DIY Super For Dummies
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Оглавление
Power Trish. DIY Super For Dummies
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Beyond the Book
Where to Go from Here
Part I. Taking Control of Your Super
Chapter 1. Is DIY Super Right for You?
Taking Control is a RIPper Plan
Joining the DIY Super Club
Taking the ‘6C Challenge’ – Your DIY Super Roadworthy
Can you?
Control, control, control
Cost-effective, or not?
Competence counts
Compliance calls
Commitment issues
What Does a DIY Super Fund Look Like?
Take your pick – the ATO or APRA
Leading the charge with SMSFs
Satisfying the SMSF definition
Banking On Yourself, and Your CART
It’s Your Super Money – Invest Wisely
Your Retirement Super Star
Chapter 2. Understanding How Super Works
Facing Four Facts about Your Super Future
Living longer – ageing in comfort
Straining the government Age Pension
Staying healthy costs more
Expecting a reasonable lifestyle
Appreciating a Super Fund’s DNA
Recognising Your Super Type from a Distance
Discovering seven fund types on your super safari
Taking the wrap
What makes a SMSF different from other funds?
Getting Super-Fit – Your Start-Up Kit
Considering ‘big three’ super decisions
Understanding your member statement
Accepting super taxes
Starting a superannuation pension
Finding Out the Facts about Fees
Choosing Another Super Fund
Do you have super fund choice?
Deciding on your super options
Chapter 3. How Much Super Is Enough?
Deciding on the Lifestyle You Want
Comparing basic, modest and comfortable lifestyles
Living in comfort on $42,000 (or $58,000 for a couple) a year
Living in comfort and claiming the Age Pension
Wanting More Than $58,000 a Year
How Long Do You Expect to Live?
Earning Returns for the Long Term
Chapter 4. Counting On Super Contributions of All Sorts
Superannuation Guarantee – Compulsory Super
Are you entitled to SG?
How is your SG calculated?
Getting Serious about Super Contributions
Understanding the two types of contributions
Business as usual for under-65s
Different rules for over-64s
No voluntary contributions for over-74s
Making Before-Tax Contributions – Concessional
If the concessional cap fits …
Taking advantage of salary sacrifice
Other tax-deductible contributions
Splitting contributions with your spouse
Making After-Tax Contributions – Non-Concessional
Using the bring-forward rule
Cashing in on co-contributions
Contributing for your spouse may earn a rebate
Special Contribution Rules
Running a business
Suffering permanent disability
Investigating Asset Contributions to Your SMSF
Chapter 5. Getting the Right DIY Super Advice
Keeping It Clear and Simple
Getting On the Super Soapbox – Independent Advice
Who Can Give Advice about DIY Super Funds?
Asking an accountant
Finding a (licensed) financial adviser
Looking up a lawyer
Appointing an auditor
Relying on the regulator
Opting for Administration Assistance
Unhappy with Your DIY Super Advice?
Part II. Setting Up a DIY. Super Fund
Chapter 6. How Much Does a SMSF Cost?
Appointing an Administrator or Accountant … or Not
SMSF Start-Up Costs
Costing trust deeds and trustees
Opting for the DIY package deal
Budgeting for Annual SMSF Costs
Choosing from the administration menu
Calculating investment costs and related expenses
Accounting for One-Off Costs
Chapter 7. Simple Steps to SMSF Start-Up
Knowing When to Go Solo or Seek Help
Setting Up Your SMSF in Simple Steps
Step 1: Draft a trust deed (and choose a name)
Step 2: Appoint the trustee (individuals or corporate)
Step 3: Admit members (and supply Product Disclosure Statement)
Step 4: Sign the ATO SMSF trustee declaration
Step 5: Open a bank account
Step 6: Establish accounting and administrative procedures
Step 7: Accept contributions
Step 8: Apply to be regulated (and other preliminary matters)
Step 9: Draft your fund’s investment strategy
Step 10: Prepare your fund for investing
Before You Pop the Champagne …
Changing Super Funds
Redirecting SG contributions to your fund
Receiving employer contributions in SuperStream form
Redirecting salary sacrifice contributions
