Video Transcript Toolbox

David Busoli

Practice Principal & SMSF Specialist Mentor

Hi, I’m David Busoli and I’d like to tell you a bit about our unique SMSF Toolbox.

I’ve been involved in the SMSF sector from its inception. Over the years I’ve considered so many fund and member issues and strategies that, whenever I look at a fund, I immediately see multiple opportunities and risks, actions and reactions. Now I’m not referring to investments here. I’m referring to strategic, legal and compliance issues. The thing is, these ideas are not sufficiently complete to be recommendations. Collectively, they represent an array of purposeful insights. It requires a licensed adviser, aware of all the clients’ priorities and issues, to determine which should be recommendations and which should not.

Realising that access to a simple menu of targeted options, based on these ideas, would be valuable to an SMSF adviser – and that nothing like this exists in our sector – I devised a collection of algorithms, many of which are enhanced by my experience, to achieve this.

For example, we flag an opportunity for any member that had a total super balance marginally over $1.4, $1.5 or $1.6 million at 30 June last year if the member would have otherwise been eligible to make an additional $100k non-concessional contribution – but only if the fund holds the sorts of investments that may be revalued downwards to bring the balance sufficiently under the pivot point to restore that eligibility.

We produce a list of members with, and without, life insurance to check both the danger of creating an untaxed element and the benefit of a future service deduction. In each case the relevant numbers are shown.

We target opportunities to optimise transfer balance accounts, tax components, contribution splitting, account equalisation and much more and our many alerts help you reduce your compliance risk.

Naturally the toolbox is only as accurate as the information it holds so daily input is a must. Unmatched cash transactions are our most significant issue, so we’ve installed a document facility that intelligently renames each document and matches them to unmatched items to be cleared each day.

Not all alerts are numbers based. We read every funds’ deed and check any death benefit nominations against them. Where we find a problem, we raise an alert.
Our toolbox is feature rich and designed to widen the scope of your SMSF services whilst increasing your efficiency, profitability, compliance and customer satisfaction. If you’re interested in knowing more, I’d certainly value the opportunity to chat. You can ring me on 0499 778 584 or e-mail me at dbusoli@smsfalliance.com.au. I hope to hear from you. Cheers.