SMSF Adviser Technical Strategy Day: Key Insights for SMSF Auditors
 

Superannuation Audit Services Partner Daniel Surjenko, alongside William Surjenko, attended the highly anticipated SMSF Adviser Technical Strategy Day on 22 October 2024 at Rydges, Melbourne. This event, hosted by SMSF Adviser, brought together SMSF professionals to explore the latest technical updates, strategies, and regulatory changes shaping Australia’s superannuation landscape.

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With expert insights into compliance, tax planning, and investment strategies, the day provided valuable knowledge for anyone involved in SMSF management and auditing. Below are some of the key takeaways from the event that are particularly relevant to SMSF auditors and trustees.

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Key Takeaways
 

New Big Tax on Super Balances

A significant change discussed at the event was the introduction of the Division 296 tax, which will impose a new 15% levy on individuals with superannuation balances exceeding $3 million, effective from 1 July 2025. What makes this tax notable is that it is overlaid on market movements—meaning it applies to a member’s balance whether the growth is due to investment performance or contributions.
 

Even if an SMSF’s assets grow simply due to favourable market conditions, the tax will apply if the balance exceeds the threshold. This underscores the importance of carefully monitoring fund balances and planning ahead for potential tax impacts.
 

Planning Ahead for Maximum SMSF Benefits
 

• Estate Planning

In SMSF estate planning, timing is critical. Strategic decisions made before a member's death often lead to more favourable outcomes. Early payments or withdrawals can help minimise tax liabilities and ensure that benefits are distributed according to the member’s wishes. This reduces the risk of disputes among beneficiaries. As SMSF auditors, we recommend proactive estate planning to ensure that the fund remains compliant with superannuation and tax laws, while also protecting the interests of members and their families.
 

• Business and Asset Sales

Planning ahead for business and asset sales is key to maximising SMSF benefits. By timing these sales strategically, trustees can take advantage of important tax concessions, such as the small business CGT exemptions. This allows trustees to effectively use the proceeds within the SMSF to boost retirement savings while minimising tax liabilities. As an SMSF auditing firm, we stress the importance of aligning these transactions with superannuation rules to ensure optimal outcomes.

• Trust Deeds

Regular trust deed updates are essential for SMSFs to ensure compliance with constantly changing superannuation laws. An up-to-date trust deed provides flexibility in investment strategies, ensures the proper handling of member benefits, and reduces the risk of legal disputes. As auditors, we highlight the importance of keeping trust deeds current to reflect the latest superannuation regulations. This ensures smooth fund management and protects the interests of fund members.
 

Importance of Accurate Market Values

Maintaining current market values for SMSF assets is essential for producing accurate financial statements and meeting Australian regulatory requirements. Ensuring that asset values reflect their true market worth is not only a compliance issue but also helps trustees make informed investment decisions. This ensures the fund operates efficiently and sustainably, protecting both trustees and members.

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When in Doubt, Seek Professional Advice

Managing an SMSF involves complex decisions, and when in doubt, it's crucial not to take unnecessary risks. Seeking advice from qualified professionals, such as SMSF auditors or financial advisors, helps trustees ensure compliance with superannuation and tax laws. This expert guidance minimises the risk of costly mistakes or penalties and ensures that decisions align with the fund’s long-term goals and legal obligations.​

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Attending events like the SMSF Adviser Technical Strategy Day ensures that our firm stays informed about the latest developments in SMSF regulations and best practices, enabling us to provide the highest quality service to our clients.

About Superannuation Audit Services

 

Superannuation Audit Services is a leading SMSF auditing company based in Melbourne, with a broad reach servicing clients Australia wide. Our experienced team is dedicated to delivering reliable and thorough audit services to ensure compliance with regulatory requirements, offering peace of mind to our clients.