SMSF Certified Courses | Super Specialist | Heffron SMSF

Who is Super Specialist for?

Participants include SMSF accountants and administrators, financial advisers, and auditors who have completed the same topic area in the Super Extension course.

This course is an essential step to SMSF specialisation.

Accountants who work in SMSF accounting or administration and want to become the specialist in their firm – starting with contributions.
Auditors who audit SMSFs and need a deeper understanding of more complex contribution rules and the particular complexities in SMSFs.
Advisers who advise superannuation clients and want a deeper understanding of more complex strategy opportunities when it comes to contributions.

Before commencing the 'Contributions' topic you should have completed the 'Contributions' topic at Extension level and have a thorough understanding of:

how total super balance is calculated in simple situations and when it is relevant;
the tax incentives the Government provides to encourage Australians to save for their retirement via super;
the transactions which are regarded as contributions to super;
who is and isn’t eligible to contribute to super or have contributions made for them;
the caps which restrict the amount of contributions which receive concessional tax treatment;
the criteria to be satisfied before contributions can be claimed as a tax deduction;
when someone is able to withdraw their super benefits;
the transfer balance account and transfer balance cap concepts including whether an income stream is in retirement phase; and
the rules which limit the types of assets which super funds can acquire from related parties.

Super Specialist – 'Contributions' learning outcomes

After completing this topic area, learners will be able to:

calculate an individual’s total super balance in unusual circumstances;
compare the timing of super events on an individual’s total super balance vs their transfer balance cap;
recognise additional issues for SMSF members; and
apply their learnings to everyday client scenarios.

After completing this topic area, learners will be able to:

discuss in detail the rules which must be met to utilise carried forward concessional contribution cap amounts;
recognise the target client groups for whom the strategy might be useful; and
apply their learnings to construct strategies for clients.

After completing this topic area, learners will be able to:

understand the bring forward rules in detail – what they are and how they work;
identify clients who can and can’t use the bring forward rules;
suggest solutions for clients who have triggered the bring forward rules when they didn’t mean to;
use the bring forward rules to help clients maximise their super; and
apply their learnings to everyday client scenarios.

After completing this topic area, learners will be able to:

understand the eligibility criteria for downsizer contributions and the rules to be followed when they are made;
help clients identify when they could use a downsizer contribution to boost their super; and
help clients avoid mistakes when it comes to making downsizer contributions.

After completing this topic area, learners will be able to:

explain who can split contributions with whom;
identify timeframes and restrictions that apply in particular circumstances;
understand the circumstances under which this could be valuable; and
apply these rules for the benefit of their clients.

After completing this topic area, learners will be able to:

differentiate the ways in which mistakes can be made when contributing to super;
understand how each of these contribution mistakes must be dealt with;
explain how these amounts should be reported; and
apply their learnings to everyday client scenarios.

After completing this topic area, learners will be able to:

explain what happens if a member exceeds a contributions cap;
differentiate between the consequences for excess concessional and non-concessional contributions;
understand the various amounts and terms on an excess contribution determination;
identify common reporting errors and recognise how to correct them;
evaluate whether an application should be made to disregard or reallocate contributions;
explain the process to be followed to release excess amounts from super; and
apply their learnings to everyday client scenarios.