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Investment Strategy Template

Superannuation Industry (Supervision) Regulations 1995 – Reg 4.09

When preparing an investment strategy you need to consider :

  • Diversification
  • The risk and likely return from investments
  • The liquidity of the funds assets
  • The fund’s ability to pay benefits
  • The members’ needs and circumstances
  • Whether the trustees of the fund should hold insurance cover for one of more members of the fund.

Adding a new member

To add a new member to the Fund there are a number of steps.

  • You need to notify the ATO within 28 days (using the Tax Agents portal or by completing the “change of details for superannuation entities form”)

    https://www.ato.gov.au/Super/Self-managed-super-funds/Administering-and-reporting/Notify-us-if-there-is-a-change/

  • Complete trustee minutes and an application for membership form
  • Sign the ATO Trustee Declaration form.

ATO Trustee Declaration

All trustees and directors of corporate trustees of a SMSF are required to sign a trustee declaration. The declaration aims to ensure that new trustees understand their obligations and responsibilities.

You must complete and sign this declaration within 21 days of

  • Becoming a trustee of a new SMSF
  • Becoming a trustee of an existing SMSF
  • Undertaken an ATO approved course of education in compliance with an education direction.
  • If you are the legal personal representative who has been appointed trustee on behalf of a
    • Member who is under a legal disability (usually a member under 18 years old)
    • Member for whom you hold an enduring power of attorney
    • Deceased member

Sign the ATO Trustee Declaration form.

Work Test Declaration

People aged between 65 and 74 must satisfy the work test – at least 40 hours gainful employment in a consecutive 30 day period – in the financial year the contributions are made.

Unpaid or charity work does not meet the definition of gainfully employed.

Auditors require a signed work test declaration as evidence the work test has been satisfied.

Attached is a sample work test declaration

Declaration of Trust / Acknowledgement of Trust

Superannuation Industry (Supervision) Regulations 1995 – Reg 4.09A requires that the assets of a SMSF be held separately from those held by the trustee personally.

In most states property titles do not allow a trust to be listed on the title and therefore the title is held in the trustees name.

We require a declaration acknowledging that the asset is held on trust for the SMSF.

Actuarial Certificate

If the SMSF is held partly in pension mode and partly in accumulation an actuarial certificate is required to claim the tax exempt income. There are a number of providers below are links to a few.

  • https://www.accurium.com.au/
  • http://www.heffron.com.au/
  • http://www.act2.com.au/

Tax Depreciation Schedule

BMT Tax Depreciation: Maximise your Property’s Cash Flow

Research conducted by BMT Tax Depreciation, in conjunction with a number of accountants, uncovered that only 20 per cent of the sample group were claiming maximum tax depreciation deductions for their income-producing properties.

This means that 80 per cent of this group were not taking advantage of thousands of dollars of savings each year.

Specialist quantity surveyors can create comprehensive tax depreciation schedules, which not only include all capital works and plant and equipment items that might be claimed, but also other lesser-known deductions such as additional works, extensions or internal refurbishments.

Those interested in learning about the depreciation deductions which may be available on their investment property can use BMT Tax Depreciation’s free and easy-to-use:

http://www.bmtqs.com.au/tax-depreciation-calculator

Market Valuation Requirements

The new market valuation requirements have commenced and the ATO has issued a guide designed to assist trustees with valuation requirements.

Event

Valuation requirement

Preparation of SMSF financial accounts and statements. Based on objective and supportable data
Collectables and personal use assets – acquired on or after 1 July 2011 and transferred or sold to a related party after that date Qualified independent valuer
Collectables and personal use assets – acquired before 1 July 2011 and transferred or sold to a related party before 1 July 2016 Transfer made at arm’s length price that is based on objective and supportable data
Collectables and personal use assets – acquired before 1 July 2011 and transferred or sold to a related party after 30 June 2016 Qualified independent valuer
Acquisition of an asset from a related party of the fund Acquired at market value that is based on objective and supportable data
Disposal of an asset to a related party of the fund Sale price should reflect a true market rate of return
Testing whether the market value of the SMSF’s in-house assets exceeds 5% of the value of its total assets. Based on objective and supportable data
Determining the value of assets that support a super pension or income stream. Based on objective and supportable data

We recommend the use of a qualified independent valuer where the value of the asset represents a significant proportion of the fund’s value or the nature of the asset indicates that the valuation is likely to be complex.

https://www.ato.gov.au/Super/Self-managed-super-funds/In-detail/SMSF-resources/Valuation-guidelines-for-self-managed-super-funds/

CONTACT US


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PO Box 7013 , Geelong West VIC 3218
P 0418 528 554
E admin@tsaudits.com.au
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P (02) 4627 7005,
E admin@tsaudits.com.au
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Duncraig WA 6023
Mob. 0430 204 338
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