Self managed super fund

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The ATO has released a draft legislative instrument for consultation on the payment standard that will apply for SMSF rollovers and release authorities from 31 March 2021.

Write comment (0 Comments) " ["fulltext"]=> string(3256) "

This week, the ATO has released Superannuation Data and Payment Standards (Release Authorities and SMSF Rollovers) Amendment 2020, which applies to trustees of regulated superannuation funds and approved deposit funds that are required to comply with the Superannuation Data and Payment Standards 2012 (F2016C01040) registered on 9 December 2016.

It will require trustees of SMSFs to comply with the Superannuation Data and Payment Standards 2012 in relation to rollovers and transfers that are requested on or after 31 March 2021.

The Superannuation Industry (Supervision) Amendment Regulation 2012 was first registered in 2012 and specifies the minimum requirements for dealing with payments and information relating to certain transactions within the superannuation system, including rollovers and transfers between APRA-regulated superannuation entities and certain payments by the Commissioner of Taxation.

In order to comply with the obligations in Part 3B of the SISA, trustees must deal with payments and information in the manner specified in the Data and Payment Standards.

Currently, rollovers and transfers of superannuation to and from SMSFs, and release authority requests issued by the Commissioner of Taxation under Division 131 of Schedule 1 to the TAA, are excluded from the Data and Payment Standards.

On 27 April 2018, the government announced that the Data and Payment Standards would be extended to include rollovers and transfers of superannuation money to and from SMSFs, the explanatory material explains.

“This change will require APRA-regulated superannuation entities and SMSFs to send and receive rollover information and payments using the SuperStream framework. This amendment will apply to rollovers and transfers, to and from SMSFs, requested on and after 31 March 2021,” the explanatory material states.

“Further, as part of the 2019–20 budget, it was announced that electronic release authorities issued by the Commissioner of Taxation would also be brought into the SuperStream framework. This change will allow the Commissioner of Taxation to electronically issue release authorities contained in Division 131 of Schedule 1 to the TAA.”

This amendment, it said, will apply to release authorities issued by the Commissioner of Taxation on and after 31 March 2021.

The draft determination and explanatory material noted that the SMSF standard will not apply to trustees of SMSFs in relation to payments or information required under the Superannuation (Unclaimed Money and Lost Members) Act 1999 and an APRA-regulated superannuation entity in relation to a closed product.

It will also not apply to the rollover or transfer from a regulated superannuation fund or approved deposit fund if, when the transaction occurs, the superannuation entity becomes non-complying.

The ATO is currently consulting on the draft determination until early January and invites comments on the draft determination and accompanying draft explanatory statement.

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The ATO has released a draft legislative instrument for consultation on the payment standard that will apply for SMSF rollovers and release authorities from 31 March 2021.

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While trust cloning can be an effective strategy for transferring an asset from a related trust to an SMSF without paying duty, it is vital the right steps are followed to avoid issues with the anti-avoidance provisions, cautions a law firm.

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Speaking at the CGW Virtual SMSF Intensive Day, Cooper Grace Ward Lawyers associate Keeghan Silcock explained that in Queensland, there is no specific duty concession available where a client is looking to transfer an asset from a member into an SMSF.

However, it may be possible in certain circumstances to have a transfer from a related trust into an SMSF with no duty payable, Ms Silcock said.

She gave an example of a property owned in Queensland by a family trust that the client wants to transfer into super.

“We have a property which is owned in Queensland by the Trump Family Trust and we’re wanting to get that into super, so we set up a new SMSF, the Top Trumps SMSF, and we have Donald and Melania as the sole two members with equal member balances and that’s really important because Donald and Melania are also the sole income and capital default beneficiaries of the family trust,” she explained.

“What that means is that they are the only two people holding trust interests in both of these two trusts, the family trust and the family SMSF.”

Ms Silcock explained that a strategy can be used where Trump Pty Ltd declares that it ceases holding the property in Queensland as trustee for the family trust, and then commences holding that as trustee for the Top Trumps SMSF.

