SMSF Books

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Paul@PAS, 26th Mar, 2019.

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  1. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Hands up who has a SMSF and hasnt got a copy of Grant Abbott's book
    The Guru's Guide to self managed super funds ?

    The Guru's Guide to Self-Managed Super Funds

    Do yourself a favour and get it. Its written at a level that helps guide anyone thinking about a SMSF or those who have a SMSF who may not know all the laws, rules and strategies. It wont tell you all of them but its close. It will guide and educate you in what you dont know but need to know.
     
  2. Nodrog

    Nodrog Well-Known Member

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  3. JohnPropChat

    JohnPropChat Well-Known Member

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  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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  5. Nodrog

    Nodrog Well-Known Member

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    Just purchased the digital copy myself and started skimming it. I would have thought that “reserves” would be covered in more detail in a “guru” book. Although perhaps I’m not searching correctly and might find more on this with detailed reading. Too impatient as usual.
     
  6. JohnPropChat

    JohnPropChat Well-Known Member

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    "reserves" based strategy are attracting more scrutiny post July 2017. I remember reading about some interesting strategies by "SMSF Coach" but I don't think those are possible now.
     
  7. Nodrog

    Nodrog Well-Known Member

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    That’s mostly related to trying to circumvent the caps. Contributions Reserving on the other hand and very useful at times from experience is still no problem.
     
  8. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    SMSFs cannot generally maintain / create reserves now. Simple. Grant was way ahead on reserves and was probably the chief reason they changed the rules. He bent them too far and the mischief potential for tbar caps etc was a major factor.

    SMSFRB 2018/1 is the key ruling to consider.

    Not to be confused with contribution reserves (which ATO says arent reserves) which can be problematic for many trusts deeds. Most say that contributions are to be allocated to members. Otherwise para 46 clearly allows such suspense accounts if the deed and fund rules allow it and allocations are made correctly.

    Funds which had anti-detriment reserves now have a problem occurring on 30 June 2019 as they must commence to deplete that reserve and allocate according to SISR which may trigger cap concerns. Deferred depletion to benefit others such as grandkids or adult kids may pose a concern to SISR.
     
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  9. Nodrog

    Nodrog Well-Known Member

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    Yes true. Maybe it’s covered in the book under a different name somewhere. Anyhow detailed reading yet to been done. Have used it a couple of times now for reducing lumpy CGT. Critical that ATO has the form on record before processing.
     
    Last edited: 26th Mar, 2019
  10. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I would argue its a topic best advised and not for a DIY solution.
     
  11. Nodrog

    Nodrog Well-Known Member

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    Absolutely, this one must be done right including having a deed that allows it. It’s best done by a professional. Most decent deeds do now from what I understand. For experienced SMSF advisors it’s a well known common strategy and pretty straight forward.

    I assume most SMSF trustees read this sort of stuff for ideas / strategies. That’s what I do. Most trustees are unlikely to be doing their own admin nowadays. Then I tell the SMSF advisor what I want to do. He’ll tell me NO if it can’t be done but that’s never happened yet.

    The accountant was the problem in one instance of contribution reserving. The SMSF advisor did every thing correct but the accountant didn’t Submit the form. Breakdown in communication between parties. The usual scenario of contribution denied, adjusted tax statement and excess contribution including non-concess notification. But even that’s not a big deal. Form gets lodged a couple of calls and it gets sorted.
     
    Last edited: 26th Mar, 2019
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