News from EvolveMySuper

Although my articles are normally focussed on real life strategies you can use to improve your life by using your superannuation in a more evolved way, I thought that it was about time I give you an update of what has been happening over the last few months with me.

Superfund Partners

The most exciting thing is that I have taken over the day-to-day operations of a new and rapidly growing SMSF specialist firm on the Gold Coast – Superfund Partners.

Superfund Partners can best be described as a SMSF book keeping service that uses the latest technology to deliver a more cost effective and better quality service (to both the individual trustees and their advisers).

Superfund Partners is great for SMSF trustees because:

  • Ability to access up to date information on all your SMSF investments online at once without the need to jump between online banking, online trading and managed fund portfolios
  • Access to specialist SMSF advice and support that might not be available from your current accountant
  • At your discretion, your accountant or financial planner can have online access to your SMSF accounts, enabling them to give you better advice based on more accurate and up to date information
  • If there are any questions they will relate to transactions from last month – not last year!
  • High quality service without the high price tag
  • Choice of flat fee SMSF audits at below average market prices

Superfund Partners is great for accountants because:

  • Provide specialist SMSF accounting and advice services without the need for (highly paid) specialist staff, training and expensive software
  • Reduce your compliance burden
  • Protect your client base from larger firms with greater resources who may use their specialist SMSF knowledge to take your clients
  • Online access gives you the ability to provide advice to your clients using up to date information
  • Maintain and reinforce the relationship with your clients
  • Still invoice your clients directly – Superfund Partners can charge you direct – allowing you to package your service to your clients and retain the same level of fees in your practice
  • Stop having large write-offs and discounts on your SMSF fees

Superfund Partners is great for financial planners because:

  • Ability to provide SMSF administration and accounting services to your clients without the need to become a tax agent
  • Obtain up to date information regarding your clients SMSF accounts and member components instantly – no need to wait for outdated (and potentially inaccurate) information from the clients accountant
  • Cut and paste relevant client information direct from the web based reporting platform into your S.o.A.’s and file notes without the need recalculate member balances and components
  • Zero additional cost

If you would like more information about the Superfund Partners service and costs, please contact me.

An online demo of the reports available is also available from the Superfund Partners website here:

https://sfpartners.fundweb.com.au/Account

Username: demo@superfundpartners.com.au

Password: demoarea

New SMSF trust deed supplier:

I have recently negotiated a new agreement with our SMSF trust deed supplier which enables me to provide new SMSF establishments and trust deed upgrades at a significant discount to what I could previously.

The total saving for someone setting up a new SMSF with a new special purpose SMSF trustee company is over $1,000.

The SMSF trust deed I am using with my clients is the market leader and accommodates all the strategies I have talked about in my previous articles.  The same supplier also provides custodian trust deeds and associated documentation for SMSF limited recourse borrowings (super fund loans).

If you would like a price list please contact me.  Discounts are available for accountants, financial planners and other professionals.

Buying property with super – comprehensive guide:

I am proud to announce that I have finally completed the 1st edition of my comprehensive guide to buying property with super.

I will be honest – it is no literary masterpiece, but it is packed full of content, diagrams, strategies, tricks and step-by-step guides to get you through the minefield of buying property with super using limited recourse borrowings.   By memory it is just over 90 pages.

I also believe that when released it will be the only comprehensive and purposely written guide on the subject – not some quickly re-branded book that is trying to cash in on a gap in the market.

Before I make the guide available for sale, I need to finalise all the added extras and ‘freebies’ I will be giving away with it.  At the moment, in addition to the guide (which will be a downloadable PDF document), I am looking to provide the following items:

  • SMSF investment strategy template (or example investment strategy)
  • Checklist to ensure you can and should buy a property with your super
  • SMSF loan calculator to help estimate whether your SMSF loan will be approved and how much you will need in your SMSF to complete the sale
  • Template letter and checklist for rolling over your super to your SMSF

The guide will be available for sale through the EvolveMySuper sister website – www.buypropertywithsuper.net.au .

I still have a lot of work to do getting everything ready for the launch, however provided you are on my email mail list, you will be notified as soon as it is available.

Upcoming happenings:

The next few months are going to be hectic for me – so I apologise in advance if I don’t publish as many articles as normal.

I have the SPAA (SMSF Professionals Association) national conference in February in addition to some intense SMSF borrowing technical training with Grant Abbott.  No doubt I will be brimming with strategies after attending these events.

I am also looking at trying my hand at some video presentations.  One particular topic I want to cover (again) is comparing negatively geared property investment in your personal name with cash flow positive property in your SMSF – so keep your eyes open for that one.

If you have any questions you want answered or topics you want me to write about, please contact me.

You might also like

Special: Real life case study There is a significant amount of information available on the web in regards to using your superannuation...
Upcoming Events – Sydney There are a couple of free events in Sydney being run by some of my contacts which may be of interest...
Repairs vs improvements with property purchased under a SMSF loan About six months ago I published an article entitled 'Can you renovate a property purchased under a SMSF...
Follow up post – company as trustee of SMSF A week or so ago I posted an article about the reasons why you need to utilise a special purpose trustee...
  • Alison Southwick

    Hi Kris

    Can you please explain the need for a new bare/custodian trust and a separate company trustee, as mentioned briefly in some of your articles, when borrowing a limited recourse loan for a commercial property purchase by the SMSF. What is the legal relationship between the SMSF, its corporate trustee, the new custodian trust and the new corporate trustee? What entity is the bank actually loaning the money to? Where does the income from the property flow to? Which entitiy must register for GST?

    Thanks
    Alison

    • http://www.evolvemysuper.com.au Kris_Evolved

      Hi Alison,

      The requirement for a separate legal entity (being a custodian trust with either individual trustees or more commonly a company as trustees) comes from s67A(1)(b) of the SIS Act which requires “the acquirable asset is held on trust so that the RSF trustee acquires a beneficial interest in the acquirable asset”

      The trustee of the custodian trust holds the asset (i.e. property) on behalf of the SMSF. I sometimes describe is as “a legal tool which enables a SMSF to borrow”.

      The bank is loan the money to the SMSF. The trustee of the custodian trust allows the bank to take a mortgage over the property (under instruction from the SMSF).

      The income and all expenses relating to the property go through the SMSF bank account and the SMSF records the transactions in its accounts. With commercial property the SMSF is the one which needs to be registered for GST – the custodian is simply acting as an agent on behalf of the SMSF.

      All these questions and more are answered in my comprehensive guide to SMSF borrowing which I will be releasing as soon as I find a spare couple of days to finalise everything.

      Kris