Thinking about setting up and operating a Self-Managed Superannuation Fund (SMSF)? These podcast episodes will guide you through the process of establishing, operating, maintaining and winding-up a SMSF. However, this is not to be substituted for financial advise, so please see your financial adviser and assess if this is the way for you to proceed.
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 philip@macorp.com.au and I will be happy to make an appointment with you at the office.
24 Nov 2020
Episode 09 - SMSF Annual Return
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 philip@macorp.com.au 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/
13 Nov 2020
Episode 08 - SMSF annual accounts
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: philip@macorp.com.au and I am happy to make an appointment with you.
2 Nov 2020
Episode 07 - Borrowing in your SMSF
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: philip@macorp.com.au and I will be happy to make an appointment with you in the office where I work as an accountant.
26 Oct 2020
Episode 06c - Some corrections
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.
19 Oct 2020
Episode 06b - Investing in your SMSF
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 philip@macorp.com.au for more specific advice tailored to your situation.
13 Oct 2020
Episode 06a - Investing in your SMSF
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 philip@macorp.com.au. I will be happy to arrange an appointment with you.
4 Oct 2020
Episode 05b - Taxation of other super benefits
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 philip@macorp.com.au and I will be happy to arrange an appointment with you.
4 Oct 2020
Episode 05a - Withdrawing from SMSF accumulation account
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 philip@macorp.com.au
28 Sept 2020
Episode 05 - Different Phases in super (SMSF)
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 philip@macorp.com.au
21 Sept 2020
Episode 04 - SMSF Investment Strategy
This segment discusses the need for an investment strategy in your SMSF and presents the components of the investment strategy, and what to include in the components.
Please note this podcast is purely educational and is not a substitute for any type of financial advice.
For more specific advice, you can contact me: philip@macorp.com.au and I will be happy to make an appointment with you and answer your questions and queries.
17 Sept 2020
Episode 03 Bringing and adding funds to your SMSF
This episode discusses ways in which you can bring and add funds to your SMSF before making investments.
14 Sept 2020
Episode 02a - SMSF Pros & Cons
This episode discusses some advantages and disadvantages of having a SMSF, and also looks at some of the pros & cons of having a company trustee versus individual trustees.
11 Sept 2020
Episode 02 - Setting up your SMSF
In this episode, we look at steps in setting up your SMSF, applying for ABN and TFN, and difference between corporate trustee and individual trustee/s.
10 Sept 2020
Episode 01 - Introduction
This is an introduction episode to get listeners familiar with the terms and phrases that will often be used throughout the series.
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