SMSF numbers have tripled over the past two decades and assets held within them now represent a third of Australia’s total superannuation pool, according to new ATO statistics.

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SMSF numbers have tripled over the past two decades and assets held within them now represent a third of Australia’s total superannuation pool, according to new ATO statistics.

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Couples holding an SMSF should think very carefully about involving other family members in the fund, a superannuation expert has cautioned.

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HLB Mann Judd’s superannuation director, Andrew Yee, has warned that the addition of family members such as adult children to an SMSF may not be in the best interests of all parties, despite seeing an increase in cases where couples are deciding to invite their children to also be members of the fund.

“Indeed, the recent proposal to increase the number of SMSF members to six was in part to allow larger families to all be part of an SMSF,” he highlighted.

From the parents’ point of view, Mr Yee said “it may seem like a good thing to do for their children, so that they can benefit from mum and dad’s investment strategies”.

“However, the possible downsides need to be carefully considered, as they may cause serious problems for all members in the long term.”

He gave a number of reasons why SMSF members should think twice about involving others in the fund:

Life stages of members

Parents and their children are at different stages in life and therefore have different investment horizons and different requirements from superannuation.

Mr Yee said parents could be retired or planning for retirement, “whereas their children may be just entering the workforce or even still studying”.

Therefore, their investment risk profiles are likely to be very different, with the expert stating that they will need separate investment strategies in the fund and this would complicate the administration and investment strategy of the fund.

It can be even more complicated when the parents are in the pension phase and drawing on their pension benefits while other members are still in the accumulation phase and contributing to their super, Mr Yee flagged.

“In this situation, the fund’s income would be part tax-free, due to the members in the pension phase, and part taxable due to those in the accumulation phase,” he said.

Not only will this complicate the administration of the fund, but the older members of the SMSF will lose the tax benefits of refundable imputation credits, as these credits would be applied to the tax payable of the younger members.

Legislative and regulatory requirements

He said if parents still want to add their children despite such complications, they must also consider the legislative and regulatory requirements associated with their SMSF.

“For instance, all SMSF members are responsible for the administration and compliance of the fund,” he highlighted.

“But do young people want the responsibility, or have the time, of being a trustee of an SMSF in which their parents will have the bulk of the benefits?” the expert queried.

Yet another consideration is that if some members decide to travel or live overseas for an extended period of time, which Mr Yee acknowledged as being “something that younger people will probably want to do”, then the SMSF may become a non-resident fund, non-complying SMSF.

This is because the central management and control of the SMSF trustees is not mainly based in Australia.

When this occurs, he warned that the “worst case scenario is that the SMSF will be deemed non-complying and lose half of its assets in penalties”.

Impact of relationship breakdowns

Parents also need to be aware that their SMSF could be affected if their children, who are members of the fund, are in a relationship that subsequently breaks down.

“Statistics show that young people have a higher risk of relationship breakdown and divorce,” he commented.

Mr Yee warned that if this happens when they are also a member of the SMSF, then the assets of the SMSF will be exposed to the family court.

“This could be disastrous for older members who may be approaching, or already in, retirement,” he concluded.

Want to add a minor to your SMSF? nestegg has previously reported on the range of issues associated with adding child members to SMSFs. 

 

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Couples holding an SMSF should think very carefully about involving other family members in the fund, a superannuation expert has cautioned.

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An expert has warned self-managed super fund (SMSFs) members not to overload their portfolio with large Australian companies.

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In conversation with nestegg, Pinnacle Investment Management Group director Chris Meyer explained how SMSF members would benefit from diversification in global assets.

“There is a lot of opportunities that they can invest in outside of Australia that gives them as good dividend yields,” Mr Meyer commented.

His company, Pinnacle Investment, argues Australian investors have the highest home country investment bias in the developed market world, with as much as 75 per cent of their portfolio in shares.

The ASX makes up just 3 per cent of global equity markets.

According to Pinnacle, this means an overweighting of more than 70 per cent of investments by SMSF investors into local shares, compared to comparative investors in North America (just under 30 per cent) and the UK (just over 40 per cent).

“Every country has a home country bias because you invest with what you know. There’s a level of familiarity that gives people comfort,” the director commented, but he did flag that Pinnacle has found that the big four banks and BHP make up the top five holdings of many Australian SMSF portfolios.

How should SMSFs manage their superannuation?

Mr Meyer outlined that younger investors traditionally want stronger growth, while older investors are looking for yield, but it does depend on the investor’s personal risk appetite.

“Without knowing the individual’s risk appetite, early in your life you want your portfolio to be growing, and later in life when you’re living off the [fund], you need it to produce income,” Mr Meyer explained.

While fund managers are often involved in the managing of SMSFs, Mr Meyer urged any members to invest based on their own personal risk appetite.

SMSFs and emerging markets

On the topic of emerging markets, Mr Meyer noted that younger members who are risk-averse might not be able to tolerate the volatility of emerging markets, despite typically risk profiles in that age group.

“What you don’t want to happen early in your investing career is to get so-called ‘burnt’, and you don’t end up investing, that’s a much worse outcome,” Mr Meyer said.

However, Mr Meyer did reiterate how investors can benefit from diversification when setting up their portfolios.

He quoted Warren Buffet, noting that “diversification is the only free lunch”.

“What [individuals] should be doing is diversifying their portfolio with fund managers who offer diversification opportunities or just regular ETFs,” Mr Meyer concluded.

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An expert has warned self-managed super fund (SMSFs) members not to overload their portfolio with large Australian companies.

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As markets continue to be volatile, self-managed super funds are showing their agility in the search for yield in a low-growth environment.

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According to CommSec’s SMSF Trading Trends Report, investors are being “tactical” as they face domestic and international political pressures.

