Are you ready to become part of Australia s largest superannuation pool?

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1 Are you ready to become part of Australia s largest superannuation pool?

2 This information is a summary based on Hayes Knight's understanding of the relevant legislation. It is general in nature and may not be relevant to individual circumstances. You should not do or refrain from doing anything in reliance on this information without obtaining suitable professional advice from your accountant or financial planner.

3 Tino Di Battista Director, SMSF Specialist Advisor Richard Callis - Manager Siva Peddareddy SMSF Specialist Advisor Matthew Nicolas SMSF Accountant

4 1. Industry Overview / Growth 2. What is a SMSF 3. Why is it growing? 4. Case Study s The Smith s Accumulators The Jones s Retirees 5. Other Pension & Contribution Strategies 6. Questions

5 $Billions $516b $570b $403b $335b $58b $56.5b Corporate Funds (108 funds) Industry Funds (52 funds) Public Sector Funds (38 funds) Retail Funds (127 funds) SMSFs (531,742 funds) Statutory Funds

6

7 because Australians love choice & to have control over their retirement savings Income taxed at 15% Gains taxed at 10% Can directly invest in property - commercial & residential Franking credits (fully allocated) More flexibility Property development* Tax effective vehicle to build wealth for retirement

8

9 SMSF with Individual Trustees Individual Trustee 1 Individual Trustee 2 Same Person Self Managed Super Fund Same Person Member 1 Member 2

10 Director 1 Director 2 Corporate Trustee Same Person Self Managed Super Fund Same Person Member 1 Member 2

11 Individual vs Corporate Structure Individual Trustees Lower cost to establish Corporate Trustee Easier to keep assets separate Lower ongoing costs Reduced liability for clients? Less complex structure Estate planning benefits? Additional administrative when adding/removing members (e.g. deaths of member) ATO trustee penalties apply to each trustee (can be x4) Administration simpler adding & removing members is easy as trustee does not change, only change of director ATO trustee penalties only apply once ATO Penalties are payable from personal funds not from SMSF

12 Trustee Residents individuals over 18 Member Residents individuals over 18 Australian Resident Corporations Personal Legal representative

13 What is an SMSF - Recap

14

15 Rollovers Contributions Borrowings Transfers

16 Mr & Mrs Smith - Accumulators

17 Brad, 39 and Angelina, 36 Brad is an IT consultant earning $150,000 plus super Angelina is a dentist earning $180,000 plus super Angelina runs her own practice Their children are Chloe, 9 & Luke, 7 Their superannuation is in industry super funds They each have approximately $200,000 in Super

18 What their roles & responsibilities are as trustees The time, knowledge and skill The structure The costs and benefits required The purpose of their SMSF Sole Purpose Test Their investment strategy

19

20 Cash (Bank/CMA) Fixed Interest (Term deposits/bonds) Listed Australian Securities. International Securities Managed funds (Australian and international) Direct property (commercial and residential) Unlisted company s and trusts* Options, Warrants and CFD s Commodities Collectibles (Stay away)

21

22 Rollovers

23 Brad Angelina

24 Brad (Director) Brangelina Pty Ltd Angelina (Director) Smith Family SMSF Brad (Member) Angelia (Member)

25 Brad (Director) Brangelina Pty Ltd Angelina (Director) Smith Family SMSF Brad (Member) Angelia (Member)

26 Contributions

27 Concessional contributions Employer contributions (SGC) Salary sacrifice contributions Tax deductible member contributions Non-Concessional contributions Member contributions Spouse contributions Contribution splitting Some small business CGT proceeds

28 Brad earns $150,000 gross salary p.a. Employer contributions = $14,250 ($150,000 x 9.5%) Brad chooses to salary sacrifice a further $15,750 out of his pre-tax salary This uses up his concessional cap of $30,000 ($14,250 + $15,750) Brad chooses to have his super paid to his new SMSF By doing this, he reduces his taxable income to $134,250 ($150,000 - $15,750)

29 Brad SG no salary sacrifice Salary sacrifice $15,750 Difference Taxable Income $150,000 $134,250 $15,750 Tax & Medicare payable $48,696 $41,982 $6,714 Take home pay (after tax) $101,304 $92,268 $9,036 Extra money paid into super after tax (15% tax) Take home pay PLUS extra Super $0 $13,387 $13,387 $101,304 $105,655 $4,351

30 Transfers

31 Cash Commodities (i.e. Gold)

32 Determine if property is Business Real Property (BRP) Property is used wholly and exclusively in one or more business Decide if the investments fits into your Investment Strategy and does the Trust Deed allow it Check that un-encumbered Determine any Stamp Duty & CGT applicable Ensure transfer is made at arms length valuation

33 Potential for positive returns through rental income and capital gains Rental income taxed at 15%, capital gains taxed at 10% (maximum) Diversification of retirement savings Assets held within an SMSF are generally protected from creditors in the case of bankruptcy.