Transferring current benefits
Chapter 8. Individual Trustees versus Corporate Trustee
Drawing a Line between Trustee and Member
Meeting the Standards of a SMSF Trustee
Protecting your residency status
No employer/employee relationships
No dishonesty offences
No undischarged bankrupts
Previously naughty trustees
Deciding between Individual Trustees or a Corporate Trustee
Choosing a Corporate Trustee
Single Member SMSFs: A Special Case
Chapter 9. Trustee Declarations and Other Promises
Signing the Trustee Declaration
Keeping Mindful of Your Trustee Duties
Meeting the Sole Purpose Test, Always
Taking Note of Three Important Challenges
Breaking Your Trustee Promises
Reacting to your auditor’s concerns
Asking for administrative penalties
Allowing for rectification and education directions
Dealing a death blow to SMSF trustees
Losing your fund’s complying status
Part III. Running Your Self-Managed Super Fund
Chapter 10. Finding a Fund Administrator, or Not
Taking Aim at SMSF Administration
Debunking the DIY Super Myth
Going It Alone
Delegating Your CART Obligations
Seeking service quotes
Appointing your administrator
Don’t Be a Clever Clogs on Tax
Revving Up Arrangements for Retirement
Chapter 11. Do the Right Thing – Compliance
… Because It’s the Law
Monitoring the Must-Do’s
Penalising Pesky Trustees
Copping an administrative penalty
Forcing you to lift your super game
Thou Shalt Comply with the Sole Purpose Test
Doing your SPT homework
Citing some examples of SPT
Chapter 12. Act Like You’re the Boss – Reporting
Raising the Bar on Record-Keeping
SMSF Reporting (and Record-Keeping) in a Nutshell
Delivering Accurate Accounting and Financial Reporting
Keeping the ‘Taxman’ Happy – Tax Records
Lodging SMSF Annual Returns
Ticking off by lodgement date
Combining tax and regulatory information
Member contributions information
Auditing Your SMSF Auditor
Ticking four items on your auditor checklist
Receiving a reprimand from the auditor
Chapter 13. It’s Always Tax Time
Unlocking the Door to a Tax-Free Future
Reducing Income Tax the Super Way
Copping Contributions Tax
Earnings Tax in Accumulation Phase
Including contributions as earnings
Discounting capital gains
Tax-Exempt Earnings in Pension Phase
Paying Tax-Free Benefits to Over-60s
Part IV. Investing Your DIY Super Money
Chapter 14. Exploring the World of Super Investing
Getting Ready for the Investment Roller-Coaster
How Steep Is Your Investment Learning Curve?
Understanding the Basic Ingredients of Super Investing
Don’t forget about risk and return
Investing for the long tomorrow
Appreciating Asset Classes Leads to Investment Success
Cool as cash
Fuzzy fixed interest
Betting on bricks and mortar – property
Sailing in on shares
Alert to alternative investments
Take Your Pick: Investing Directly, Using Managed Funds or Wraps
Chapter 15. Super’s Special Investment Rules
SMSF Investing for Two Stages
Remembering the Three Musts …
Wait! Set Your Fund’s Investment Strategy
Identifying your goals – your DIY super fund’s investment objectives
Assessing the insurance needs of your SMSF members
Getting into position – your DIY super fund’s asset allocation
Ready, set, go! Selecting, and monitoring, specific investments
Reviewing your fund’s investment strategy and asset allocation
Benchmarking Your DIY Super Returns
Walking the Investment Tightrope
Meeting the sole purpose test
Keeping fund assets separate
Ensuring assets are in the fund’s name
Lending money to members – don’t!
Purchasing assets from members or relatives
No direct borrowing of money
Investing too close to home
Keeping your investments at arm’s length
Chapter 16. Borrowing and DIY Super
No Borrowing is the General Rule
Understanding the Three Special Borrowing Exceptions
Borrowing to cover benefit payments
Borrowing to cover settlement of a share transaction
Purchasing an asset using a limited recourse borrowing arrangement
ATO’s Call: Nine Borrowing Scenarios
Chapter 17. Investing in Property
The Short Story on SMSF Property Investing
Investing directly in property
Indirect property investing
What’s All the Fuss about Residential Property?
