CORPFIN 6002 - Self-Managed Super - Establish & Accumulate
North Terrace Campus - Semester 2 - 2015
General Course Information
Course Code CORPFIN 6002 Course Self-Managed Super - Establish & Accumulate Coordinating Unit Business School Term Semester 2 Level Postgraduate Coursework Location/s North Terrace Campus Units 3 Available for Study Abroad and Exchange N Assumed Knowledge CORPFIN 7005 Course Description Participants will analyse the benefits of SMSF's and the factors that have resulted in them being adopted by a wide range of self-employed people, employees on higher salaries with flexible remuneration arrangements and those close to or in retirement. The topics covered will include the formation of SMSF's, issues around trust deeds and the regulations governing them and the Superannuation Industry (Supervision) Act (SIS Act). In addition, there will be a detailed review of compliance, investment strategies, taxation at the fund level, CGT small business exemptions and instalment warrants including the new borrowing rules. The rules concerning related party asset acquisitions, sole purpose, in-house assets, loans to members and accepting contributions will also be examined. Additionally, the participants will learn the rights and obligations of the trustees, members and other parties that are connected with the operation of the fund.
Course Coordinator: Mrs Tania Turner
The full timetable of all activities for this course can be accessed from Course Planner.
Course Learning Outcomes
This course is desinged to assist students:
- Identify and describe what a SMSF is
- Identify and describe what a SAF is
- Identify who should have a SMSF and who should not
- Identify who can or cannot be a member of a SMSF
- Identify the issues surrounding establishing a SMSF
- Identify when a SMSF is a complying fund and when it is not, and the consequences for the fund
- Follow a process for establishing a SMSF
- Outline general trustee responsibilities
- Draft investment objectives and strategy for a SMSF
- Identify application of sole purpose test
- Explain the basic restrictions applying to investments
- Evaluate transactions in the context of the provision of loans and financial assistance to member and relatives
- The new borrowing rules as they apply to SMSFs
- Identify and apply the principles of the sole purpose test
- Explain the basic restrictions that apply to investments
- Identify who or what entities are associates
- Explain the interaction of the various investments restrictions in specific circumstances
- Apply the transitional provisions to prescribed arrangements
- The role and responsibilities of auditors
- Explain the distinction between financial and compliance reports
- Describe circumstances when an auditor must report breaches to trustees and Regulators
- Determine the liability of SMSF
- Identify various tax deductions available
- Identify the opportuntiies in the small business CGT concessions
University Graduate Attributes
This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:
University Graduate Attribute Course Learning Outcome(s) Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. All The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. All An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. All Skills of a high order in interpersonal understanding, teamwork and communication. All A proficiency in the appropriate use of contemporary technologies. All A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. All A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. All An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. All
Required ResourcesCCH Australian Superannuation Legislation - latest edition
CCH Australia Master Superannuation Guide - latest edition
Recommended ResourcesCCH Master Tax guide
Learning & Teaching Activities
Learning & Teaching ModesDue to the intensive nature of this course it is a requirement that participants attend 100% of the scheduled seminars. Consideration will be given for medical and compassionate reasons for non attendance but supporting dpocumentation will need to be presented with these requests. if 100% attendance is not met sudents will be ineligible to sit for the exam. Students in this course are generally also working full time therefore work commitments do not exempt students from this attendance requirement.
As with all intensive executive style programs students are expected to contribute to all discussions and be positively interactive. There is a strong assumption that students will engage in seminar discussions in an informed way.
The information below is provided as a guide to assist students in engaging appropriately with the course requirements.Students are required to complete 1 assignment between intensive 1 and intensive 2 for this course as well as set aside time to study for the exam.
The Unviersity expects full-time students (ie those taking 12 units per semester) to devote a total of 48 hours per week to their studies. This means you are expected to commit approximately 12 hours for a 3 unit course of private study outside your regular sessions.
Learning Activities SummaryDay 1
General introduction to SMSFs
What is a SMSF
Benefits of a SMSF
Establishing a SMSF
Who can give advice in relation to SMSF
On going administration requirements of trustees
Outline general trustee responsibilities
Draft investment objectives and strategy for a SMSF
Identify application of sole purpose test
Explain the basic restrictions applying to investors
Understand and apply the principles of the sole purpose test and investment standards
Explain the basic restrictions that apply to investments
Identify who or what entities are associates
Explain the interaction of the various investment restrictions in specific circumstances
Apply the transitional provisions to prescribed arrangements
Under the role and responsibilities of auditors
Explain the distinction between financial and compliance reports
Describe the circumstances when an auditor must report breaches to trustees and regulators
Contributions - Deductibility and assessable income
Assessment income of SMSFs
Deductions - Insurance premiums, self insurance and anti detriment payments
CGT & CGT Small Business Concessions
Specific Course RequirementsTo gain a pass for this course a mark of at least 50% (complete) must be obtained on the examination as well as a total of at least 50% overall. Students not achieving the minimum exam mark will be awarded no more than 49.
The University's policy on Assessment for Coursework Programs is based on the following four principles:
- Assessment must encourage and reinforce learning.
- Assessment must enable robust and fair judgements about student performance.
- Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
- Assessment must maintain academic standards.
Assessment SummaryAssignment - 50%
Related learning outcomes 1 - 12
Exam - 50%
Related learning outcomes - ALL
The final exam is a 3 hour open book exam
No information currently available.
SubmissionAssignments must be submitted to the lecturer using the email provided.
Please retain a copy of all assignments submitted
Please attach an Assignment Cover Sheet which is signed an dated by you before submission.
Lecturers can refuse to accept assignments which do not have a signed acknowledgement of the University's policy on plagarism.
Late assignment submission
Students are expected to submit their work by the due date to maintain a fair and equitable system. Extensions will generally only be given for medical or other serious reasons. All requests for extensions must be emailed to the course co-ordinator before the due date. Each request will be assessed on its merits. A late assignment (without prior arrangement) will be penalised by a 5% mark reduction for each day that is it late.
Grades for your performance in this course will be awarded in accordance with the following scheme:
M10 (Coursework Mark Scheme) Grade Mark Description FNS Fail No Submission F 1-49 Fail P 50-64 Pass C 65-74 Credit D 75-84 Distinction HD 85-100 High Distinction CN Continuing NFE No Formal Examination RP Result Pending
Further details of the grades/results can be obtained from Examinations.
Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.
Final results for this course will be made available through Access Adelaide.
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