CommSec senior economist Ryan Felsman discussed how investors have taken note of a year in two halves, with global sharemarkets down in the first half before rebounding strongly in the second.

For SMSF investors, the focus of trading activity on Australian and international markets has turned from buying to selling.

“It was quite tactical; it was a move away from those Chinese consumer-facing names like A2 Milk, but also Chinese supply chains around manufacturing were sold down,” Mr Felsman explained.

Where are SMSF funds putting their money?

SMSF investors were observed to have changed their portfolios as the federal election threatened franking credit policies.

“We’ve seen a tactical approach from SMSF investors in particular, repositioning their portfolios in advance of the federal election, where we saw political uncertainty around franking credit policies in particular,” he said. 

This resulted in “net selling by investors in particular, mainly focused on financials, materials and communication sector”, Mr Felsman continued.

Despite the market rallying late in the year, SMSF investors were hesitant to buy equities, with global political risks and the chance of a Labor government.

“They are very savvy when it comes to the positioning of their portfolio, they were very aware of those policy uncertainties,” the economist explained. 

At the same time, as many SMSFs reduced their holdings of individual stocks, investors also sought diversification to protect themselves from market volatility and secure sustainable yields for the longer term.

Exchange-traded funds (ETFs) and listed investment companies (LICs) continue to be seen as useful diversification mechanisms for SMSFs, despite a drop in trading activity and value for ETFs during the first half of 2019, according to the report. 

In FY2018-19, SMSFs were net buyers of ETFs and LICs by traded value, with buys accounting for 58 per cent and 52 per cent of total traded value, respectively.

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As markets continue to be volatile, self-managed super funds are showing their agility in the search for yield in a low-growth environment.

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It’s not uncommon to admit a child member into a self-managed super fund, but there are several issues that need to be taken into careful consideration, a lawyer has flagged.

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Elizabeth Wang, a solicitor with Townsends Business and Corporate Lawyers, has said the firm is often asked by clients contemplating establishing an SMSF whether they can admit a child member to their SMSF.

She has outlined five issues that need to be taken into consideration before embarking on the creation of an SMSF. To make it easier to understand, all issues are related to the example of a hypothetical couple, Bob and Barbara, who have recently established an SMSF with a corporate trustee and want to add their 17-year-old son as a member.

1. Does the trust deed permit a child to be admitted as a member?

According to Ms Wang, the couple, as SMSF members, “will need to consider whether the current rules of their fund permit a child member to be admitted to the fund”.

“If Bob and Barbara’s trust deed expressly prohibited the admission of a child member to the fund, then the rules of the fund would need to be amended to permit the admission of Ben as a child member.”

If the rules are silent on the issue, the lawyer said it might be appropriate to amend them to specifically permit admission of a child member, which enables the issue to be put beyond doubt.

2. Does the current investment strategy of the fund need to be revised?

With a child member’s investment strategies “materially different from those of his [or] her parents”, Ms Wang said it would be important to consider whether the current investment strategy should be revised on admission of a child member.

3. Who can or should act as the child’s representative?

Ms Wang reminded nestegg that persons under 18 are legally unable to act as a director of the corporate trustee.

“An authorised signatory such as a parent, guardian or legal personal representative will be required to execute the member admission and appointment of a director documents to act as a member and director on the child member’s behalf,” she explained.

In the example provided by Ms Wang, Barbara has decided to be a representative director on Ben’s behalf until he turns 18.

The lawyer said she would need to be provided with a copy of the current general product disclosure statement of the fund, and will need to sign the application for membership documents on behalf of her son and provide his tax file number to the Australian Tax Office (ATO), if required.

This is where process and formalities can become key: “As Barbara has already been appointed as a director of the corporate trustee in her own right, she is not required to be appointed as a director again.”

However, Ms Wang considered it as important to note “that if Barbara was not already appointed as a director, then her appointment as a director must occur before or at the same time as the admission of Ben as a member of the fund”.

She explained that “if the appointment is made after the admission of Ben, then the fund may not satisfy the definition of ‘self-managed superannuation fund’”.

It is also important to notify the ATO of the change in the fund’s membership, with Ms Wang advising that this can be done by using ATO Form 3036, AUSkey or ATO Digital Certificate.

4. Child contributions

Ms Wang said it’s worth mentioning, for Bob and Barbara, “that contributions made for a child under 18 years old count towards their non-concessional contributions cap”.

According to the lawyer, this means that “if Barbara made a contribution for Ben, then the contribution would count towards Ben’s non-concessional contribution cap and would not count towards Barbara’s contribution cap”.

5. When the child turns 18

Once a child turns 18, they are legally able to act as a director of a corporate trustee in their own right, and anyone acting as a representative director for that child will no longer be required to do so.

Ms Wang cited section 17 (3) of the Superannuation Industry (Supervision) Act 1993 (Cth) (the SIS Act), which provides that a parent or guardian of an underage member may act as trustee of the fund in place of the member while the member is aged under 18.

“An underage member must be appointed as a director of the corporate trustee within six months of their 18th birthday to ensure the trustee structure meets the requirements of the SIS Act and for the fund to meet the definition of a self-managed superannuation fund,” she continued.

Alternatively, the lawyer stated that on turning 18, a young person could appoint their previously acting representative director as their superannuation attorney.

“In this case, Barbara will continue to act as [her son’s] representative director and he need not be appointed as a director.”

If this is the route taken, the young person “would need to execute an enduring power of attorney to adopt this course and it would need to be restricted to superannuation matters”, Ms Wang outlined.

If the former child does not want to be involved in the activities of the corporate trustee, another option highlighted by Ms Wang in the Barbara and Bob example was that the son “could be appointed as a director and then appoint Barbara as his alternate director”.

This would enable Barbara to exercise her son’s powers as a director “in his place until he decided to take up his role personally”.

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