SMSF 2015 year end action and checklist In brief

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1 Visin, understanding and results SMSF 2015 year end actin and checklist In brief Date 19 March 2015 but applies retrspectively frm Pre 30 June 2015 Changes and actins Excess nn-cncessinal cntributins refrms allw the member t chse t have the excess cntributins refunded t them PLUS 85% f the assciated earnings n thse amunts. The full earnings will then be included in the individual s assessable incme and taxed at the clients marginal tax rate. The individual will then be entitled t a nn-refundable tax ffset equal t 15% f the assciated earnings. Review Investment strategy including any insurance held by the SMSF If yur fund accepts emplyer cntributins (ther than a related party emplyer), ensure the fund has an electrnic service address fr SuperStream. Rectify any utstanding cmpliance issues nted by yur auditr. Frm 1 July 2015 The cncessinal cntributins cap remains at $30,000 unless yu are 49 r ver n 30 June 2015, in which case it is $35,000. The nn-cncessinal cntributins cap remains at $180,000. What s new SuperStream - electrnic reprting and payment f emplyee super cntributins Under SuperStream, emplyers must electrnically reprt and pay super cntributins fr emplyees thrugh a system that cnfrms t the SuperStream requirements r an external prvider. If yur fund accepts emplyer superannuatin cntributins, and yu have nt already dne s, yu need t btain an electrnic service address frm an SMSF messaging prvider s that yu can receive emplyer cntributin messages sent using SuperStream. Cntact us regarding this. Yur fund des nt need t cmply with SuperStream if the nly emplyer cntributins the fund receives are frm a related party emplyer (fr example, where a married cuple run their wn business, and the business pays cntributins t their SMSF in the cuple s names). Interactin between Scial Security and Gvernment benefits Frm 1 January 2016, a larger prprtin f a superannuant's defined benefit incme will be taken int accunt when applying the relevant scial security incme test, capping the prprtin f incme that can be excluded at 10%. A defined benefit incme stream is a pensin paid frm a public sectr r ther crprate defined benefit superannuatin fund where the pensin paid generally reflects years f service and the final salary f the beneficiary. Under current arrangements, sme defined benefit superannuants are able t have a large prprtin f their super incme excluded frm the pensin incme test. Liability Limited by a scheme under Prfessinal Standards Legislatin

2 This change is nt yet law and subject t the passage f the relevant legislatin. ATO warning n channelling private cmpany prfits thrugh yur SMSF The ATO has warned that they are reviewing funds claiming franking credit benefits. This issue ccurs when a member f an SMSF with interests in a private cmpany transfers their interest t a SMSF and then distributes retained prfits and franking credits thrugh the SMSF. The SMSF then claims the franking credit tax ffset which results in the tax paid by the cmpany being refunded directly t the SMSF which can then be distributed t the member tax free. SMSF members appraching retirement age are mre likely t get invlved in these schemes because prfits frm shares are tax exempt as they are treated as supprting the payment f pensins. Fund huse-keeping Cntributins must be received by 30 June T claim a tax deductin fr super cntributins as an emplyer r as an individual, the payment needs t be received by the fund befre 30 June. Merely incurring a liability will nt wrk. If yu are making a persnal superannuatin cntributin that yu want t claim as a tax deductin, yu need t write t yur fund in their apprved frm and advise them f the amunt yu intend t claim as a deductin. The superannuatin fund then needs t acknwledge yur ntice f intent and agree t the amunt yu intend t claim as a deductin. This will nrmally be in the frm f a ntice r certificate frm the fund and this shuld be prvided t us t cnfirm the tax deductibility f the cntributin. Review and rectify any utstanding cmpliance issues If yur auditr has highlighted any breaches r issues in previus year fund audits, yu shuld review and rectify these issues by 30 June. SMSF cmpliance is taken very seriusly by the Australian Taxatin Office (ATO) and they have a number f pwers t address nn-cmpliance: Educatin directins - require the trustee/directr t cmplete an ATO apprved educatin curse within a specific timeframe (csts payable by the trustee nt the SMSF). A fine f up t $1,700 and an administrative penalty f $850 applies fr nn-cmpliance. Rectificatin directins - requiring the SMSF s trustee/directr t take specific actin t rectify the cntraventin within a specific timeframe. A fine f up t $1,700 per breach applies fr nn-cmpliance. Administrative penalties - penalties frm $850 t $10,200 apply t specific breaches. Each individual trustee is liable fr the penalty and directrs f a crprate trustee are jintly and severally liable. The penalties are payable by the trustee/ directr and nt refunded by the SMSF. Infrmal arrangements t rectify minr breaches Enfrceable undertakings Disqualificatin f a trustee Liability Limited by a scheme under Prfessinal Standards Legislatin Page 2 f 6

