I am always on the lookout for good Australian educational content for new SMSF trustees and I know many people enjoy content delivered in short videos. Today we have another guest post but one with a difference.
Owen Raszkiewicz from Rask Finance has a passion for delivering free educational content and has just completed his 15 part video course which is an introduction to investing in shares, managed funds and ETFs. The course is suitable for those starting out and a good refresher for experienced investors trying to explain concepts to other trustees. He has kindly agreed to me providing these 15 1-2 minute bite size videos here on my blog for you.
So off we go:
And finally for those looking at investing in direct shares overseas
I hope this course has been helpful and please scroll down to comment and make sure to visit Owen’s webpage Rask Finance for more educational content or follow him on twitter @OwenRask .
Feedback always appreciated. Please reblog, retweet, like on Facebook etc to make sure we get this educational material out there. As always please contact me if you want to look at your own planning needs or an SMSF review. We have offices in Castle Hill and Windsor but can meet clients anywhere in Sydney or via Skype. Just click the Schedule Now button up on the left to find the appointment options.
Liam Shorte B.Bus SSA™ AFP
Financial Planner & SMSF Specialist Advisor™
Tel: 02 98941844, Mobile: 0413 936 299
PO Box 6002 BHBC, Baulkham Hills NSW 2153
5/15 Terminus St. Castle Hill NSW 2154
Corporate Authorised Representative of Magnitude Group Pty Ltd ABN 54 086 266 202, AFSL 221557
This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. This website provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.
The Australian Tax Office (ATO) has launched a great selection of short educational videos dealing on all matters to do with self-managed superannuation funds (SMSFs). The short animated videos are only 2 -3 minutes each and cover topical subjects as well as key responsibilities for SMSF trustees in an easy to understand format.
The headline for each video contains a link that will take you to the appropriate Tax Office web page, which also publishes the full transcript of the contents of each video if you prefer reading.
This video deals with how SMSFs (or as they used to be known, “do-it-yourself” or DIY super funds) are not really very DIY at all. The video introduces the different people an SMSF trustee will have to work with, or who can help trustees meet their obligations.
SMSF trustees – individual or corporate
Deciding on the type of SMSF trustee is important. This video will help explain the difference between individual trustees and corporate trustees.
SMSF – trustee declaration
A trustee declaration must be completed and kept on file by SMSF trustees. Find out more about it here.
Video currently being updated by ATO
Learn more about the sole purpose test and what it means to your SMSF investments.
Your SMSF needs to meet the sole purpose test to be eligible for the tax concessions normally available to super funds. This means your fund needs to be maintained for the sole purpose of providing retirement benefits to your members, or to their dependants if a member dies before retirement.
Contravening the sole purpose test is very serious. In addition to the fund losing its concessional tax treatment, trustees could face civil and criminal penalties.
It’s likely your fund will not meet the sole purpose test if you or anyone else, directly or indirectly, obtains a financial benefit when making investment decisions and arrangements (other than increasing the return to your fund).
When investing in collectables such as art or wine, you need to make sure that SMSF members don’t have use of, or access to, the assets of the SMSF.
Your fund fails the sole purpose test if it provides a pre-retirement benefit to someone – for example, personal use of a fund asset.
What are super contribution caps? Learn about the types and limits on super contributions and SMSF trustee responsibilities.
Click here for written version while video unavailable
SMSF investment strategy
Your SMSF’s investment strategy is the framework that guides your investment decisions. It pays to have a good investment strategy that is regularly reviewed. Learn what factors your SMSF’s investment strategy needs to take into account.
Watch this video to learn how tax applies when you pay benefits from your SMSF.
Being updated by ATO
SMSF – arm’s length
All SMSF transactions must be on an arm’s-length basis. This means that fund assets must be bought and sold at market value, and income on the assets should show a true market rate of return.
Here the ATO have focused on SMSF loans and early access, with the perceived problem being that people mistakenly think that an SMSF can provide them with a loan, or that they can access their super savings whenever they like.
Thinking about winding up your SMSF? Here are some common reasons for winding up and the steps to follow to get it done.
I will keep this list updated as more videos are released
Are you looking for an advisor that will keep you up to date and provide guidance and tips like in this blog? then why now contact me at our Castle Hill or Windsor office in Northwest Sydney to arrange a one on one consultation. Just click the Schedule Now button up on the left to find the appointment options.
