Workshop: Tax-effective use of SMSFs

Workshop: Tax-effective use of SMSFs
Contributions, limited recourse borrowing and business real property

Self-managed superannuation funds are often part of a high net worth individual’s family group.  The sole purpose of superannuation is to save up for and self-fund one’s retirement and there are tax concessions and incentives there for individuals to consider.  However, often these concessions and incentives may be abused and often taxpayers fall into a heap when it comes to funding the superannuation fund through contributions, limited recourse borrowing arrangements and the purchase (and subsequent using) of property. 

This workshop will consider the post 1 July 2017 contribution limits and different types of contributions including the use of the small business CGT concessions and new downsizer contribution in light of the $1.6m total superannuation balance cap, the tax issues to think about with the use of limited recourse borrowing arrangements including PCG 2016/5 and non-arm’s length income and impact on contribution limits, business real property and lease arrangements to related parties and consequent estate planning issues. 

A case study will be used to highlight these pointsGone are the days where simple Wills and powers of attorney are used.  In this day and age, it is very common for family groups to have assets held in individual names, discretionary trust structures and self-managed superannuation funds.  Parties often ignore these structures as part of the estate plan, thinking that a Will should be able to deal with the whole lot.  
 

Topics covered:

  • Self-managed superannuation funds: the definition and compliance with the SIS Act 
  • A recap of the contribution rules post 1 July 2017
  • Acquiring assets in self-managed superannuation funds
  • Acquiring assets from related parties: the business real property exception
  • Leasing business real property to related parties
  • Limited recourse borrowing arrangements and self-managed superannuation funds involving non-bank loans and the ATO’s guidelines
  • Dealing with lumpy assets and business real property in a self-managed superannuation fund as part of the estate plan, on the death of one or both membersPassing control of family trusts in the estate plan 

 

Learning objectives:

  • Identify the basics of superannuation law including the definition of a self-managed superannuation fund and the contribution limits
  • Identify what type of assets are able to be acquired by the trustees of self-managed superannuation funds and from who
  • Identify the tests for business real property and applying the ATO’s view 
  • Identify the tax implications and opportunities of related party leasing of business real property 
  • Identify and apply the ATO’s safe harbour rules for non-bank limited recourse borrowing arrangements where related loans are used  
Suitable for: Accountants, financial planners, other advisors

Level: Intermediate

CPD hours: 2
Price: $180 for member, $235 for non-member
Certification is provided upon completion


 

Presented by: Nathan Yii

           

            
Nathan Yii is an experienced structuring and estate planning lawyer and is recognised in Doyles’ Guide as a leading Wills, Estates & Succession Planning Lawyer in Victoria. He works with accountants, financial planners and other lawyers to achieve their clients’ structuring and estate planning objectives, factoring in taxation, asset protection, SMSF compliance and dispute prevention. He consults to family businesses and family offices of high net worth individuals around Australia and also acts for clients in trusts and estate dispute matters. Nathan is a regular presenter and shares his insights with financial and legal practitioners. He is Chartered Tax Advisor, an SMSF Specialist Advisor and a lecturer in the College of Law’s Master of Laws program and holds a Bachelor of Commerce (Accounting), a Bachelor of Laws (Hons) and a Master of Laws. 
When
17/10/2019 10:00 AM - 17/10/2019 12:00 PM
Where
Karstens Melbourne
123 Queen St
Melbourne, VIC 3000 Australia

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