The definition of an SMSF and why it matters 

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

Financial Statement and Tax Return Preparation 

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

Managing deductions 

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

Contributions 

• When your clients can and can’t make a contribution 

• How much can they make? 

• Applying the non-concessional bring forward rules 

• In-specie transfers and non-cash contributions – what to do with them 

• Excess contributions 

• Contributions tax for high income earners 

• Unused concessional contribution cap and when a member can utilise this 

• Recent work test changes 

• Calculating a member’s total superannuation balance, it isn’t always as easy as identifying their member balance last financial year 

Pensions 

• Withdrawing pensions and how to treat excess pension payments 

• Converting transition to retirement pensions to retirement income phase pensions 

• Dealing with segregated funds post 1 July 2018 

• How to meet minimum pension obligations: why it’s important not to get this wrong and ensure clients meet their obligations 

• How to apply the 1/12th rule when the minimum pension has been missed 

• How preservation issues often arise without you knowing: the strict cashing order that must be followed for preservation components 

• Stopping and starting pensions: what needs to be put in place 

• Calculating member balances – part year, market value, TRIS and preserved benefits 

• Withholding obligations 

• What to do when a member dies 

Event-based reporting and the transfer balance cap  

• Working with event-based reporting and understanding the framework 

• What you need to look out for 

• When you need to report and a summary of the timeframes 

• How to prepare a transfer balance account report (TBAR) form 

• Indexation of the transfer balance cap and how to calculate a member’s personal transfer balance cap

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

LRBA rules 

• What is a single acquirable asset 

• Can the fund make improvements 

In-house assets 

• Understanding the in-house asset rules including who is a Part 8 associate and why is this important to know 

• What to consider in relation to related party purchases 

Market Valuations within an SMSF 

• When is it necessary for an SMSF to obtain a market value for property? 

• What is considered an independent valuation? 

• What to consider when valuing unlisted assets? 

NALI/NALE 

• How NALE applies to administration expenses that are below market rate   

• Safe harbour loans – when can NALI be an issue? 

• Related parties performing work for the SMSF and how this could potentially cause NALE to apply