“In this example, we do that by having Trump Proprietary Limited acting as trustee of both of these trusts, but it is possible to do this where there are different trustees — you just need to include an additional step of having the SMSF appoint the other trustee as its custodian for the purposes of holding that property,” she stated.

“Due to the way the duty legislation in Queensland operates, this is not a dutiable transaction and so if it’s done properly, there is no duty payable in Queensland on this change.

“If we do this with Trump Proprietary Limited acting as trustee of both the trusts, it is possible to change the trustee for one of those entities at a later date, but we don’t suggest doing that in the short term because it can trigger anti-avoidance issues.”

Speaking in the same session, Cooper Grace Ward Lawyers partner Clinton Jackson said if the right steps are taken and everything is dealt with appropriately, there won’t be compliance issues with this strategy.

“With the trust cloning, if you were to immediately take steps that would defeat the trust cloning, there is a risk that the anti-avoidance provisions would apply,” he warned.

“In our experience though, most of our clients deal with this in a more sensible way and they’re not looking to change trustees or go too close to the line, and we’ve never had anyone have any issues with the anti-avoidance provisions with these types of transactions.”

Mr Clinton also pointed out that where SMSF professionals are looking to use exemptions to move property into super in NSW and Victoria, they still need to be conscious of section 66 of the SIS Act.

“[This] means that if we’re acquiring something from a related party, it needs to be business real property, so we can’t do residential, and it also needs [to be] at market value,” he said.

“Now market value could be one of two things; it could be a payment from the fund to that person, and in NSW, that would be OK, but in Victoria, it’s not.”

The other way to sort out a market value payment, he said, is for the fund to accept an in-specie contribution and therefore increase the value of the fund.

“That would effectively satisfy the market value requirements of section 66 because the fund has taken an increase and the member has made that as a contribution,” he said.

“So, there are definitely ways to deal with it. It’s just a matter of making sure we structure those transactions properly, and our documentation is really key.”

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While trust cloning can be an effective strategy for transferring an asset from a related trust to an SMSF without paying duty, it is vital the right steps are followed to avoid issues with the anti-avoidance provisions, cautions a law firm.

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With SMSF and retail investors often missing out on ASX capital raisings, the SMSF Association and Stockbrokers and Financial Advisers Association have proposed a number of steps that could be taken to address the issue.

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As part of a virtual forum for SMSF week, SMSF Association chief executive John Maroney said that SMSFs and other retail investors have missed out on many of the capital raisings following the global financial crisis and during COVID-19.

“Post the GFC, institutional investors were favoured at the expense of retail and SMSF investors, and history has repeated itself when companies looked to quickly raise capital as COVID-19 created economic uncertainty,” said Mr Maroney.

“It means retail and SMSF investors are disadvantaged twice. Not only are their shareholdings in these companies diluted, but they miss the opportunity to buy shares at prices that are often a hefty discount to the market price. Clearly, it’s not a level playing field.”

Mr Maroney explained that “the playing field was tilted even more towards the institutional market this year” when ASIC and ASX announced on 31 March temporary emergency capital raising measures to help companies raise urgently needed capital, especially by allowing the 15 per cent placement capacity to be lifted to 25 per cent, a decision that disadvantaged existing retail shareholders. This measure is due to expire on 30 November 2020.

Stockbrokers and Financial Advisers Association of Australia chair Brian Sheahan said companies that go to the market for capital during a crisis are largely seeking to do one thing – recapitalise and strengthen their balance sheets.

“They are not usually looking to change their business model or make an acquisition. Shareholders are already invested in the business and should have the opportunity to participate. The risk to them is not an investing risk but missing out,” Mr Sheahan noted.

“What must be particularly galling for retail and SMSF investors is that once these companies have made the placements, then the market gives them a tick and the share prices start to appreciate.”

Wilson Asset Management chair and chief investment officer Geoff Wilson stated that of the $30 billion raised during and following the GFC, it was mostly by placements to wholesale investors at an average 17 per cent discount to the market price.

