Phil's SMSF Podcast

This episode discusses how to wind up your SMSF and close the accounts.

Please note this is not a substitute for financial advice of any nature, it is purely educational.

If you wish to discuss specific advice tailored to your circumstances, please see your accountant, or you can email me [email protected] and I will be happy to make an appointment with you at the office.

This episode is about the SMSF tax return (Annual Return) and discusses what information is sent to the ATO and how to correctly fill the boxes in the annual return.

Please note this is not a substitute for financial advice, it is purely educational. If you require more specific advice, feel free to contact me on [email protected] and I will be happy to arrange an appointment with you to discuss more specific matters.

A link to the SMSF Annual Return is below:

https://www.ato.gov.au/Forms/Self-managed-superannuation-fund-annual-return-2020/

This episode discusses what records and documents need to be kept, maintained and sent to the accountant to prepare the annual reports. This episode comes with a kindly warning and reminder to not use the SMSF funds to pay business obligations or for your personal use, as this will breach the SIS provisions and may lead to the SMSF o be non-complying, meaning that the SMSF will be taxed at 45%.

The audit report is also briefly discussed, so the auditor will need to sight the documents and records of the SMSF.

Please note this is not a substitute for financial advice of any type or nature, it is purely educational. For more specific advice feel free to contact me on email: [email protected] and I am happy to make an appointment with you.

This episode discusses the provisions of borrowing and entering into a Limited Recourse Borrowing Arrangement (LRBA) for a single asset.

This is not a substitute for financial advice of any type or nature, it is purely educational. Please see your professional accountant or tax agent for more specific advice, or feel free to contact me: [email protected] and I will be happy to make an appointment with you in the office where I work as an accountant.

This episode has some corrections on parts 6a and 6b that I may have mentioned. I included notes in the previous segment 6a but thought to verbally mention the corrections.

This is not a substitute for financial advice of any nature. This podcast and the episodes are purely educational.

Part 2 of the episode of different types of investments you can have in your SMSF along with taxation considerations.

Please note this is not a substitute for financial advice of any type or nature. It is purely educational.

Feel free to contact me on [email protected] for more specific advice tailored to your situation.

This episode, which will be in a few separate segments due to the length, discusses different types of investment in your SMSF and taxation issues in acquiring and disposing of such investments.

Just a correction in this segment -  I may have mentioned that the SMSF can have units in a unit trust, but the correct rendering is that an SMSF cannot invest in a fixed unit trust that is carrying on a business - this is not allowed under the SIS regulations. The only way an SMSF can invest in a fixed unit trust is if that trust has a property used ONLY and EXCLUSIVELY for investment purposes.

An SMSF also cannot hold shares in a private company, regardless of whether it runs a business or is an investment company. I may have mentioned that it can, provided that the in-house asset rules (5%) are not breached, but the SMSF cannot invest in a private company regardless.

This is not a substitute for financial advice of any type, so please see your professional accountant/tax agent for more specific advice. I work in the SMSF area as well, so if you wish to contact me, my email is [email protected]. I will be happy to arrange an appointment with you.

This section discusses the tax treatment upon receipt of other super benefits, such as death benefits, and discusses different tax treatment on receipt whether you are a dependant or not.

This is not a substitute for financial advice, so please do not take this as any type of specific advice. This is only general education. If you wish to contact me for more specific advice, please feel free to email me on [email protected] and I will be happy to arrange an appointment with you.

This segment is a follow-up on withdrawing from your super before reaching retirement or preservation age.

Please be aware that you cannot withdraw in this phase with the exception of compassionate grounds as set out by the ATO.

This is purely educational and is not a substitute for financial advice.

As always, if you wish to discuss more specific matters, please feel free to contact me on [email protected]

This episode discusses in detail the different phases of your super, i.e. accumulation phase, transition to retirement, and the retirement, or pension phase, and how tax applies to these phases.

Please note this is only educational and is not a substitute for financial advice of any nature.

If you wish to discuss more specific matters suited to your circumstances you can contact me on [email protected]