CORPFIN 6002 - Self-Managed Super - Establish & Accumulate

North Terrace Campus - Semester 2 - 2015

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.

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Course Details

Course Code	CORPFIN 6002
Course	Self-Managed Super - Establish & Accumulate
Coordinating Unit	Adelaide 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
Assessment	Exam and assignments as prescribed at first lecture

Course Staff

Course Coordinator: Mrs Tania Turner

Course Timetable

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

Learning Resources

Required Resources

CCH Australian Superannuation Legislation - latest edition
CCH Australia Master Superannuation Guide - latest edition

Recommended Resources

CCH Master Tax guide
Learning & Teaching Activities

Learning & Teaching Modes

Due 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.

Workload

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 Summary

Day 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

Day 2
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

Assignment

Day 3
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

Day 4
Contributions - Deductibility and assessable income
Assessment income of SMSFs
Special Income
Deductions - Insurance premiums, self insurance and anti detriment payments
CGT & CGT Small Business Concessions
Exam review

Specific Course Requirements

To 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 Summary

Assignment - 50%
Related learning outcomes 1 - 12

Exam - 50%
Related learning outcomes - ALL

The final exam is a 3 hour open book exam

Assessment Detail

No information currently available.

Submission

Assignments 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.

Course Grading

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.

Student Feedback

The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.
Student Support
Policies & Guidelines
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Authorised by:	Deputy Vice-Chancellor and Vice-President (Academic)
Maintained by:	Course Outlines Administrator