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Norwest SMSF Discussion Group

 

Pension Seminar now has been approved by FPA for 1.5 CPD hours - Click here to Watch it now

 

Next Seminar is on  30th May 2017 Wedneday - 5.30 PM to 7.30 PM 

Next Discussion group meeting is on 30th May 2017 on "Estate Planning 101" from 1st July 2017"

Click here to see in detail what will be discussed in the meeting.

Introduction

If breaches of new lelgislation go unreported and ATO picks them up in their data matching process, negligent auditors can lose their licence. Auditors will need to be more vigilant and alert while auditing and more importantly posses "expert knowledge" as they will be called, more often, for their "audit opinion" on situations beyond the comprehension of a part time SMSF accountant (someone who administers less than 50 funds). These enquiries are likely to make the auditors role challenging & offcourse interesting.

Continuing professional development

There are very few SMSF auditor focused sessions on the new changes or seminars where auditors can update their knowledge. The challenge of new legislation is in the detail and many presentations are able to only scratch the surface.

Further, there is a Continuing professional development requirements that an approved SMSF auditor must complete, which is at least 120 hours of continuing professional development (CPD) training every three years, which must include 30 hours of training on superannuation of which at least 8 hours of training is about auditing of SMSFs. Time spent in this discussion group should be eligible for 1.5 hours in SMSF Audit under the self assessment method.

 

SMSF Auditors Discussion Group

CPD sessions in our office are on invitation basis on last Tuesday of every month. We send invitation to only ASIC approved SMSF Auditors  in Bella Vista / Norwest Business Park and near by areas, we are delighted to invite you to the discussion group.

 

Date: 30th May 2017 - Tuesday 

 

Agenda

5.30 PM   Registration & Welcome Refreshments

6.00 PM   "Estate Planning 101"  from 1st July 2017 - Speaker; Mr Manoj Abichandani

6.45 PM:   Questions and Discussion on Estate Planning 

7.00 PM   Discussion: Changes to the requirements for obtaining an actuarial certificate

7.30 PM   Close of Meeting

 

Venue: Nexus Cafe' Shop 1, 4 Columbia Court Baulkham Hills - Norwest Business Park 

Cost:   $25 (To Cover Refreshments & Room Hire Cost)

How to Register: www.onlinesmsfaudit.com.au/SeminarBooking.aspx

 

Seating: Maximum 40 - if you are interested in the topic, book as soon as possible.

Topic: Estate Planning 101

One of the greatest changes under the new super laws is arguably how transfer balance cap effects the payment of death benefits to spouses. This is because many members who exceed the cap can longer simply pay all of their death benefits to their spouse in the form of the pension. This means that careful planning is now required for members affected, or potentially affected, by the cap. 

1.How the transfer balance cap works for death benefits?
2.Death benefit pensions vs reversionary pensions under the cap
3. Why should existing pensions be converted into automatically reversionary pensions?
4.Dealing with the liquidity crunch on the death of the first spouse including in-specie death benefit payments
5.Implications for estate planning for TRISs
6.Key issues, actions and strategies pre 30 June 2017

 

Speakers:

Manoj Abichandani SMSF Specialist (UNSW)

Manoj has been working in SMSF Space since 1988 in various capacities. Earlier he worked for a Specialist CPA firm as an advisor / accountant where he was responsible for 600 SMSF's funds, later he set up an audit firm where over 2,500 funds were audited each year which helped him to write Australia's first online audit software. At the time of writing over 58,000 funds have been audited on the online software and is the only online SMSF audit software where an SMSF auditor can save half his audit time.

 

 


 

FREE WEBINAR - May 1st June 2017 at 2.15 PM on 

Benefits of Reversionary Pensions


 

Superannuation legislation affecting Reversionary Pensions are changing from 1st July 2017. Some Trustees may need to take action NOW to ensure that they are to benefit from concessions available under current legislation especially those with superannuation balance more than $1.6M.

 

Who should attend?

Accountants: Who work in SMSF space and one client over the preservation age

Trustees: Who have drawing a pension who need to understand how Transfer Balance Account works and benefits of Reversionary Pension

SMSF Auditors: If you audit funds with member balances more than $1.6M to understand the potential breach of the cap rules.

The new law introduces a new concept to of "Retirement Phase" and the maximum amount which can be used to commence a tax free pension from their superannuation balance from 1st July 2017. Rules regarding how reversionary pensions will get affected as they generate a credit to the members transfer balance account

We welcome you to attend our FREE LUNCH WEBINAR.

