FPL305 Self-Managed Superannuation Funds

Assignment Task

Questions.

1. When Layton and Lyndall retire at the age of, they would like to use their combined accumulated superannuation balances to maximise the amount that they use to commence their superannuation pensions.

2. As Layton and Lyndall's Adviser, you have recommended that any surplus cash be contributed to Lyndall’s super account over the next years, with no change to Layton’s existing salary sacrifice arrangement. Make a strategy recommendation to the couple which is designed to equalise the couples super account balances and hence maximise the combined value of superannuation pensions upon retirement at age.

3. Your response should explain in detail why you have made the recommendation, including any impact that your advice has on their respective superannuation balances. You should include the implementation and timing aspects of your recommendation and provide workings. Using, as a source of reference, the ATO (Australian Tax Office) ruling in relation to SMSF borrowing, apply the rules and restrictions to the possible purchase of Layton’s business premises, using borrowed funds. If the acquisition were to proceed, explain how, and on what terms, the investment could be used by the SMSF.

4. Layton and Lyndall have asked you about the strategy of using of the SMSF’s cash to purchase artwork as an investment for the SMSF. As their financial adviser, make a recommendation to Layton and Lyndall as to whether they should or should not proceed with this strategy and why.  Your response should explain in detail whether the

Assume that the fund still has an Individual Trustee structure going forward into the future.If one member of the couple was to unfortunately pass away, discuss the status of the SMSF structure and identify the range of options available to the remaining trustee regarding the future of the SMSF.

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