Liam Shorte B.Bus SSA™ AFP
Financial Planner & SMSF Specialist Advisor™
Tel: 02 98941844, Mobile: 0413 936 299
PO Box 6002 BHBC, Baulkham Hills NSW 2153
5/15 Terminus St. Castle Hill NSW 2154
Corporate Authorised Representative of Magnitude Group Pty Ltd ABN 54 086 266 202, AFSL 221557
This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. This website provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.
Our copy of our Financial Services guide can be obtained by visiting our main www.verante.com.au website.
I love that the ATO is getting on the front foot as far as education of potential SMSF Trustees. This video should be the first step in educating yourself on what decisions are required to set up and maintain a compliant Self Managed superannuation Fund
Here is a guide to the contents of the video in case you want to skip back to a certain section but I recommend you watch it in full at least a few times. It’s only 2 minutes 20 seconds and it is a structure you may need for 50 or more years! Make the effort and do your research before committing to setting up a SMSF.
0:02
So you’re thinking about starting your own self managed super fund. That’s great — but
0:07
are you aware of what’s really involved?
0:12
Let’s take a quick look at a typical self managed super fund.
0:17
When you first set up you need to • Decide on fund members and trustees;
0:21
• Establish the trust and trust deed; • Set up a bank account,
0:26
• Register with the ATO, • create your Investment strategy,
0:29
• and include a plan for when your SMSF ends
0:34
There’s more to consider once set up including • Rolling over of existing super;
0:40
• Organising employer contributions; • Accepting contributions within limits
0:44
• Making investments without breaking rules; • Regularly reviewing the investment strategy;
0:49
and • Documenting and maintaining records for
0:52
up to 10 years.
0:56
Then, each year you need to • Value assets;
1:01
• Prepare accounts & financial statements, • Appoint a registered Self Managed Super
1:05
Fund auditor; • Lodge the annual return,
1:07
• Pay the Self Managed Super Fund levy; and
1:10
• Any tax that’s due.
1:15
When you start making payments, you need to • Decide if any assets need to be sold;
1:19
• Ensure minimum payments are met each year; and you may also need to
1:23
• Appoint an actuary; • Withhold tax; and
1:26
• Give payment summaries to members as well as the ATO.
1:30
Finally, when the fund is finished you need to
1:34
• Get a final audit; and • lodge your final return;
1:37
plus you’ll also need to • Pay any outstanding tax; and
1:41
• Payout or rollover all of the assets.
1:44
As you can see, there is a lot involved. Before you decide to start a self managed super fund
1:52
you need to consider whether you can manage everything or whether you are prepared to
1:55
pay Self Managed Super Fund professionals to help. But remember, even if you have professionals
2:00
help, SMSF trustees are ultimately responsible for their fund.
2:05
You may want to seek some professional advice to help you decide if a self managed super
2:09
fund is right for you
2:11
For more SMSF information take a look at our other videos — or visit the ATO website at
The video misses out on a few important steps like reviewing existing funds for insurance and deciding to replace them or keep the old fund open with a smaller balance to fund the insurance. This decision must be made and any new insurances arranged before your rollover your balance as the existing cover will be cancelled and you may have a health issue that stops you replacing the cover later. For more info read my previous blog
Are you looking for an advisor that will help you set up your SMSF and keep you up to date and provide guidance and tips like in this blog? Then why not contact me at our Castle Hill or Windsor office in Northwest Sydney to arrange a one on one consultation. Just click the Schedule Now button up on the left to find the appointment options.
Liam Shorte B.Bus SSA™ AFP
SMSF Specialist Advisor™ & Financial Planner
Tel: 02 8853 6833, Mobile: 0413 936 299
liam@verante.com.au
PO Box 6002 BHBC, Baulkham Hills NSW 2153
Liam Shorte is a partner in VERANTE Financial Planning, 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.
Our copy of our Financial Services guide can be obtained by clickinghere or visiting our main www.verante.com.au website.
Verante Financial Knowledge Centre
We understand that the financial industry is full of jargon and concepts that can be difficult for people to get their head around or remember. So to learn more about money and finance at our Financial Knowledge Centre is a great place to start.
Verante Financial Knowledge Centre
We understand that the financial industry is full of jargon and concepts that can be difficult for people to get their head around or remember. So to learn more about money and finance at our Financial Knowledge Centre is a great place to start.
Verante Financial Knowledge Centre
We understand that the financial industry is full of jargon and concepts that can be difficult for people to get their head around or remember. So to learn more about money and finance at our Financial Knowledge Centre is a great place to start.
