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Accountants fear that they cannot set up an Self Managed super fund for a client from 1st July 2016 - this is wrong.

What accountants cannot do from 1st July 2016, if they do not have a financial services licence is give any advice which is verbal, written (including email) or via newsletter, brochure or on the website where they try to influence a person to set up an SMSF.

Accountants are allowed to set up an SMSF purely on instructional basis as long as the accountant has provided no advice relating to set up of an SMSF.

 

When a prospective trustee of a SMSF (future client) instructs you to set up an SMSF and if you do not have a financial services licence, it is recommended that you ask this person to instruct you in writing and provide a declaration that you have advised him that you are not licensed and that has been acknowledged by this person.

 

Below is template which can be used by prospective trustees as a written instruction to set an SMSF.

Click here to download template

Although great care has been taken to prepare this template, we (the writer or Deed Dot Com Dot Au Pty Ltd) cannot guarantee that the use of this template will protect you from corporations act requirements. Some of the penalties can be a fine of $22,000 or jail term of up to 2 years and it is possible that your professional body may implement some sanction on your actions and lastly please note that you will not be covered by your existing professional indemnity insurance if you provide advice knowing that you are not licensed.

 

After reading the content of the template - you may realize that set up of an SMSF on instruction basis is only half the job as you are not able to discuss other important things, which you could pre 1st July 2016, with the client for which you, now need a licence - like level of contributions, commencing pensions etc. Due to these limitations, it is advisable to get the required RG 146 qualification and work as an authorised representative of another entity which is licensed (e.g. a dealer group) and avoid the hassle of applying and maintaining your own limited licence.

 

We have identified 28 types of advice which a trustee will need and are currently writing Statement of Advice (SOA's) for all types of situations. Our experience of over 100 years in SMSF space suggests that an accountant will need at least about 3 SOA's every year for each SMSF they administer.

 

These 28 SOA's will be available to be purchased on www.smsffs.com.au which is the accountant end of our audit software www.onlinesmsfaudit.com.au. You will also be able to set up new SMSF's online with corporate trustee on one form with pre-filling the ABR's online ABN / TFN application form and also be able to order actuarial certificates for $55 and connect with the SMSF auditor and the trustee of the fund on the same portal.

 

The price of these SOA's will range from $99 to set up a SMSF to $33 for set up of borrowing for the fund - average price will be $55 for each SOA.

 

The online form will be an interactive "know your client - fact find" and based on your answers, the SOA will be drafted in an un- editable pdf format in your own letterhead with your digital signature and emailed to your trustee client automatically and saved for SMSF auditor or any future downloads. We are expecting most independent dealer groups to approve our SOA's and if you permit, allow them to review / audit them before they are issued to the client.

 

Since we work closely with other accountants in SMSF space, our understanding is that a limited licence in SMSF is sufficient to administer a fund like before and the client is referred for investment and risk advice to a friendly financial planner within the dealer group who is not a tax agent.

 

Lastly and very importantly, we urge all accountants to review their websites, if they are un-licensed, any mention of set up of SMSF will mean penalties from ASIC.

 

Those who missed our last week's webinar on this topic - please note that the presentation is now online and by watching this one hour presentation you can claim 1 hour of CPD points from Financial Planning Association of Australia.

 

To watch this presentation now - click here

To download power point presentation - click here

BTW - if you are an SMSF Auditor and want to try out our online software - you can register online and audit 2 funds as trial - you will save half you time by using our online audit programme - try it by clicking here

To set up an SMSF on trustdeed.com.au for $125 download our price list by clicking here

 

 

 


 

3 Part Free Technical Webinar on

"Planning for Death in a SMSF - Issues to consider" 

Superannuation is increasingly become a major  asset for most Australians and a contentious area for estate litigation. However despite this, not enough attention is focused on planning for death. In this 3 Part presentation, we will primarily look at:

  • The importance of the trust deed
  • Benefits of using Individual vs. Corporate trustees
  • Binding death nominations, Auto-Reversionary Pensions and SMSF Wills
  • Case law challenges to Death Nominations
  • Taxation of Death Benefit Payouts

In the final presentation we will discuss strategies available to trustees to pass on SMSF wealth to the next generation with minimal amount of tax.

 

Topics:

- Importance of the trust deed

- Individual vs Corporate trustees with relevant case law challenges

- Binding death nominations, Auto-Reversionary Pensions and SMSF Wills

Date: 06-Sep-2016, 20-Sept-2016 & 04-Oct-2016

Time: 11:00 AM to 12:00 PM

Speaker : Agni Chowdhury

Agni has Masters in Accounting from Macquarie University and is a CPA SMSF Specialist Member. He has worked in SMSF space for over 6 years dealing with complex trustee issues. He has a special interest in actuarial certificates and their use in the proposed limiting pension balance of $1.6M post 1st July 2017.

 

 



 

Let us show you...

How to reduce SMSF Audit time to Half

 

           We know that auditing an SMSF is not easy

Onlinesmsfaudit.com.au presents to you a cutting edge cloud based SMSF audit software technology which streamlines your business and you work smarter & improve your results.

The software is very easy to learn - either via workshops at our office in Sydney or via our Webinars or via our training online videos - all details like when our next webinar, workshop etc. are being held is on the website. We can even come to your office to show you.

 

Join us for Online SMSF Audit workshop: 4 CPD hours in SMSF Audit

You are invited to Online SMSF Audit workshop to become a certified Online SMSF Auditor.

Learn how our audit software can benefit you and your clients. Attached is a pamphlet with all the features the online auditing tool has to offer.

The classroom training environment gives you the opportunity to step away from the distractions of the office and meet our experienced trainer.

We promise to make it a fun and interactive session Plus you earn 4 CPD hours in SMSF Audit - attached is approval letter.

Where?

In our office training room: Level 4, 263 Clarence Street Sydney NSW

When?

Between 11 am and 3 PM - Lunch Provided

30th August 2016

29th September 2016

How Much?

$165 - includes lunch Plus 4 CPD Hours Plus 10 SMSF Audits worth $165

Click here to book

 

Click here to learn how to audit an SMSF in half the time 

 

Disclaimer

The advice provided on this newsletter and the links to the websites is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. If any products are detailed on this website, you should obtain a Product Disclosure Statement relating to the products and consider its contents before making any decisions. 

Deed Dot Com Dot Au Pty Ltd disclaim all and any guarantees, undertakings and warranties, expressed or implied, and shall not be liable for any loss or damage whatsoever (including human or computer error, negligent or otherwise, or incidental or consequential loss or damage) arising out of or in connection with any use or reliance on the information or advice on this newsletter. The reader must accept sole responsibility associated with the use of the material on this newsletter, irrespective of the purpose for which such use or results are applied. The information on www.trustdeed.com.au  is no substitute for financial advice.

 

 

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