Event-based reporting webinar Nov 2017

Watch a video from a ATO webinar for SMSF's about Event-based reporting, November 2017.


  • Consultation with industry and frequency of SMSF reporting from 1 July 2018
  • What is event based reporting?
  • Why do we need event based reporting?
  • What are the impacts for SMSFs?
  • The reporting framework
  • Transitional concession for event based reporting
  • What events should be reported?
  • Frequency of SMSF reporting – case studies
  • Consequences of exceeding the transfer balance cap
  • Understanding some possible impacts of deferred reporting
  • Case studies

You may find some of the slides are a little difficult to read so here is a link to the ATO webinar slides.

By |January 9th, 2018|Self Managed Super Fund News, Uncategorized|Comments Off on Event-based reporting webinar Nov 2017

CGT relief not for all assets

CGT relief provisions do not apply to all assets that the SMSF owns.

20 Dec 2017 from www.smsmagazine.com.au by Darin Tyson-Chan

SMSF advisers and trustees must be aware the capital gains tax (CGT) relief provisions contained in the super reforms do not apply to all assets the fund owns, a technical expert has said.

Speaking at the Institute of Public Accountants 2017 National Congress on the Gold Coast last month, SuperConcepts technical services executive manager Mark Ellem told delegates cash and fixed income products are not eligible for CGT relief and nor are traditional securities.

“The best example of a traditional security is debenture notes, floating notes where your return is based on interest rates and they go up and down in value depending on what interest rates are doing, unsecured loans, they’re traditional securities,” Ellem said.

“A gain or loss on a traditional security is not assessed under the CGT provisions – it’s on revenue account.

“So it’s not a capital gain or loss and you can’t reset the cost base because they don’t have a cost base. So have a look if you’ve got funds that invest in these interest-type securities.”

He noted in certain circumstances it was not as easy to determine if an asset is a traditional security just on the surface alone.

“We saw an asset that looked like a traditional security, but a lot of these items have class rulings. In this case we found a class ruling and it specifically said the asset was not a traditional security, therefore it came under the CGT provisions, therefore we could reset the cost base,” he said.

In addition to class rulings, advisers and their clients can also refer to product disclosure statements to help determine if an asset is a traditional security.

“Normally, but not always, the product disclosure statement will have a tax opinion in it about how a traditional security is assessed from an income perspective and also when it is sold,” Ellem noted.

“Even if it has that tax opinion, you should still see if there is a class ruling for the asset as well that is going to specifically say if it’s on revenue account or on capital account.”


By |January 8th, 2018|Self Managed Super Fund News, Uncategorized|Comments Off on CGT relief not for all assets

Super Changes Reshape Succession Planning

From 1 July 2017, the need for specialist advice is as important as ever, with the introduction of the transfer balance cap (TBC) impacting on the amount of death benefits that a beneficiary can receive as an income stream. Clients who have already put plans in place to direct their superannuation where they want it to go on their death will have to redesign those plans. Advisers talking to clients about putting such plans in place will need to refresh their thinking around the relevant considerations to be addressed in the advice they provide.

Where the recipient of a death benefit pension exceeds their own TBC, they will need to take any excess as a lump sum death benefit. Different rules apply to modify the TBC rules for a child beneficiary and for a reversionary beneficiary. The amount of money that can now be retained within the superannuation environment upon the death of a member as either a pension account or an accumulation account of the recipient member has been materially curtailed.

This is a significant shift in relation to superannuation death benefits and estate planning, making it paramount to review all succession plans involving superannuation benefits.

Join Peter Hogan, the Head of Technical and Education in our November Masterclass.

The Masterclass workshop will provide you with specialised knowledge and skills to analyse your client’s information and provide solutions to their complex situations.

Get hands-on practice at determining the best course of action and subsequent outcomes for particular clients through the interactive discussion, activities and examples.

To ensure that you get the most out of the Masterclass, we will be providing

• A pre-course quiz to help us develop the Masterclass to suit your needs
• A webinar which will acquaint you and fellow participants with the course format and content as well as introducing content to be covered that we will later build on.
• A pre-course assignment which embeds the themes introduced in the webinar. It includes pre-reading material and a case study to analyse.
• A 3-hour intensive face-to-face course where you will explore and discuss all aspects. For most of the course we will look at some strategies you can use to get the best outcomes for your clients, and tackle some tricky real-life situations which will get you thinking outside the box.

Take advantage of an exclusive membership + Masterclass bundle by following this link for further instructions:
This event will be held at Cooper Grace Ward


Date: 14 Nov 2017
9:30 am AEST – 12:30 pm AEST

Knowledge Area:

Managing Investment, SMSF Administration, Taxation

CPD Points: 6


Cooper Grace Ward
Level 21 / 400 George Street
Brisbane, QLD 4000


Price for Members Self Managed Super Fund Association


Price for Non-Members

To book : https://www.smsfassociation.com/product/super-changes-reshape-succession-planning-bris/

By |October 16th, 2017|Uncategorized|Comments Off on Super Changes Reshape Succession Planning

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