“By our reckoning, the retail end of the market was short-changed by $6 billion. This was totally unacceptable and similar dilution and lack of retail access has been occurring this year,” said Mr Wilson.

New Zealand had the same problem as Australia post the GFC, Mr Wilson explained, but in 2014 addressed the issue to achieve an equitable outcome for all investors by removing the “sophisticated investor” tag and introducing a term sheet that was available to all shareholders.

The SMSF Association and Stockbrokers and Financial Advisers Association are calling for three steps that could be used to address the issue, including requiring large ASX-listed companies to structure their offers to maximise access for all investors to a proportionate offer. This would include setting aside a certain allocation for retail-focused brokers to offer to retail and SMSF clients.

“If retail/SMSF shareholders own 30 per cent of company, the raising should come as close as possible to represent 30 per cent of the offering to them,” said Mr Maroney.

If a company does not offer SMSF or retail investors the chance to participate, Mr Maroney said they should be required to publicly explain why.

The associations would also like to see companies clearly disclose their post-allocation to all investors.

“Allowing investors to scrutinise these decisions will place more pressure on companies to act in the interests of all shareholders,” Mr Maroney added.

The SMSF Association also believes that developing a single digital retail platform that builds on advancements in financial technology could create a more efficient mechanism for fund raising from SMSFs and the retail investors.

“Participants could register on the platform, helping facilitate an even quicker process for companies and brokers to access all shareholders. Not only would this be effective for capital raisings but may be useful for larger-scale infrastructure investments from which SMSFs are typically excluded,” he stated.

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With SMSF and retail investors often missing out on ASX capital raisings, the SMSF Association and Stockbrokers and Financial Advisers Association have proposed a number of steps that could be taken to address the issue.

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A former Queensland property developer has been sentenced to five years’ imprisonment after being found guilty of six counts of fraud involving SMSF funds.

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On 26 November 2020, Craig Kirrin Gore was sentenced to five years’ imprisonment with a non-parole period of two years, ASIC has reported in a public statement.

Mr Gore was previously found guilty of six counts of fraud involving amounts totalling $345,000 following a five-day, judge-alone trial at the Brisbane District Court.

ASIC stated that Mr Gore was initially arrested on 14 April 2017 after being charged with fraud relating to obtaining funds from SMSF investors during 2013 and 2014.

“ASIC’s case focused on Mr Gore obtaining funds from SMSF investors through his role at Arion Financial Pty Ltd,” said the corporate regulator.

“Investors were presented with information that they could invest in debentures, with various promises that included a guaranteed return, high returns, and that the funds could be returned after a short-term period of investment.”

Upon sentencing, Judge Byrne remarked that SMSF investors legitimately save and invest for their retirement and that it is an aggravating factor that these funds were being targeted.

Judge Byrne further noted deterrent sentences are necessary to reassure SMSF investors that those convicted of dishonestly dealing with their funds will be punished accordingly.

ASIC commissioner Sean Hughes said, “ASIC will continue to pursue criminal cases of fraud to take action against dishonest conduct especially where savings for retirement are at risk.”

The matter was prosecuted by the Commonwealth Director of Public Prosecutions after an investigation and referral of a prosecution brief by ASIC.

Prior to sentencing, Mr Gore lodged an appeal for the earlier guilty verdict. No dates have been set for the appeal.

According to ASIC, Mr Gore also faces three charges of acting in the management of three corporations, including MOGS Pty Ltd, Sleipner Financial Pty Ltd and Arion, while disqualified from doing so.

Those matters did not form part of the fraud trial and will return to the Magistrates Court for mention on 27 November 2020.

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A former Queensland property developer has been sentenced to five years’ imprisonment after being found guilty of six counts of fraud involving SMSF funds.

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With the pandemic impacting the financial positions of many retirees, the inadequacy of account-based pensions has left many superannuation fund members exposed, according to a new research paper.