3 Allwing the SMSF t wind up Ntice f nn-cmpliance Freezing an SMSF s assets Civil and criminal penalties where the fund: Breaches the sle purpse test Lends t members f the fund Breaches the brrwing rules Breaches the in-huse asset rules Enters int prhibitin f avidance schemes Fails t ntify the regulatr f significant adverse events Breaches the arm's length rules fr an investment Prmtes an illegal early release scheme Theses pwers als enable the ATO t lk back t any breaches frm previus years that were unreslved at 30 June Review the fund s investment strategy Trustees are required t regularly review the fund s investment strategy. We recmmend that trustees review the strategy at least annually r when the circumstances f the fund change, and dcument this review. Where a SMSF has entered int a brrwing arrangement t acquire an asset, trustees shuld cnsider the need fr any insurance cver inside the fund t assist in meeting the n-ging bligatins f the debt repayments. The fund s ability t meet the n-ging debt repayments can be severely jepardised where ne member f the fund dies, as the fund may have needed t utilise cntributins that were being made fr that member t meet the repayments. Such a scenari culd result in the fund having t sell the prperty. Review insurance inside yur SMSF SMSF trustees need t cnsider the need fr insurance cver fr the fund members when frmulating and reviewing the fund s investment strategy. Superannuatin funds will nly be able t ffer r take ut new insurance cver where the definitins are cnsistent with the death, terminal illness, permanent incapacity and temprary incapacity cnditins f release under the Superannuatin Industry Supervisin Act. This largely impacts n wn ccupatin Ttal and Permanent Disability (TPD) definitins, which are likely t n lnger be suitable, and als n incme prtectin plicies where these plicies prvide a number f ancillary benefits. It s imprtant that yu review superannuatin inside yur SMSF nt just fr cmpliance with the law but als effectiveness. An imprtant issue t cnsider is hw any insurance inside yur fund shuld be structured; that is, frm where the premiums are paid frm the fund and what accunt any plicy prceeds will be paid t inside the fund. Liability Limited by a scheme under Prfessinal Standards Legislatin Page 3 f 6

4 Crrectly structuring insurance inside yur fund can be cmplex. We recmmend that SMSF Trustees seek the advice f their financial adviser t achieve the mst tax effective utcmes fr insurance prceeds, especially n the death f a member. Leanne Tunbridge is available t assist yu with any questins yu might have r t help yu crrectly structure yur insurances. Yu can reach him/her n r by phne n Cntributins yu didn t knw yu made A cntributin t a fund can be mre than just a depsit f mney int the bank accunt f a superannuatin fund. It culd include: Mney In-specie asset transfers Paying fund expenses Increasing the value f a fund asset Frgiving a funds debt Meeting a fund liability Rendering services t the fund at less than market value Guarantr arrangements Sme Discretinary Trust distributins Trustees can ften be surprised by what is cnsidered t be a cntributin, fr example: In-specie transfer - If an asset is transferred r acquired frm a related party fr less than fair market value, the difference will be treated as a cntributin. Capital imprvements - Capital imprvements t existing fund assets fr n cnsideratin r less than arm s length cnsideratin may be treated as a cntributin. Debt frgiveness - A cntributin is made if a lan, entered int by the fund, is frgiven by the lender (related party). The cntributin is made when the deed f release is executed that then relieves the fund frm the bligatin f repaying the debt. Guarantr arrangements - A cntributin ccurs if a guarantr t a debt f the fund (trustees in their wn right) satisfies a lan bligatin f the fund and then frges the right f redemptin against the fund (trustees) itself. D yu need a valuatin? SMSFs are required t value its assets at market value. Depending n the situatin, a market valuatin may be undertaken by a: Registered valuer Prfessinal valuatin service prvider Member f a recgnised prfessinal valuatin bdy, r A persn withut frmal valuatin qualificatins but wh has specific experience r knwledge in a particular area. Liability Limited by a scheme under Prfessinal Standards Legislatin Page 4 f 6

