Hello Fellow Stackers, I'm new to Stacking and although, I current have 10k+ in my super, I would like to look into a SMSF In the forum i have heard of a Group that meets up at Glen Waverley to discuss all things SMSF.... I've tried looking into the various posts in the Superannuation Forum, but i haven't found the Contact Details of the Group or where and when they meet-up Can someone point me in the right direction please.
Hi I have had a number of requests so I have just cut and pasted the last newsletter which was for the Febuary meeting. The meeting is held the first Tuesday of the month and goes from 6:30 p.m. to about 8;30 p.m.Address; Neighbourhood House, 6 Mount Street, Glen Waverley (Melway 71, D3). Meeting runs from 6.30 to 8.30 pm, on the first Tuesday each month. Meet and talk with other members from 6.00 pm. I look forward to seeing you at our next meeting Kind Regards non recourse SMSF Trustees Australia (Melbourne East Group) News Sheet Issue No. 91 February 2012 Our Committee: Chairman and Editor: Viv Elliston (Ph (03) 9803 4319) Management and Committee: Geoff Eicke, Cyril Evans, Wolfgang Waffler, Viv Elliston Treasurer and Secretary: Wolfgang and Monika Waffler (Ph (03) 9762 7919) Some Important Super and Tax Rules Explored If there is one area of the super rules that has been the most difficult to interpret in recent times, it would probably be the calculation of The Tax-Free Amount. A year or so ago a few of our more "hands on" members struggled to reach consensus on an interpretation of the rules in this area. Eventually, after many months, clear information from the ATO resulted in general agreement. In parallel with this process, there were a number of newspaper articles which suggested the opposite interpretation, adding to our difficulties. This was followed by comments from one of our recent speakers a SMSF professional - which again supported the opposite interpretation. If you do not understand and correctly apply these rules there could be significant tax implications at a later stage. In addition, failing to produce and retain accurate records of correct Tax-Free Amount calculations for each member is also essential if these potential taxes are to be avoided. Late last year the ATO put out a statement which was motivated by the apparent confusion amongst professionals in the industry. This statement clarified the ATO interpretation of the rules and should now finally settle these doubts. Because we had based our understanding of the rules on ATO information, our position aligns with the recent ATO statement. Many of our members may have read books or columns in the financial press by Max Newnham who is a well known Tax and Superannuation adviser and consultant. Max is well qualified to provide expert advice on the correct application of the Tax-Free Amount rules. Prior to the recent appearance of the ATO statement, we had approached Max regarding a possible presentation on the subject. Max agreed, and is lined up for our coming meeting. We thought that there would still be plenty of members interested in coverage of this topic by an expert consultant such as Max. Max will also discuss a range of other tax issues of interest, and will have a few of his current books on Tax and Super available for sale at the meeting. These are not text books, but are written to explain Tax and Super in easy to understand terms. Please feel free to bring along any questions you may have, and Max will do his best to answer them for you. This is a great chance to listen to an expert consultant on some important tax topics, so I hope you will take full advantage of the opportunity. 2012 A Time to Retreat or a Time of Great Opportunity George Fredric Handel (1685 1759) was one of very few composers who made a spectacular financial success of his musical career. However, he made most of his substantial fortune by other means. He was also a very astute investor, who created a large fortune over his lifetime, through careful and wise investing. And in spite of two major financial crashes during his time as an investor in the 1700's, he emerged from each in an even stronger position. As investors we can protect ourselves from many of the pitfalls that present themselves during such periods, with even basic knowledge of the likely sequences of events that can occur. Most of the economic disasters of the past have had similar causes, and have resulted in similar sequences of events. And although the places and names may be different, many of these patterns are again being repeated in the current world economic crisis. Research into the 1930's financial collapse, and that of the 1890's (and others), will provide valuable insights for investors negotiating the current crisis which I suspect has yet to fully play out. As we begin a new year there are many economic commentators expressing a wide range of views on what may lay ahead - from those who suggest that we are at the beginning of a major recovery, to others who predict a repeat of the great depression, or the total collapse of the world economy. A regular discussion on current economic conditions is a useful way for us to understand what is happening, and see possible future scenarios. We need to be able to better appreciate their likely impacts on our own financial security, and hopefully allow us to adopt the wisest strategies. This is an area that Geoff rightly considers to be very important, and one that he takes an interest in. He has kindly offered to share some of his own thoughts with us at our coming meeting. Thanks again Geoff for suggesting and presenting this very appropriate topic. And if you are having doubts about your own ability in this area, just remember and take encouragement from a man like George Fredric Handel, who was only trained as a musician. Further thoughts on Investment Research From recent surveys it seems that many investors have retreated from company shares in the past year or so, and are currently sitting on cash in the bank. And it would be a brave person who suggests that this is not a reasonable choice. However, economic events run in cycles, and the current circumstances will not prevail forever. Investors need to be ready to move early enough, with good knowledge of the companies that they would be happy to invest in. Now is a good time to be engaged in this research. Besides, even in the worst of times there will be some companies that are positioned to do very well - so a total retreat from company shares would seem unwarranted. However, I do accept that some investors may not wish to invest in shares at all, even in good times and I would not wish to persuade them otherwise. In this coming year I would like to encourage discussion on share investment, especially with regard to methods we can use to seek out the very best of companies. We should also continue to explore good sources of reliable information for our research. At our last meeting Cyril ran a discussion on a particular company using data from a very useful page available on the CommSec website. The intention was to show what information is available, and how to use it to make useful assessments of how good a particular business might be. While this information may not give the whole story, it does provide a great deal of valuable information, and is a very good starting point for your research. CommSec have recently made some significant changes to their website including this page. Cyril would like to continue his discussion at our coming meeting, during which he will discuss these changes, and also take the opportunity to review another company of interest. Thanks again Cyril for your valuable input, which I am sure many members appreciate, and find very helpful. Main Agenda Items for Coming Meeting 1. Open Forum including discussion on a few Tax Questions 2. Some Important Tax and Super Rules Explored Max Newnham 3. A look at the current state of World Economy Geoff Eicke 4. An Investors Analysis of a company (continued) Cyril Evans Some Items for Following Meetings - PE, PEG and Other Approaches Viv and Geoff Meeting Time and Venue Neighbourhood House, 6 Mount Street, Glen Waverley (Melway 71, D3). Meeting runs from 6.30 to 8.30 pm, on the first Tuesday each month. Meet and talk with other members from 6.00 pm. I look forward to seeing you at our next meeting Viv Elliston Disclaimer. Information contained in this News Sheet and presented at meetings of SMSF Trustees Australia group is not intended as advice. Before making any decision that may effect your current or future position, you should ensure that you make appropriate independent enquiries.
