myriad disciplines involved in running a fund

“This is why these technical conferences are so eagerly awaited by our professional members, and why they play such an integral role in improving their skills.

At this year’s conferences, the sessions are:

• Your Business: SMSFs and technology;
• Regulatory and legislative update;
• Do you know your ABC’s of ECPI;
• Understanding (Superannuation) Heaven and Hell;
• 2015’s top 10 SMSF questions;
• ATO SMSF Compliance activity update; and
• The ‘Super’ market.

Graeme Colley, SMSF Association Director Technical and Professional Standards, who is heading the technical conferences for the third successive year, says: “We have devised a program that will stimulate our members across a range of disciplines critically important to their clients.

“The high-calibre speakers on these topics will ensure engaging, informative sessions, again demonstrating why the State Technical Conference Series helps underpin the Association’s commitment to professionalism.”

Colley says the feedback from members who regularly attend the technical conferences is always positive, “so I urge you to bring along a colleague or peer to this year’s event. They will thank you for it”.

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