5 Fr real prperty, the valuatin may be undertaken by anyne as lng it is based n bjective and supprtable data. A valuatin undertaken by a prperty valuatin service prvider, including nline services r a real estate agent is acceptable. Hwever, where the value f the asset represents a significant prprtin f the fund s value r where the nature f the asset indicates that the valuatin is likely t be cmplex, yu shuld cnsider the use f a qualified independent valuer. In general, real estate des nt necessarily need a frmal valuatin each year by a licenced valuer unless there is a significant event that ccurs during the year which may affect the previus valuatin. A significant event culd be ne that directly invlves the prperty itself, the fund n a general level such as ne f the funds members ging int pensin mde, r if the asset represents a significant prtin f the funds value. Cllectibles & Persnal Use Assets If yur SMSF hlds cllectibles r persnal use assets, yu have just ver 12 mnths t make sure that these assets meet the mre stringent requirements f the Superannuatin Industry Supervisin (SIS) Act. Frm 1 July 2016, any cllectables r persnal use assets held within yur SMSF regardless f when yu acquired them must cmply with the fllwing: Asset cannt be leased t a related party Asset cannt be stred in the residence f a member Assets cannt be used fr persnal use Trustee s must recrd a decisin n where asset is kept The asset must be insured within 7 days* Any cllectibles and persnal use assets that d nt meet the requirements by 1 July 2016 must be remved frm the fund. If yu currently have any cllectibles r persnal use assets in yur SMSF that fail t meet the requirements, it s imprtant t address this issue and either ensure the assets are cmpliant r dispse f them. All sales t a related party will require an independent valuatin. Cllectibles and persnal use assets include the fllwing: artwrk; jewellery; antiques; artefacts; cins, medallins r bank ntes; pstage stamps r first day cvers; rare flis, manuscripts r bks; memrabilia; wine r spirits; mtr vehicles; recreatinal bats; memberships f sprting r scial clubs. *fr assets held prir t 1 July 2011 insurance needs t be in place by 1 July All assets acquired frm 1 July 2011 must be insured within 7 days f acquisitin. What we need frm yu This is a general list f what we need t cmplete yur fund s tax and accunting requirements. Bank statements (including any new accunts including term depsits) frm 1 July 2014 t 30 June 2015 Investments: Prtfli valuatin as at 30 June 2015 and transactin histry reprts (if applicable) Liability Limited by a scheme under Prfessinal Standards Legislatin Page 5 f 6

6 All dcumentatin frm yur prtfli r wrap prvider including year end tax statements All dividend & tax statements Buy & sell cntracts fr shares sld r purchased Any ther dcumentatin received during the year that relates t takevers, restructures, bnus shares, cnslidatins etc., fr shares held by the fund. Usually these dcuments advise yu t retain them fr taxatin purpses Any ther dcument relating t an investment held within the fund which has nt been cvered abve Prperty: Agent statements (either mnthly r annual) if using an agent t manage prperty, therwise, all invices and rent receipts fr the year ending 30 June 2015 A cpy f the current lease/rental agreement (if nt already prvided) Dcuments fr prperty bught r sld, including the date yu entered the cntract and the date the asset was first used r installed ready fr use Rllvers: Cpy f any Rllver Benefits Statements fr mney rlled int the fund during the perid 1 July 2014 t 30 June 2015 Insurance: Cpy f life insurance plicy annual renewal dcumentatin frm (the wnership f the plicy shuld always be in the name f the superannuatin fund) Cpy f dcumentatin relating t any new insurance plicies frm 1 July 2014 Other: If yu have transactins in yur fund that d nt fall int the abve categries, please ensure that yu prvide us with full details Liability Limited by a scheme under Prfessinal Standards Legislatin Page 6 f 6

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