34 Brad and Angelina jointly own property leased to Angelina s dental practice Current market value is $900,000 Current rent is $45,000 per annum Rent is currently taxed at their marginal tax rates The property was transferred (inspecie) as a non-concessional contribution ($450,000 each) The SMSF will continue to lease the property to the dental practice Remember: Stamp duty and capital gains need to be considered on the transfer After discussions with HK, Brad & Angelina decide to transfer the property into their SMSF

35 Rental income taxed at 15%...but Angelina still claims at her (higher) marginal tax rate Costs incurred in the managing property (rates, depreciation, insurance) are tax deducible In pension phase (at least 55 years of age) income & gains are tax free (BUT rent paid by the practice will continue to be tax deductible)

36 Borrowings Limited Recourse Borrowing Arrangements (a.k.a. LRBA)

37 What does an LRBA Structure look like? Limited Recourse Loan Loan Repayments Beneficial Owner (SMSF) Property Bare Trust Legal Owner (Bare Trust Trustee)

38 Money still invested with their current industry super funds from 1 July 2015 to 30 June 2016 Starting balance Balance with only SG & return of 8.3%pa - after Year 1 Balance with only SG & return of 8.3%pa after Year 5 Brad $200,000 $225,841 $348,322 Angelina $200,000 $228,264 $362,226 Total $400,000 $454,105 $710,548 Figures are net of tax, fees, and compounded annually

39 Money moved into SMSF with salary sacrifice and property transfer. Period from 1 July 2015 to 30 June 2016 Starting balance Balance with Salary Sacrifice and property transfer strategy Year 1 Balance with Salary Sacrifice and property transfer strategy Year 5 Brad $200,000 $715,625 $1,005,446 Angelina $200,000 $704,660 $946,056 Total $400,000 $1,420,285 $1,951,502 By transferring property (earning rental income & growth) & Brad salary sacrificing up to max. $30,000 into super, their total balance after year 1 has increased by an additional $1,020,285

40 Just like Brad and Angelina implemented, the following strategies can be highly effective to boost retirement savings: Salary sacrificing Consolidating super Making after-tax contributions (non-concessional) Making good investment choices will also help!

41 Mr & Mrs Jones Retirees

42 John 56, and Joanna 60 years of age. They run a café business in premises valued at $1m owned by the business They derive a combined income of $200,000 from the business They jointly own a share portfolio valued at $740,000 They also own an investment property (residential) worth $800,000 Their superannuation is with Rest Super (retail super), each with $300,000 They have 3 adult children Angelina, Nick and George (living overseas)

43 Transfers

44 John and Joanna are nearing retirement They are keen to consolidate their personal assets They are seeking an income between $80,000 to $100,000 in retirement to support their current lifestyle Their Share Portfolio John and Joanna can transfer In-specie $740,000 (their total share portfolio) This is done as a $370,000 after tax contribution (non-concessional) by both John & Joanna Caution Bring forward rule is triggered Their Business The premises can also be transferred in specie assuming it satisfies the definition of Business Real Property BEWARE:

45 The share portfolio cost was $540,000, against current market of $740,000 (i.e. gain of $200,000) By transferring the shares to the SMSF a discounted capital gain of $100,000 will be triggered ($50,000 each) To minimise tax on the capital gain, John & Joanna can each make a personal contribution (tax deductible) up to $35,000, reducing the total capital gain to $30,000 Once the shares are in the SMSF John & Joanna can start a pension so that the dividends & any subsequent gains are tax free.

46 The main small business CGT concessions available are: - 15 year retirement exemption - Retirement exemption - 50% active asset Small Business Entity Test Aggregated Annual T/Over Connected entities Affiliates Eligibility Active Asset $6 Million Maximum Net Asset Value Test CGT Concession Stakeholder

47 Sale of Business Facts Business was purchased 20 years ago for $400,000 John and Joanna equally own the shares in the business The business was sold for $1.2 million (including business premises) The 15 year retirement exemption can be used as both John & Joanna are over 55 years of age and have owned the business for a continuous period of at least 15 years Important: This DOES NOT effect the normal contribution caps CGT Lifetime Cap: $1,355,000

48 How The proceeds from the sale of business are transferred to the SMSF by utilising the 15 year retirement exemption Benefits The entire capital gain on the sale is disregarded Boost their retirement savings (superannuation) Successfully exit the business & retire Receive pensions from the SMSF to support their lifestyle

49 John Joanna Starting balance $300,000 $300,000 Share portfolio $370,000 $370,000 Proceeds from sale of business $600,000 $600,000 Total Balance $1,270,000 $1,270,000 By transferring the assets to the SMSF, both balances have increased by $970,000

50 John & Joanna can convert their accumulation balance of $1,270,000 to an account based pension A minimum payment of 4% must be withdrawn each financial year This equates to a minimum pension of $51,000 Joanna pension will be tax-free as she s reached 60 years of age John pays tax on the taxable portion of his pension until he is 60

51 The $300,000 rollover from Rest Super is 100% taxable, the share transfer & business sale are tax-free Tax is payable on 24% of John s $51,000 pension prior to age 60 So, John will pay tax on only $12,240 of his pension AND receive a 15% tax rebate NOTE: The SMSF s earnings and any capital gains are 100% tax free (assuming in 100% pension phase) irrespective of John & Joanna s different tax treatment

52 This information is a summary based on Hayes Knight's understanding of the relevant legislation. It is general in nature and may not be relevant to individual circumstances. You should not do or refrain from doing anything in reliance on this information without obtaining suitable professional advice from your accountant or financial planner.

53 QUESTIONS? Tino: Richard: Siva: Matthew:

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