Special Opportunities for Business-Related Property
Pumped-Up Property Plans – LRBAs
Ignoring hype about LRBA magic pills
Passing six LRBA tests
Understanding the LRBA difference between repairing and improving
Chapter 18. Investing and Super Tax
Educating Yourself about Earnings Tax
Accounting for 15 per cent earnings tax
Accepting a higher tax bill for related-party income
Eliminating Earnings Tax in Pension Phase
Making Tax Magic with Franked Dividends
Reducing tax during accumulation phase
Receiving tax refunds during pension phase
Coping with Capital Gains Tax
Part V. Paying Super Benefits from Your Fund
Chapter 19. Retiring is Just the Beginning
Navigating Your Retirement Road
Taking terminology to task
Preparing for R day
Retiring too early
Working, and contributing, after retiring
Preserving Your Super Fortune
Gaining access to your super benefits
Retiring is a must, in most cases
Leaving your money in super indefinitely
Taking a Lump Sum and/or Pension
Retiring Early (Before 60) Means Tax – Usually
Retiring On or After 60 Means No Tax
Chapter 20. Your Super and the Age Pension
How Does Your Super Affect Age Pension Entitlements?
Claiming the Age Pension
Reaching Age Pension age
Receiving an indexed pension for life
Passing Your Age Pension Exams
Taking the assets test
Taking the income test
Deeming Income from Super Pensions and Other Financial Investments
Chapter 21. Running a DIY Super Pension
Facing the DIY Fork in the Road
Retiring using your SMSF
Cashing out and buying a commercial pension
Changing from Accumulation to Pension Phase
Considering the many SMSF combinations
Preparing your SMSF pension paperwork
Contemplating Your DIY Super Pension Options
Activating your account-based pension
Taking a TRIP
Reminiscing about complying income streams
Starting Your SMSF Pension – One Step at a Time
Calculating Your Pension Components
Calculating the tax-free component
Calculating the taxable component
Sliding along the proportioning rule
Chapter 22. Making Contributions while Taking a Pension
Retiree-Friendly Contribution Rules
Running Two Phases Involves Extra Expertise
Mixing it up equals actuarial certificate
Contributing and starting a pension in same year
Restarting Pensions Means New Components
Recalculating your benefit components
Running, or stopping, more than one SMSF pension
Taking a TRIP Saves Tax
Chapter 23. Divorce and Your SMSF
Dissecting Your Super in Three Ways
Doing the Super Splits
Understanding the splitting process
Splitting more than straws
What Happens to Your SMSF After Divorce?
Chapter 24. Looking After Your Family
Protecting Your Health, Wealth and Family
Introducing life insurance and protecting income
Using your will
Nominating beneficiaries
Where Does Your Super Go When You Go?
Depending On You – Your Dependants
Paying lump sum death benefits
Paying income stream death benefits
Tracking the Taxman from Beyond
No tax for dependants
Non-dependants pay tax
SMSF Succession Planning
Part VI. The Part of Tens
Chapter 25. Ten Special Features of DIY Super
Becoming a Member of a Fast-Growing Club
Having No More than Four Members
Appreciating that You’re the Boss
Finding Flexibility
Understanding It’s a Super Structure
Managing Tax for You, Not for Thousands
Running Two Phases, on Your Terms
‘Frankly, My Dear, I Love Franked Dividends’
Creating Family Wealth
Considering a Refund of Contributions Tax
Chapter 26. Ten Commandments of DIY Super
You Shall … Always Remember You’re in Control
… Comply with the Sole Purpose Test
… Follow Your Fund’s Trust Deed
… Comply with the SIS Act
… Formulate an Investment Strategy
… Not Break Any Investment Rules
… Arrange for Your SMSF to Be Audited
… Lodge Tax and Compliance Returns
… Keep Your Fund Separate from Your Personal Finances
… Seek Professional Advice When Necessary
Part VII. Appendixes
Appendix A. SMSF Compliance and Administration Checklist
Appendix B. Handy Super Resources and ATO Publications
About the Author
Dedication
Author’s Acknowledgements
Отрывок из книги
T he past few years have been extraordinary in terms of economic downturns, volatile investment markets, and the ensuing bumpy ride endured by investors, including DIY super fund trustees.
Throughout this time, hundreds of thousands of DIY super fund trustees have been investing super money in these volatile markets, and continuing to look after the needs of fund members.
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Make DIY Super For Dummies, 3rd Australian Edition work for you. You can open any page and easily find your way around the book. If you’re just beginning your DIY super education, Chapter 1 is an excellent starting point, and read straight through if you like. Alternatively, as a warm-up you can begin with Chapter 3, and discover how much money you need to live a comfortable life in retirement.
If you already run your own super fund, you may be one of the many readers who want to head straight to Part IV, to check that you’re making the most of your fund’s investment opportunities.
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