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Self Managed Super Funds

Jenny Newport
SMSF Specialist Advisor
Core Business Management & Advice
http://www.corebusiness.com.au
Jenny's Bio
Jenny is a Senior Accountant and SMSF Specialist Advisor� for Core Business & Management Advice. Having worked in commerce for over 16 years, her expertise in people and systems management are a great asset to Core. As a result of Jenny�s special interest in self-managed superannuation funds, she is responsible for the management of all the superannuation funds Core advises and is an accredited SMSF Specialist Advisor� by 'Self-Managed Super Fund Professionals' Association of Australia' (SPAA).

General Advice From Jenny

Self Managed Super Funds

   Jenny has not provided any general advice.

Questions to Jenny

From TopStocks Members

ATO's attitude to share trading
Q. Hi,
At what point does the ATO claim that a SMSF is a trader and not an investor? Of course some shares get bought and sold over a short period.



Lump sum payments to SMSF
Q. I am 71 this year and want to start my own SMSF. Can I start it with a tax free lump sum payment of $3.5m?


standard SMSF or use AMP's Ascend?
Q. Hi,
I am 56 and like a lot of people, I am contemplating a SMSF and will probably allocate around 50/50 for interest bearing deposits/investment stocks. I am stuck between choosing a conventional SMSF set up, i.e. using an accountant, which entails getting statements together each year on top of normal SMSF responsibilities, or going with AMP's Ascend product, a portal that seems to have it all on one site, doing all the bookkeeping and reminders for you. They seem about the same cost to setup. run and wind up. Do you have any insights or opinions that would help me choose?

regards,
Gordon



Co-contribution and SMSF
Q. Can a transfer of shares into my SMSF count as a personal contribution and attract the government co-contribution?


accessing super money
Q. I am 56 in march '13 and have about $1million in my smsf. im not working, effectivly retired and living off about $250,000 in savings, which is in the share market, and $1500 gross/month rent. im trying to make the $250k last until im 60 when I can get access to super funds tax free. my question is, when or is getting a pension the best option. im single, and half my time is spent in thailand


Do I convert to pension
Q. I have about $1.7m in my SMSF account (my share), and $1.223m (72%) of that amount is undeducted withe the remaining $0.464m (28%)being deducted. If I convert to a pension I understand that the min take being 4%, would be about $68k. As I'm under 60, am I correct that only $18.6k is taxable.

The second part of the Q is this - once I start the pension based on the above values, do these percentages carry through upon transfer to non-Dependants at death. E.G. if my fund were to be worth say $10 upon death would be non Dependants be taxable on only $2.8m (28%) of any distribution. This is the critical aspect of taking my pension now rather than in a couple of years time.



SMSF Adminstration Fees
Q. As technology improves in this area, why is the fees still so high for tax return and audit. Are the accountants and auditors trying to have a monopoly over this sector. There are claims by software providers of automation and efficiency? Where is the savings.


Notes, Debentures, Securities etc.
Q. Hello Jenny.
Can you please recommend where I can find information on what securities are being traded on the ASX?
I'm looking at the Woolworths II Notes and wondering where I can compare others that are similar, thank you, L.



Transfer of Property
Q. Hi Jenny
Can I transfer property which is still mortgaged into a smsf? And can I transfer property which I had intended buying in my name, into the fund?
Cheers



Expenses prior to establishing fund.
Q. Hi Jenny.
Am I able to claim or get reimbursed for expenses prior to establishing my SMSF? For example I personally paid for a share trading course prior to establishing my SMSF. Whilst doing the course I set up my SMSF. The invoice is under the SMSF name.
Your help is very much appreciated.
Thanks
Jenny



Paying benefits from an SMSF
Q. Is there any rule which prevents a retiree, over 65 and not working, taking benefits whenever they are needed and in the amount needed?

ie can this be done to suit one's needs?



Residential property in SMSF
Q. Jenny

My wife & I have been advised that we can have commercial property in a SMSF
but we are unsure if we can acquire residential property[as an investment property] /



Over 75
Q. Will the Govt allow contributions to SMSF's for over 75 year-old self employed ?


SMSF trading and share registries...
Q. When trading inside a SMSF do you have to provide your SMSF's details with the share registry that the companies you are trading are aligned with?

I'm far from retired, and just wanted to know if you still have to deal with this.

Thanks - Pocko.



Politicians calling for SMSF's to rebalance with lower exposure to shares
Q. Jenny,

Could you share your views on recent statements by people like Paulk Keating on the need to rebalance SMSF's away from shares. In light of the timing of these statements, is Paul offering some sage advice for all those who find themselves looking at a significant drop in asset value or would it have been more timely to have mentioned this before we got ambushed by the political impasse on the G20 nations. How do you recommend that we go about rebalancing in light of the current position?

Thanks you.



How do I start an SMSF?
Q. I want to start a self manage superfund How do I go About it?


Valid SMSF Expenses
Q. Hi Jenny,

Just wanting to know what are some common tax deductible expenses allowed within your SMSF.
For example can one claim education, training, software, membership fees etc expenses if these are used to select assets (shares)?

Much appreciated




Art for my sake
Q. I see that there are amendments in the pipeline for art belonging to SMSF ... we can no longer have those pieces owned by the SMSF in our homes (Q.1. can we have them in our offices?)

Supplementary Q.2 If I set up a SMSF can I transfer the ownership of various pieces of art, collectibles and antiques over from me personally to the SMSF?

Supplementary Q.3 Do I have to setup a seperate account with my broker (Commsec) under the SMSF entity to purchase shares for the fund?

Thanks in advance



Do I qualify for a SMSF?
Q. Hi Jenny,
I am 43yrs old and employed by a large company.. I currently have my super (only about $75k) invested with ING (in a balanced fund) and wondering if I qualify or am able to set up my own super fund (either to manage this myself or through a fund manager)as I would rather take on more risk (as am confident in doing so)in chasing much higher returns (as opposed to balanced fund with single digit returns at best) Appreciate your advice on this and how I go about it so look forward to your reply.. many thanks. kind regards, Telmo



Retired Couple
Q. We are a retired couple aged 62&64 running own SMSF have been accumulating and wish to start making regular lump sum minimum withdrawals. We have been quoted $600 ea to set this up ,but is it that complicated? We currently pay about $6.5k pa tax on funds earnings which we are told will be saved by setting this up. Whats involved? Are there any disadvantages versus the tax savings. Kind regards Michael


Costs for setting up a SMSF
Q. Hi Jenny, Thanks for your time - I was wondering what the approximate costs are for setting up and then running costs per year for a SMSF are - just ballpark numbers.

Thx!



adding new money to a pension
Q. Adding money to an account based pension is a very labourious and expensive process.
We need to roll back the pension to accumulation , add the new money and then restart a second pension.
Ideally I would like all new contributions to be added to the pension instantly and the accumulation fund would always be zero -With a massive reduction in paperwork and fees.

This would also help with all the ambiguities of needing an actuary that seem to float around.

My question is why doesnt the government simplify this so we can add directly to the pension?
I know we still have the taxable/non taxable and minimum pension payments to work out - but we have to do those anyway.

So I was wondering whether there was some philosophical reason the govenment hasnt acted or are they just being inept as usual?
No one Ive asked so far seems to know why??





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