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  • Course Outline

    2016

    Business School

    SMSF Specialisation Course

  • Revised edition, February 2016.

    Copyright The University of New South Wales Australia, 2013-15.

    No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without the prior written permission of the Head of School, Taxation & Business Law at the UNSW Business School.

    Copyright for acknowledged materials reproduced herein is retained by the copyright holder.

    All readings in this publication are copied under licence in accordance with Part VB of the Copyright Act 1968.

    A U T H O R

    Gordon Mackenzie CA BSc LLB (Monash) LLM (Sydney)

    Grad Dip Securities Analysis F Fin CTA Solicitor

    Updated Darren Wynen CA

    February 2016

    Educational Design & Desktop Publishing by:

    lueprint ducational ervices P/L B E Shttp://www.b-print.com.au

    P.O. Box 54 Stanhope Gardens NSW, 2768

    http://www.b-print.com.au/

  • Workshop Outline Self Managed Superannuation FundsSpecialisation course

    Atax Outline Page 1

    Contents

    Welcome and introduction ........................................................................................................... 2

    Author/instructor profile ......................................................................................................... 3

    Contact details ......................................................................................................................... 4

    About the course ........................................................................................................................... 5

    The need for specialisation: complexity and planning ............................................................ 5

    Assumed knowledge ................................................................................................................ 5

    What we expect from you ........................................................................................................ 6

    What you should expect from us ............................................................................................. 6

    Face to face and distance modes ............................................................................................. 6

    Assessment .................................................................................................................................... 7

    The complete list of everything that you need to know .......................................................... 7

    SMSF specialisation course checklist ............................................................................................ 8

  • Workshop Outline Self Managed Superannuation FundsSpecialisation course

    Atax Outline Page 2

    Welcome and introduction

    The School of Taxation & Business Law at UNSW Australia is delighted to be offering the SMSF Specialisation course.

    We are particularly delighted to be working on SMSFs as they are the fastest growing sector in superannuation and have the largest amount of funds under management.

    The SMSF Specialisation course has been built on three courses run by Atax as part of the Master of Tax and Financial Planning:

    Taxation of Superannuation

    Tax Strategies in Financial Planning

    SMSF Law

    Our role in the SMSF Specialisation course is slightly different to what we usually do in our Masters courses. While the material that we have included here is set at a Masters level, we have been asked to test the competency of candidates doing this course on SMSFs. That, in practice, means that we are testing candidates on their knowledge of and ability to apply the regulation and taxation of SMSFs. That is also what we do in our Masters programs but, in addition, we investigate anomalies, deficiencies and arbitrage (planning) opportunities in legislation. However, as these materials are based on our Masters courses, we have included some of the planning material from those existing courses.

    You should appreciate that this course is not the same as a Professional Development program. Our role is to certify to your professional organisation that we consider that technically, you are an expert in SMSFs. For this reason this course is comprehensive and, for some, perhaps a demanding course. At the request of your professional organisation, we have been asked to make the assessment (the exam) rigorous, which it is. You should consider that in how you approach completing this course.

    We are also conscious that candidates may need RG 146 certification under the new limited AFS Licensing rules. This course will satisfy the Specialist Knowledge component for RG 146 certification.

    We look forward to working with you during the course and particularly engaging and discussing SMSFs with those of you doing the face-to-face Workshops.

    With very best regards,

    Gordon Mackenzie (on behalf of Atax).

  • Workshop Outline Self Managed Superannuation FundsSpecialisation course

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    Author/instructor profile

    Gordon Mackenzie CA B Sc LLB (Mon) LLM (Syd) Grad Dip Securities Analysis F Fin CTA Solicitor Supreme Court NSW

    Chartered Accountant

    Senior Lecturer, Atax School of Taxation & Business Law UNSW Business School UNSW Australia

    Gordon has 35 years of experience in superannuation regulation and taxation. He is currently a senior lecturer at Atax, School of Taxation and Business Law at UNSW Australia where he researches and teaches in: Taxation of Superannuation, Tax Strategies in Financial Planning and SMSF Law, as well as some corporate tax courses (Consolidations and Group Structures, and Tax of Corporate Finance). He is also the convenor of the Master of Tax and Financial Planning and Master of Applied Taxation (Superannuation) at Atax.

    In addition, over his 35 years of experience in the area of superannuation regulation and taxation, Gordon:

    drafted superannuation trust deeds for small business, such as medical practice companies, and for large corporate superannuation funds

    was Technical Services Director at AMP Ltd with a qualified staff of 30+ accountants servicing 3000+ financial planners

    was the lead superannuation lawyer at AMP Ltd where he was involved in superannuation product design, including the first master trusts and the first industry superannuation funds

  • Workshop Outline Self Managed Superannuation FundsSpecialisation course

    Atax Outline Page 4

    helped set up and run a superannuation administration company AAS Pty Ltd

    was Global Tax Director at AMP Ltd, responsible for the tax liability on $100bn funds under management worldwide, $50bn of which was in Australia and 70% of which was held by superannuation funds

    has been on committees for ASFA, Financial Services Council, Business Council and is currently on the Tax Technical Committee for ICAA and its Education Board

    made a submission to the Cooper Review on after tax returns for superannuation funds that was accepted in its recommendations

    completed work that was responsible for TA 2008/5 and TR 2010/1 being issued

    writes for and is on the editorial board of Australian Superannuation Law Bulletin

    wrote the Taxation of Superannuation in Halsburys Laws of Australia and in Australian Tax 2012.

    wrote the Taxation of Superannuation content for the CA program

    one of the advisers to Tax Practitioners Board on the tax educational standards for financial planners.

    Gordons list of publications and presentations can be found here:

    https://www.business.unsw.edu.au/our-people/gordonmackenzie

    Contact details For technical content matters, please contact Gordon Mackenzie at:

    gordon.mackenzie@unsw.edu.au

    For administration matters, please contact the course manager at smsf@unsw.edu.au

    https://www.business.unsw.edu.au/our-people/gordonmackenziemailto:gordon.mackenzie@unsw.edu.aumailto:smsf@unsw.edu.au

  • Workshop Outline Self Managed Superannuation FundsSpecialisation course

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    About the course

    The need for specialisation: complexity and planning Australia is unique in the way that it allows individuals to directly hold and control their retirement assets. That creates a high risk from the misuse and mismanagement of the SMSFs assets, so it needs to be robustly regulated, which explains the volume of SIS Act legislation and continual SMSFRs issued by the ATO.

    However, there are significant planning opportunities from using an SMSF. They have become the vehicle of choice for holding the wealth of high net worth individuals and business owners. There are three primary reasons for that:

    1. they have low administration costs, as surveys have shown, compared with other types of superannuation funds

    2. they can be used to tax efficiently integrate a business owners assets with their superannuation through certain CGT small business concessions and the Business Real Property exemption, and

    3. they can provide more efficient overall tax management, from actively managing the tax concessions available to SMSFs, than the other superannuation providers such as retail and industry funds.

    Assumed knowledge Given that three or four years experience in superannuation is a pre-requisite for candidates, (depending on your professional association requirements) we have assumed a base knowledge in a lot of the areas that are covered. However, as that knowledge