Top SMSF tips for 2015

Nicholas Grove  |  21/01/2015Text size  Decrease  Increase  |  

Nicholas Grove: I'm Nick Grove at the Morningstar Individual Investor Conference in 2014. Today I'm joined by Graeme Colley from SPAA. Graeme you just gave your presentation. Can you just elaborate on what are few of the legislative risks that SMSF trustees are going to confront in the coming year?

Graeme Colley: Well, I think all the risks are around investments as they always are and making sure that if they are taking pensions out of the fund, they've got the cash flow organized and they meet the rules -- I mean, they are not borrowing out of the fund when they shouldn't be and things like that. So, they are the main risks I see.

Grove: You're also asked a question by one of the members of the audience about the advantages or disadvantages of corporate trusteeship versus individual trusteeship. Which of these do you think is preferable?

Colley: Well, probably corporate trustees work better because you're able to keep all your investments in one entity, whereas if you've got individual trustees and you change those individual trustees, you've got to have the investments in their names and that can be quite fiddly to sort that out.

Grove: Just finally, Graeme, what are some of the tips you would give trustees in order to get a better handle on their SMSF in the coming year?

Colley: Well, the first thing is "read". I think some of the financial press is pretty good. It's got some excellent tips on how the law is changing and what you need to do. Secondly, think about your fund. I mean, some people don't do that. The third thing is be responsible about that superannuation fund.

Grove: When you say "be responsible about your superannuation fund," what are some of the things that trustees should avoid doing with their fund?

Colley: Well, I think they need to think about the contributions that are going into fund because there are rules about them and penalties if you over-contribute. Secondly, make sure your cash flow is right to be able to pay benefits out when they're due. And thirdly, make sure your investments are suitable for what you're after in your fund.

Grove: Graeme, thanks very much for your time today.

Colley: Thank you.

Grove: I'm Nick Grove for the Morningstar Individual Investor Conference in 2014.

Video Archive...

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Top SMSF tips for 2015
21/01/2015  Keeping up-to-date on legislative changes, avoiding excess contributions and ensuring sufficient cash flow is in place are just some of the simple things trustees can do to get a better handle on their SMSF.
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Key rulings for SMSFs
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21/01/2014  Property expert Margaret Lomas outlines effective strategies for maximising a property portfolio and managing these assets in retirement.
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17/12/2013  A new government inquiry into financial services will be among the key issues trustees will have to grapple with in 2014.
Do SMSFs need a minimum balance?
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--  With the government limiting how much you can contribute to super, a number of other wealth creation strategies are available.
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26/03/2012  Westpac’s David Simon outlines the benefits of SMSFS as well as the traps to avoid.
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31/03/2011  Grant Abbott discusses what attendees can expect at the upcoming Morningstar SMSF Trustee Strategy Day.
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06/10/2010  The death of an SMSF member has significant consequences when a gearing strategy is in place.
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22/09/2010  A look at some of the finer points about using limited recourse loans to purchase property within super funds.
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04/08/2010  SPAA chair Sharyn Long shares her knowledge of what SMSFs are up to at the moment.
Tax tips for SMSFs in FY10/11
19/07/2010  SPAA chair Sharyn Long shares her knowledge of what SMSFs are up to at the moment.
Getting SMSF taxes ready
--  We’ve put a line under FY09/10 but how do we best prepare our taxes for the year.
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New TPD insurance regulations
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SMSF Reserves
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Binding death benefit nominations
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The SMSF in-house asset rule
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Trustee responsibility (pt 1)
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Trustee responsibility (pt 2)
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