SMSF education course for professionals

After completing this topic area, learners will be able to:

• recognise the various transactions which are contributions to super (both the common and not so common) and why they are regarded as contributions;

• explain the various ways in which contributions are made (to both SMSFs and non-SMSFs);

• identify when various different types of contributions are made and why that date is important; and

• apply their learnings to everyday client scenarios.

After completing this topic area, learners will be able to:

• explain when different types of contributions can and cannot be accepted;

• identify the action to be taken if an SMSF trustee accepts a contribution when the member wasn’t eligible; and

• apply their learnings to everyday client scenarios.

After completing this topic area, learners will be able to:

• recognise the different contribution caps and how the amounts are determined;

• determine the particular cap to which a contribution is counted and why;

• identify who can use the catchup contribution rules and the categories of clients for whom it might be useful;

• identify who can use the bring forward rules and how the amounts are determined;

• understand what happens if a member exceeds their cap and identify steps which could be put in place to stop an excess happening;

• calculate an individual’s total super balance; and

• apply their learnings to everyday client scenarios.

• identify if an employer can claim a tax deduction for contributions for particular individuals;

• distinguish when the “engagement test” needs to be met;

• explain how an SMSF’s status on Super Fund Lookup impacts whether an employer can make contributions to the fund;

• identify reportable super contributions and their impact on an individual; and

• apply their learnings to everyday client scenarios.

• recognise if and when an individual is able to claim a tax deduction for a contribution;

• analyse a client’s circumstances and determine (if relevant) whether or not they will need to meet the work test or qualify for a work test exemption;

• explain the notice requirements for personal deductible contributions; and

• apply their learnings to everyday client scenarios.

After completing this topic area, learners will be able to:

• explain why the Government offers tax concessions to encourage low income earners to save for their retirement via super;

• explain the Low Income Super Tax Offset and determine who is entitled to it;

• explain what is required to qualify for a Government co-contribution and how it is calculated;

• explain the tax offset which is available for individuals who make contributions for their spouse; and

• apply their learnings to everyday client scenarios.

After completing this topic area, learners will be able to:

• understand the difference between preserved, restricted and unrestricted benefits;

• calculate a member’s preserved, restricted and unrestricted balance;

• identify whether a member satisfies a condition of release and whether there are any cashing restrictions; and

• help clients wanting to access their super benefits identify their options.

After completing this topic area, learners will be able to:

• explain the rules applicable for the two main types of super pensions (retirement phase account-based pensions and transition to retirement pensions);

• calculate minimum and maximum pension payments under a range of scenarios;

• identify any special reporting requirements for SMSFs providing pensions; and

• apply this knowledge for the benefit of clients.

After completing this topic area, learners will be able to:

• explain what a super lump sum means and how it can be paid;

• understand the difference between a super lump sum arising from the full or partial commutation of a pension and other lump sums;

• understand the documentation required to formalise a super lump sum from an SMSF; and

• apply this knowledge for the benefit of your clients.

• explain what the transfer balance cap is and its role in the super system;

• calculate an individual’s transfer balance cap and the amount of their cap used to date by understanding the transactions that impact a member’s transfer balance account;

• explain the consequences of exceeding the transfer balance cap and the ways in which this can be resolved; and

• apply this knowledge for the benefit of clients.

• explain key super benefit tax concepts such as the proportioning rule and how it applies to both income streams and lump sums;

• explain how benefits are taxed under a variety of circumstances; and

• apply these rules to your clients’ super benefits.

After completing this topic area, learners will be able to:

• explain how various super interests are taken into account for the purposes of the age pension and the Commonwealth Seniors Health Card;

• understand the importance of 1 January 2015 as a key date for income streams; and

• apply this knowledge for the benefit of your clients.

After completing this topic area, learners will be able to:

• evaluate whether a particular super fund transaction or investment will satisfy the sole purpose test;
• explain the trustee covenants and the consequences if they aren’t met;
• demonstrate how to apply the keeping fund assets separate rules;
• explain broadly when loans are permitted/not permitted;
• differentiate a loan from an inadvertent mistake or illegal early release;
• explain the concept “commercial terms”; and
• use this knowledge to help clients evaluate the legality of an investment.

After completing this topic area, learners will be able to:

• identify the key requirements of an ATO compliant investment strategy;
• explain to SMSF trustees how to construct an ATO compliant investment strategy;
• evaluate the investment strategies of clients to determine if they will meet the ATO’s requirements; and
• apply their learnings to everyday client scenarios.

After completing this topic area, learners will be able to:

• identify whether an investment of an SMSF is an in-house asset;
• explain how the allowed in-house limit is calculated;
• explain what happens if the allowed in-house limit is exceeded; and
• apply their learnings to everyday client scenarios.

• explain the key terms “Part 8 associate” and “related party”;
• identify the various Part 8 associates of an SMSF member; and
• apply their learnings to everyday client scenarios.

• identify which assets cannot be acquired from a related party; and
• assist clients in identifying potential breaches of these rules.

After completing this topic area, learners will be able to:

• differentiate between real property and non-real property;
• describe the wholly and exclusively test;
• evaluate whether a particular property qualifies as business real property and when it needs to meet that definition; and
• apply their learnings to everyday client scenarios.

• recognise the transactions which are a borrowing and why they are treated that way;
• identify whether a particular borrowing by an SMSF is allowed;
• explain the key features of a limited recourse borrowing arrangement or LRBA;
• identify if an asset is a “single acquirable asset”;
• explain the restrictions which apply whilst an LRBA is in place; and
• apply their learnings to everyday client scenarios.