The SMSF Experts with Shelley Banton

In this episode, we explore the ins and outs of in-house assets within self-managed super funds. Lyn Formica, Head of Education and Content at Heffron SMSF Solutions, joins Shelley to explain the regulations, benefits, and risks involved in helping SMSF trustees make informed decisions. With over 30 years of experience providing technical advice to SMSF professionals, Lynn offers valuable insights into managing these assets effectively.(03:31) Understanding In-House Assets(05:29) Exceptions to In-House Assets(06:39) Challenges with Overseas Assets(08:16) Market Valuations and In-House Assets(11:43) Related Parties and In-House Assets(14:32) Trustee Responsibilities for In-House Assets(21:13) Understanding Trust Legislation and Tainting(22:11) Timing and Compliance with ATO Rules(22:56) Dealing with NALI Provisions and Exiting Investments(24:40) Navigating Trustee Changes and Death Benefits(27:02) Section 85: Anti-Avoidance Provisions(34:01) Advising Clients on In-House Assets(39:58) War Stories and Real-Life Examples  Follow Shelley: LinkedinFor more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

In today's episode of The SMSF Experts, we’re looking into the essential strategies and insights needed to manage a successful Self-Managed Super Fund. From foundational principles to advanced techniques for tax efficiency and investment diversification, we cover key areas that can make a big impact on your SMSF journey. Joining us is Liam Short, Managing Director of Sonas Wealth. With over 30 years of experience in financial services, Liam is renowned for his practical, holistic approach to helping people take control of their wealth. (01:36) The Evolution of Financial Planning(04:03) Setting Up Your First SMSF: Key Advice(05:30) Understanding SMSF Returns and Risks(07:31) The Importance of an Exit Strategy(11:43) Current Trends in SMSF Investments(17:34) Common Mistakes and How to Avoid Them(21:34) The Importance of Trustee Compliance(21:57) Creating an Investment Portfolio for SMSF Clients(24:13) The Role of Education in Early Super Contributions(26:57) Regularly Reviewing and Updating Investment Strategies(33:33) Navigating the New Division 296 Tax(36:03) Family Dynamics in SMSF Management(39:34) Interest Rates and Investment Strategies Follow Shelley: LinkedinFor more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

In this episode, we’re deep-diving into the 2024 Annual Benchmark Report from Class Super. The report provides a comprehensive look at the SMSF landscape, highlighting what's working, where improvements are needed, and offering actionable insights for the future.Joining Shelley are two industry heavyweights: Tim Steele, CEO of Class, and Kate Anderson, General Manager of Operations, who bring over 50 years of expertise in financial services to the table. Shelley, Tim and Kate break down the data together and discuss what it all means for SMSF professionals and trustees.(00:22) Overview of the 2024 Annual Benchmark Report(03:17) Discussion on Non-Concessional Contributions(07:46) Engaging Younger SMSF Members(14:07) Addressing the Gender Gap in Superannuation(21:08) Pension Phase Insights and Retirement Strategies(24:50) Understanding Pension Start Delays(25:20) Fear of Running Out of Money in Retirement(26:32) Legacy and Spending in Retirement(27:45) Division 296 and Its Implications(28:45) Impact of Division 296 on Property Investments(31:22) Indexation and Future Tax Implications(35:29) The Role of Financial Advice in Retirement(42:23) Technological Advancements in SMSF Management Follow Shelley: LinkedinFor more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

In today’s episode, we’re unpacking the arm’s length rules and examining their significance in the SMSF world and their effect on compliance. Joining us to provide expert guidance is Mary Simmons, Head of Technical at the SMSF Association.(02:56) Understanding Arm's Length Rules(03:24) Section 109 Explained(08:38) Real Bargaining and Arm's Length Transactions(11:00) Practical Examples and ATO Guidelines(21:02) Loans and Related Party Transactions(35:59) Documentation and Compliance TipsFollow Shelley: linkedin.com/in/shelley-banton-0a903a17For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au Follow Shelley: LinkedinFor more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

In Episode 17 of The SMSF Experts, Shelley is joined by Clinton Jackson, a partner at Cooper Grace Ward Lawyers, to discuss the complexities of trust deeds in SMSFs. Shelley and Clinton discuss the importance of having a tailored and flexible trust deed and share practical tips and strategies for ensuring the trust deed is up to date.(03:49) Understanding Trust Deeds: The Good, Bad, and Ugly(08:38) The Importance of Corporate Trustees(10:48) Challenges in Signing and Witnessing Deeds(17:22) Updating Trust Deeds: When and Why(20:27) Principal Employer Sponsors: Legacy Issues and Solutions(25:26) Case Studies: Trust Deed Disasters and Resolutions(29:51) Dealing with Trustee DisputesFollow Shelley: LinkedinFor more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au Follow Shelley: LinkedinFor more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

