We understand that managing a SMSF can be a daunting task, so rest easy knowing that your fund will be handled by a professional and reliable team of specialised SMSF accountants.

In the ever changing world of superannuation, adaptation to change is a necessity. In this regard we have assisted countless clients to achieve positive outcomes when dealing with the challenges of superannuation management.

 

Case Studies

Compliance Rectification – 17 years of tax returns outstanding

  • We successfully recreated accounts from the last return lodged – 30 June 1994 and then drafted, and lodged 17 years’ worth of income tax returns (30 June 2012) and assisted the auditor to ensure that late lodgement was the only compliance breach.
  • We successfully negotiated the remission of some of the ATO imposed general interest charges (GIC) and failure to lodge penalties (FTL) for the outstanding lodgements.
  • During our reconstruction of the funds history we located (and subsequently received) multiple dividend payments totalling many thousands of dollars.
  • The superannuation fund is now fully compliant with all compliance requirements up to date and our clients looking at a comfortable and relaxing retirement.

 

Complex Strategy Implementation – Multiple Pensions

The funds financial advisor engaged us to implement a complex multiple pension strategy as the funds previous tax agent had been unable to do so.

  • We assisted with the implementation of the recontribution strategy and subsequent pension commencements (including documentation).
  • We managed the pension allocations with two underlying criteria: tax minimisation prior to the members 60th birthday and estate tax minimisation to assist with the intergenerational wealth transfer.
  • We provide ongoing guidance for any subsequent pension commencements and the two member fund now has 7 pensions running simultaneously.

 

Large Commercial Property Acquisition via Limited Recourse Borrowing Arrangement (LRBA)

Existing superannuation and strategy client wanted to acquire additional business premises due to rapid expansion.

The client received independent financial advice recommending the appropriateness of an LRBA arrangement to acquire the property.

During the process we assisted with:

  • Cash flow projections, repayment scenarios and cost benefit analysis to assist client with decision.
  • Engaged solicitor’s to draft custodian trust with corporate trustee and to draft deed amendment to appoint corporate trustee.
  • Liaised with superannuation fund lender on loan requirements.
  • Provided detailed GST and stamp duty advice.
  • Liaised with settlement agent to assist with settlement.
  • Once property had been acquired we assisted with the BAS lodgement and GST review on the $150,000 input tax credit refund from the acquisition. Refund successfully received.
  • Assisted client with lease requirements to related party business for the warehouse component of the property.
  • Assisted client with the setup of the property and the fund as a whole in their existing Quickbooks accounting software.
  • Assisted client with the drafting of the lease for the office space in the building to an unrelated third party.
  • Ongoing review of compliance of the funds LRBA, related party tenancy, and bank finance covenants.

 

Complex Pension Management – Term Allocated Pensions

The funds financial advisor engaged us to sort out a complex multiple pension type issue.

  • We assisted with the segregation of existing pension types between account based pensions (ABP’s) and Term Allocated Pensions (TAP’s).
  • We managed the pension allocations with the sole underlying criteria of estate tax minimisation to assist with the intergenerational wealth transfer.
  • We provide ongoing guidance for any subsequent pension commencements and the two member fund now has 9 pensions running simultaneously – 7 ABP’s and 2 TAP’s.