One Page SMSF End of Financial Year Checklist 2013


Ok last day to get your SMSF fund in order and ensure we are making the most of the strategies available to us. Here is a one page checklist of the most important issues that you should address with your advisors well before the year-end. For more detail on each issue visit the full article on The SMSF Coach – EOFY 2013 Strategies

1. It’s all about timing! Forget about doing anything for your fund after the Thursday June 27th
2. Review  Your Concessional Contributions – 25K , 25K, 25K max
3. Review your Non-Concessional Contributions
4. Co-Contribution
5. Spouse Contribution
6. Over 65? Do you meet the work test? (The 40 hours in any 30 days rule)
7. Check any payments you may have made on behalf of the fund.
8. Notice Of Intent To Claim A Deduction
9. Contributions Splitting
10. Off Market Share Transfers (selling shares from your own name to your fund)
11. Pension Payments
12. Reversionary Pension is often preferred option to pass funds to spouse or dependent child.
13. Review Capital Gains Tax Position of each investment
14. Review and Update the Investment Strategy not forgetting to include Insurance of Members
15. Collate and Document records of all asset movements and decisions
16. June Contributions Deductible this year but can be allocated across 2 years.
17. Market Valuations of all assets now required
18. In-House Assets – keep below the 5% limit at all times
19. TPD Insurance (Total Permanent Disability – basically “never work again” insurance)
20. Do you need to update to a Corporate Trustee
21. Check the ownership details of all SMSF Investments
22. Review Estate Planning and Loss of Mental Capacity Strategies.

As always please contact me if you want to look at your own options as we are currently taking on new clients. We have offices in Castle Hill and Windsor but can meet clients anywhere in Sydney or online via Skype.

Liam Shorte B.Bus SSA™ AdvDipFS

Financial Planner & SMSF Specialist Advisor™

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 Follow SMSFCoach on Twitter  Liam Shorte on Linkedin  NextGen Wealth on Facebook  SMSFCoach Blog

Tel: 02 8853 6833,  Mobile: 0413 936 299

liam@nextgenwealth.com.au

PO Box 6002 BHBC, Baulkham Hills NSW 2153

 Liam Shorte is a partner in NextGen Wealth Solutions, Corporate Authorised Representative of Genesys Wealth Advisers Limited, Licence No 232686, Genesys Wealth Advisers Limited ABN 20 060 778 216 • AFSL No.232686

Important information :

The information in this article is provided for illustrative purposes only and does not take into consideration your personal circumstances. You are encouraged to seek financial advice suitable to your circumstances to avoid a decision that is not appropriate. Any reference to your actual circumstances is coincidental. Genesys and its representatives receive fees and brokerage from the provision of financial advice or placement of financial products.

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