In episode 16 of The SMSF Experts, Shelley is joined by Fraser Jack, founder of the Cyber Collective, as they explore the growing threat of cybercrime targeting the SMSF industry. Shelley and Fraser discuss the alarming techniques cyber criminals use, such as deception, harassment, and hacking, and the importance of protecting client data. (03:53) - How do you stay in front of Cybercrime?(05:39) - They aren’t scams, they are crimes.(08:56) - How should firms respond to ransoms?(10:54) - Have you seen a ransom payment gone wrong?(13:45) - What is the likelihood of a data breach within the SMSF industry?(22:01) - How do you mitigate the remote working risk?(27:14) - Responsibilities and Legal Implications(32:32) - The Human Cost of Cyber Scams(34:36) - Ai and the Future of Cybersecurity(38:58) - What’s the best or worst scam you’ve seen?Follow Shelley: linkedin.com/in/shelley-banton-0a903a17Follow Fraser: linkedin.com/in/fraserjack123Cyber Collective Website: thecybercollective.com.auFor more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au Follow Shelley: LinkedinFor more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

In episode 15 of The SMSF Experts, we tackle the latest development in superannuation: the new $3 million super tax. Although this measure is not law yet, it has already sent shockwaves through the SMSF industry for two major reasons: the tax will be applied to both realised and unrealised gains, and it must be paid personally by the member. To help us understand the implications of this change, we're joined by Julie Steed, Senior Technical Services Manager at Insignia Financial.Follow Shelley: Linkedin For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

Episode 14 of SMSF Experts explores ethics within the SMSF industry. We dissect the implications of moral awareness that can lead to self-interest and provide practical strategies for ethical decision-making faced by SMSF professionals. Join us as Nidal Danoun, Principal Director of Prosperity Financial Services, offers his expert insights into ethical thinking.Follow Shelley: Linkedin For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

In this episode of The SMSF Experts, we explore what real business property is. Understanding what qualifies as business real property is crucial because it is one of the exceptions to the in-house asset and related party acquisition rules. Helping Shelley work through the business real property maze is Craig Day, head of technical services from Colonial First State. Follow Shelley: Linkedin For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

In this episode of SMSF Experts, we delve into unlocking SMSF benefits amidst increased scrutiny from the ATO regarding illegal early releases. Shelley is joined by Liz Westover, a partner and national SMSF leader at Deloitte, to shed light on the dos and don'ts of meeting the conditions of release for accessing funds in an SMSF.Follow Shelley: Linkedin For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

Episode 11 of the SMSF Experts discusses the limited circumstances under which an SMSF is permitted to borrow. The episode explores the complexities in determining what constitutes a borrowing, particularly in the absence of a definition in the SIS legislation. Aaron Dunn, the CEO and co-founder of Smarter SMSF, joins the program to provide insights into the technical and practical aspects of borrowing in the SMSF sector. Follow Shelley: Linkedin For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

In this episode of The SMSF Experts, Shelley and Jemma Sanderson, Director of Cooper Partners Financial Services, shed light on the rules and challenges surrounding related party transactions in SMSFs. They discuss who is a related party, how to invest in related parties and partnerships, and the common compliance pitfalls to avoid. This is a must-listen episode for SMSF professionals who want to ensure they comply with the related party rules.Follow Shelley: Linkedin For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

In this episode, we delve into the ever-evolving landscape of Artificial Intelligence and its profound influence on SMSFs. As AI continues to advance, it's crucial to grasp how SMSF management and its potential impact on performance are set to transform. Joining us in this episode is Jeevan Tokhi, the Head of Product at BGL Corporate Solutions, overseeing Simple Fund 360, Simple Invest 360, and SmartDocs 360, who will help us gain a deeper understanding of the AI-driven future of SMSFs.Follow Shelley: Linkedin For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

Shelley invites National Partner, Superannuation & SMSF at Carbon Group Poonam Di Iorio onto the podcast to discuss the challenges of running a successful SMSF Administration firm.Follow Shelley: Linkedin For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

We know that family would never argue about a deceased member's super balance, but the sad reality is that case law is littered with those who have. Unfortunately, it can divide the family in half all because mum or dad's intentions weren't clearly articulated. On this episode of the SMSF Experts, we talk to the SMSF guru of estate planning, Scott Hay-Bartlem, to discuss how the quality of a fund's documentation can be the difference between following a member's wishes or having to get the lawyers involved. Follow Shelley: Linkedin For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

Shelley teams up with Peter Burgess, the CEO of the SMSF Association, for an in-depth exploration of the recent developments in the SMSF industry. They delve into the latest releases from the ATO and decipher their practical implications.Follow Shelley: Linkedin For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

There are a lot of ways to maximise super contributions. In Episode 5 of The SMSF Experts, Shelley is joined by Tim Miller, the Technical and Education Manager at Smarter SMSF, to discuss strategies and super contributions rules to help avoid paying additional tax.Follow Shelley: Linkedin For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

Pension practicalities are an SMSF minefield. Whilst there are specific rules that apply to pensions, SIS remains silent on some areas meaning it can be open to interpretation. In today’s episode, Meg Heffron, Managing Director of Heffron SMSF Solutions, joins Shelley to make sense of it all.Follow Shelley: Linkedin For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

The SMSF industry has encountered a steep technology curve with no signs of slowing down. In this episode Shelley and Jo Hurley, GM of Growth at Class, discuss what we can look forward to, when it will happen and what sort of risks we take when the regulators can’t keep up with the commercial reality of technology.Follow Shelley: Linkedin For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au

Shelley is joined by Mark Ellem, Head of Education at Accurium, to discuss the murky area of market valuations, share issues they see in practice, tell a few war stories and shed light on the key problems when valuing assets at market value in SMSFs. Follow Shelley: LinkedinFor more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au