Elements and Performance Criteria
- Advise trustee on fund taxation requirements and implications
- Outline importance of receiving complete advice on taxation requirements and implications for self-managed superannuation fund
- Explain scope and authority of taxation information able to be provided to trustee
- Recommend appropriate providers of specialist taxation advice
- Identify sources of taxation information appropriate to self-managed superannuation funds
- Advise trustee on taxation and other requirements that apply to self-managed superannuation fund structures, within scope of authority
- Inform trustee of role of Australian Taxation Office (ATO) in regulating and supervising self-managed superannuation funds
- Advise trustee of fund residency requirements for taxation purposes
- Advise trustee on implications for contributions made to fund
- Advise trustee of types and amounts of contributions, including in specie contributions, that self-managed superannuation fund can accept and investment restrictions
- Advise trustee on taxation treatment of contributions to self-managed superannuation funds
- Calculate and explain to trustee any relevant taxation concessions for contributor
- Reinforce taxation impacts and risks regarding various types of contributions to trustee and confirm trustee understanding of risk
- Advise trustee on treatment of rollovers
- 3. Advise trustee on implications for fund's income and asset returns
- Advise trustee on treatment of reserves and residual fund assets, within scope of adviser authority
- Advise trustee of taxation implications and benefits relating to investment earnings, including capital gains tax (accumulation and pensions), within scope of adviser authority
- Explain goods and services tax (GST) and pay as you go (PAYG) implications for fund income, expenditure and benefit payments to trustee, within scope of adviser authority
- Advise trustee of tax deductions available to self-managed superannuation fund, within scope of adviser authority
- Identify fund credits, including franking and foreign taxation credits, for trustee, within scope of adviser authority
- Advise trustee on implications for benefits paid out of fund
- Advise trustee on taxation and social security treatment of income streams to members from self-managed superannuation fund, within scope of adviser authority
- Inform trustee of tax treatment of death benefits (lump sum and income stream), and effect of binding or non-binding nominations, within scope of adviser authority
- Advise trustee of taxation and social security treatment of any existing assets test exempt income streams, within scope of adviser authority
- Advise trustee on implications for fund's income and asset returns
- Advise trustee on treatment of reserves and residual fund assets, within scope of adviser authority
- Advise trustee of taxation implications and benefits relating to investment earnings, including capital gains tax (accumulation and pensions), within scope of adviser authority
- Explain goods and services tax (GST) and pay as you go (PAYG) implications for fund income, expenditure and benefit payments to trustee, within scope of adviser authority
- Advise trustee of tax deductions available to self-managed superannuation fund, within scope of adviser authority
- Identify fund credits, including franking and foreign taxation credits, for trustee, within scope of adviser authority