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In a new research paper titled Rethinking Retirement Income, Challenger Life said one of the key issues with account-based pensions is that they aren’t designed to produce a particular level of income guaranteed for life.

“For many cohorts, account-based pensions alone are not fit for purpose in retirement. Members face risks that they are not well placed to manage and, as a result, many retirees will underspend during their retirement years, or run out of money,” the research paper stated.

With $400 billion now in the retirement phase in large APRA-regulated funds, and increasing life spans, the paper argues that there needs to be greater focus on retirement income strategies.

“The federal government has acknowledged this, and indicated that from 1 July 2022, all super fund trustees will need to consider the retirement income needs and preferences of their members. Its Retirement Income Review released last week supported a focus on retirement income strategies,” it said.

Challenger Life head of institutional partnerships Simon Brinsmead said funds will have to develop strategies suitable for their members after they reach the retirement phase, rather than just rolling them into an account-based pension.

“This is a fundamental shift, and super funds will need to more broadly consider options for members in the decumulation phases, including options that may not be currently available in account-based pensions,” explained Mr Brinsmead.

The shift, he said, will impact all parts of the super fund business, from member retention and segmentation, through to the role of advice.

“The need for greater focus on retirement income strategies becomes increasingly important as the level of assets in the decumulation phase grows,” he said.

“Many Australians are shifting from supplementing the age pension to substituting for it. But while almost three in five retirees have sufficient means to reduce, or eliminate, their entitlement to government support, there’s been little focus placed on income strategies for retirement.”

Mr Brinsmead said there are several key tenants of creating a successful retirement income strategy, including managing the transition from accumulation to decumulation through strategies that address sequencing risk.

It is also important to understand the different risks that can arise when members shift to converting capital into income, ensure that a super fund retirement product delivers income for life and that the retirement product is simple and seamless to the member.

Mr Brinsmead explained that this might mean combining an account-based pension with another option, to deliver a holistic product that meets member needs for flexibility, low cost, simplicity, sequencing and longevity risk management and exposure to growth assets.

“A retirement income solution that integrates a guaranteed lifetime income stream with an account-based pension can manage key risks in retirement and be more likely to meet members’ needs,” he said.

“Superannuation trustees have a rare opportunity to lead by example and redefine the retirement experience for members.”

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With the pandemic impacting the financial positions of many retirees, the inadequacy of account-based pensions has left many superannuation fund members exposed, according to a new research paper.

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While there have been no announcements regarding the proposed three-yearly audit cycle since June last year, one technical expert has urged the government to confirm that the measure is firmly “off the table”.

Write comment (0 Comments) " ["fulltext"]=> string(2561) "

As part of the 2018–19 federal budget, the government announced plans to change the annual audit requirement to a three-yearly requirement where SMSFs have a good history of good record keeping and compliance.

The proposed measure was met with considerable industry backlash, with many SMSF specialists highlighting various practical issues with changing the audit cycle.

After the Treasury released a discussion paper and completed consultation on the measure back in August 2018, the government did not issue draft legislation.

In June last year, senator Jane Hume said the government was still considering the outcomes of the consultation on the measure.

Deloitte partner and national SMSF leader Liz Westover said while the measure did not appear in the budget papers this year, she would still like to see the government provide certainty that the measure it now completely ruled out.

“I’m not aware of the government actually saying that it’s off the table,” Ms Westover said speaking at the SMSF Adviser Technical Strategy Masterclass. 

“I would certainly welcome some absolute clarity on that to ensure it’s not back on the radar.”

Since the measure was first announced, the proposal to implement three-yearly audit cycles has been controversial, with a number of specialists in the industry criticising the idea.

KPMG warned that extending the audit cycle to three years may exacerbate compliance issues and the amount clients need to pay in penalties.

Others raised concerns that the proposal could also see increased activity by unscrupulous advisers and promoters targeting SMSFs with early release schemes.

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While there have been no announcements regarding the proposed three-yearly audit cycle since June last year, one technical expert has urged the government to confirm that the measure is firmly “off the table”.

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