The Self Managed Super Handbook – Contents

 

 

 About the Author

The Self Managed Super Handbook is a plain English explanation of the superannuation law.

Monica Rule is a qualified, accredited SMSF specialist with over 20 years hands-on experience dealing with the superannuation law and self-managed superannuation funds.  Prior to establishing her SMSF consulting and seminar business in July 2013, Monica worked in the superannuation area of the Australian Taxation Office for 17 years. Here, she audited SMSFs and SMSF auditors, which included Large Auditing Entities. In the superannuation area she performed the role of a Technical Adviser and a Senior Compliance Officer where she was responsible for superannuation staff training, providing technical advice to senior management, contributing to ATO publications, and taking compliance action on SMSFs and SMSF Trustees for non-compliance with the superannuation law. 

Monica published the 1st Edition of The Self Managed Super Handbook in 2010 while working at the Tax Office.  Her original goal was to produce a book that SMSF trustees could use to learn about the superannuation law in order to maintain a complying superannuation fund and avoid Tax Office penalties for non-compliance.  The book makes use of examples that Monica encountered while working at the Tax Office. 

Monica’s commitment to superannuation knowledge saw her commence writing articles for various media in 2012 such as – the West Australian newspaper, The Australian newspaper, Financial Planning magazine, and Public Accountants magazine.  These articles are stored at her website www.monicarule.com.au under the tab “Monica in the Media”.

Monica resigned from the Tax Office in June 2013 to pursue her passion for superannuation and to better assist SMSF trustees and professionals with their superannuation issues.  Monica is not an accountant, auditor, licensed financial planner or a lawyer; however, her time in the ATO has given her a unique perspective on SMSF regulation which she uses to assist her clients.  

All of Monica’s published work has one goal – to provide people with an easier way to understand the superannuation law.

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About the Book

The Self Managed Super Handbook explains the law in plain English by using real life case scenarios which Monica has encountered when assisting SMSF trustees and professionals.  The book lists relevant legislative references and ATO publications.  It explains all aspects of the superannuation law, the major superannuation changes that took effect from 1 July 2017, and the 2018 Federal Budget proposals.  The book is a useful reference guide for SMSF professionals, trustees and members, and anyone else who wants to understand the superannuation law in order to establish and maintain a complying SMSF.

The Self Managed Super Handbook explains what trustees and members can and cannot do, and contains the following essential information:

  • SMSF Structures: The legal structure of an SMSF and the need to have two individual trustees for a single member superannuation fund. It explains why relatives can be in an SMSF but not certain employees. It outlines the advantages and disadvantages of the individual trustees and corporate structures.
  • SMSF Trustees: Not everyone can be a trustee of an SMSF. The Self Managed Super Handbook explains why. It provides information on what options are available if a member becomes bankrupt or suffers a mental illness, and can no longer manage their SMSF. It explains what an enduring power of attorney is and why it is important for SMSF trustees.
  • SMSF Residency: What SMSF members need to do before going overseas. What are the consequences of an SMSF becoming a non-complying superannuation fund.
  • Operating a Business: SMSFs may not be able to conduct a business but may be able to invest in members’ businesses.
  • Acquiring assets: The Self Managed Super Handbook explains how to determine whether a person is a relative of an SMSF member and whether an entity is a related party of an SMSF. Find out what types of assets can be acquired by an SMSF from a related party. How an SMSF can purchase a residential property from a member as well as lease a business property to a related party.
  • Lending: The book explains whether an SMSF can provide financial assistance to members and relatives. What happens if an SMSF enters into a joint venture agreement with its members?
  • Borrowings: The Self Managed Super Handbook explains all aspects of a limited recourse borrowing arrangement, including using the same trustee for multiple holding trusts, third party guarantees, and related party lenders and how the repayment of loans could affect a member’s transfer balance cap.
  • SMSF Auditors: What are an SMSF auditor’s obligations? What contraventions must be reported to the ATO. Can an auditor audit their own SMSF?
  • Contributions: Cash and in-specie contributions. When a contribution is considered to be received by an SMSF. Contribution types and limits. Refunding excess contributions. Division 293 Tax. Downsizer contributions.
  • Benefits: The book explains when members can access their superannuation savings from their SMSF. How benefits can be paid. The requirement to make minimum pension payments.  Who is classified as a dependant to receive tax free death benefits. What is a binding death benefit nomination? Options available to a member suffering a terminal illness.  Accessing a pension from an SMSF. Detail of the First Home Super Saver Scheme.
  • Administration: The need to lodge an annual income tax return and have the SMSF accounts audited. Record keeping requirements.  How to wind up an SMSF. Information on SuperStream.
  • Enforcement: Suspending and removing a trustee. Disqualifying a trustee. Prosecuting a trustee. Penalties that can be imposed by the Tax Office.
  • Tax Deductions: Deductions claimable by SMSFs and members.
  • Tax Payable: Tax treatment of superannuation benefits.
  • Superannuation Guarantee: Who is an employer or an employee. Deductions available on contributions. Salary sacrifice arrangements.
  • Superannuation and Divorce: How superannuation can be divided upon a marriage breakdown.
  • SMSF Statistics: How many SMSFs are in Australia. Membership sizes, ages and income ranges.

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