1st June 2017 Thursday at 2.15 PM

How transfer balance cap works for death benefits, estate planning implications on TRIS

Death benefit pensions vs reversionary pensions under the cap

Why should existing pensions be converted into automatically reversionary pensions

 

Visit for booking:       https://www.onlinesmsfaudit.com.au/BookWebinar.aspx

 


 

All information and webinars will be recorded for future downloads and staff training etc for free - there is no need to spend thousands of dollars in training - all our training will be of the highest quality and will come with claimable CPD and with an SMSF auditors angle to it. 

SMSF Auditors:

All new changes are very complex, we highly recommend that you stay connected with us and use our SMSF audit checklist on www.onlinesmsfaudit.com.au for a complying SMSF audit checklist from 1st July 2017 and ensure that your audit quality is not compromised.

Watch out for SMSF deeds which claim that they encompass all aspects of the new legislation as some of the reforms are not yet legislated, such as in areas of TRIS, death benefits, reversionary pensions and LRBA &  budget 2017 announcements such as contributions of $300,000 by retirees to downsize their homes and withdrawal of $30,000 by first home buyers etc.

 


 

Audit SMSF in Half Time - using our online Audit Tool

Register and Trial Audit 2 Funds for Free  

 

Let us show you...

How to reduce SMSF Audit time in half!

 

Do more with less ...

 

Australia’s first online SMSF Audit Software – Fully Automated Online SMSF Auditing Software

 

Workshop : 4 hours from 11.00 am to 3.00 PM

When: 25th July 2017 

Where: Suite 3.04, Level 3, 29-31 Solent Circuit Baulkham Hills, NSW- 2153

Cost: $165 incl. GST 

(Includes working Lunch / Coffee + 10 online audits worth $187 + 4 CPD Hours From FPA)

How to Register: Visit  https://www.onlinesmsfaudit.com.au/SeminarBooking.aspx

 

Proposed Agenda

10.30 AM  Registration - Arrival Tea and Coffee

11.00 AM  Introduction to Audit Online on SMSF Audit Software

12.30 PM  Lunch served during presentation

01.45 PM  Coffee Break

02.00 PM  Advanced SMSF Audit Issues and how to address them online

03.00 PM  Workshop Closed

 

Introduction/Overview

SMSF Auditors spend too much time in financial audit and completing manual audit working papers, our online software does most of this work automatically & saves half your time as compared to traditional auditing methods. It checks closing share prices, dividends received from ASX and all mundane tasks of signing, scanning & mailing of audit report, Mgt. letter, engagement letter, Invoice & contravention reports etc. are automated with one click of a mouse.

Embrace an efficient framework for high quality audits and conduct audits on a flawless workflow Management system.

Achieve peace of mind & confidence of knowing that you are using a completely up-to-date online checklist and cloud process to deliver a robust, hassle free top quality SMSF audit. Improve communication with accountants & trustees. Manage 20 or 2000 audits by streamlining workflow from our smart Audit Manager & establish seamless communication between all parties. Our online SMSF audit system is the only tool which can deliver reliability, speed and volume and ultimately profits for your business at a fraction of the cost.

 

Benefits/learning outcomes

Audit from anywhere, anytime from any device on your own website or by integrating with ours. Increase audit effectiveness, add value, reduce audit risk, drive SMSF compliance, revolutionise your business.

Included in the fee is an account to audit 10 SMSF on the online platform worth $187 and Lunch & Coffee.

Those auditors who are already using the online software will benefit by learning new shortcuts and other advanced features of the online software. 

Recommended For

All SMSF ASIC approved auditors.

 

CPD Hours

4 CPD hours under self assessment method under RG 243.88 - 90 for Audit of SMSF.

This activity has been accredited for continuing professional development by the Financial Planning Association of Australia but does not constitute FPA’s endorsement of the activity.

Accreditation number 008743 for 4 hours. Professional Dimensions Capability 2 Hours Professional Conduct 2 Hours - Knowledge Areas;  4 Hours SMSF

 

Attendee Requirements

Attendees may bring their own Laptops / Ipads for a better understanding - although some attendees may get more from the workshop by looking at the facilitators screen. 

 

Speaker

Mr Manoj Abichandani

ASIC approved SMSF Auditor, B.Bus(UTS), SMSF Specialist (UNSW) CTA FIPA LREA

Manoj has worked in SMSF space for over 25 years, first as an SMSF specialist advising over 600 funds with a CPA firm and later as an SMSF auditor. He develops and lectures on strategies which are practical and enhances retirement benefits of trustees. He has been working for the last 6 years in writing and developing online SMSF audit software- Australia's first SMSF auditing tool.

 

 

      

                             

 

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