I’ve been involved with the SMSF sector since its inception as a financial planner, administrator, technical expert, mentor and trustee. So long, in fact, that whenever I glance at the details of an SMSF I immediately identify a range of potential dangers and opportunities. It’s a habit. Some of these are based on facts and some on the vibe that comes with experience. They can’t be regarded as strategies – more as purposeful insights – because this information alone is not sufficient to make that call. This gave me the idea to create our SMSF Toolbox
By combining significant practical SMSF experience with purpose-built algorithms we now produce over 20 targeted SMSF opportunities for you. Each opportunity has been researched but requires your expertise to determine whether it is appropriate so we also present you with all the available data for you to undertake each analysis.
As an example, we identify each fund with member life insurance policies and calculate their SMSF’s future service deduction benefit – or untaxed element problem. Where the benefit applies it will typically give rise to a several hundred thousand dollar tax deduction that will wipe out contribution and accumulation fund tax for years. We provide you with the data we have used for this analysis linked to discussion papers that are suitable to be copied and pasted into a Statement of Advice. We go further than this and identify funds with members that do not hold life insurance but might be suitable for this benefit and provide you with the numbers that would apply if the member had a token $100k life policy. If you’re then interested in pursuing this further we provide calculators that produce a report in Word that might be incorporated into your Statement of Advice.
This is typical of the opportunities and alerts we identify for you, specifically from your client base data, so enhancing your ability to add real value independent of investment returns. Others include account equalisation and recontribution strategies, suggestions on a targeted reduction of the previous years total super balance to increase contribution limits, transfer balance alerts for members with TRISs approaching 65 or reversionary pension beneficiaries approaching the first pension anniversary and more.
We also display live data for each members’ contributions and pensions in an easy to download spreadsheet for you to analyse further. Naturally we include the tax components, contribution limits and minimum pension details as well.
Why not watch our short video for more details? When you’re ready to discuss specific fees and services just contact me, David Busoli at firstname.lastname@example.org, or phone 0499 778 584. Alternatively, if you’d like to book a preliminary phone call to see if our businesses are a good fit or a Zoom meeting to investigate our SMSF Toolbox in more detail you can access my calendar here.