Many Thanks nonrecourse for the details....I was inspired by your comments in the various forums, and I'm looking to grow my Financial Intelligence also. See you at the Meeting. Regards. Jean-Claude.
Here are the details for this Tuesday 06/03/2012 the next SMSF Trustees Australia (Melbourne East Group) I will be attending this one. Ask Monika for the Canadian if you want to chat Meeting Time and Venue Neighbourhood House, 6 Mount Street, Glen Waverley (Melways 71, D3). Meeting runs from 6.30 to 8.30 pm, on the first Tuesday each month. Meet and talk with other members from 6.00 pm. Kind Regards non recourse SMSF Trustees Australia (Melbourne East Group) News Sheet Issue No. 92 March 2012 Our Committee: Chairman and Editor: Viv Elliston (Ph (03) 9803 4319) Management and Committee: Geoff Eicke, Cyril Evans, Wolfgang Waffler, Viv Elliston Treasurer and Secretary: Wolfgang and Monika Waffler (Ph (03) 9762 7919) Using the right Terminology At our last meeting Max Newnham, well known author, tax consultant, and newspaper columnist, discussed SMSFs and Tax - with particular reference to the Tax-Free Component. It is always difficult for any speaker to know at what level to pitch the discussion. Some listeners may find the material too basic, while others may have difficulty understanding the discussion. Having some knowledge of the rules helps but there is another aspect that is even more fundamental and important and that is: understanding the terminology. Unless you clearly understand the terms used it can be difficult to follow the discussion - so it is very important to equip yourself with some basic foundations. It is important to be precise when using terms, as there are similar sounding expressions which mean entirely different things. Being a bit loose about the use of words can result in misinterpretation, and incorrect conclusions. We use expressions such as "Tax-Free", and "Untaxed" which have entirely different meanings, but which are sometimes interchanged in discussion. Another parallel set is "Taxable", and "Taxed". Fortunately there are not many of these frequently used similar terms, so learning them is fairly easy. Over coming months we will cover some of the more important and more commonly used terminology, and discuss the rules relating to them. Geoff has kindly offered to make a start this month. He will look at some of the main tax terms you may encounter, inside and outside Super - and outline what they refer to, and how they are applied. Financial Measures, and Analyzing a Company for Investment Time did not permit coverage of these topics by Cyril at our last meeting, however they will be given priority this time. A quick read of "Further thoughts on Investment Research" from our last News Sheet will provide an introduction to these presentations. Thanks again Cyril for offering to run these discussions for us. Getting the Best from Our Group The main purpose of our group is to share information and ideas, and to continue to develop the knowledge and skills of our members especially those in the earlier stages of learning, to run their Funds. But of course, we also need to be able to discuss more advanced issues so that our more experienced members can continue to get value from the group. I suspect that many new members may at times be daunted by some of the material we cover. It would be a pity if these members were discouraged by discussion that they could not follow, and decided that our group is too advanced for them. I would encourage anyone in this situation to persevere, and to ask questions, or comment if they are finding the information too advanced. In the past we have run special sessions aimed at helping those in the earlier stages, with more fundamental information. And we would be prepared to run such special sessions again if the demand is there. During the year we will endeavor to run discussions to benefit members at all levels. We rely on you to let us know what topics you would like to have discussed. And, we would also encourage members with knowledge or experience in a particular area to share it with the group either by comment from the floor, or via a presentation. It does not need to be a long discussion even a brief ten minute session on a specific topic can add great value. Rates and Thresholds Perhaps you are not completely sure what the minimum pension rate is for the 2011 2012 financial year or maybe you are not sure whether it has been reduced, as it was over previous years. The rate also changes with age, and you may be uncertain whether this aspect might effect you this year. The last thing you want is to fall below the minimum payment requirements, and for your pension account to lose it's tax free status. But, where can you source information that you can rely on. You could just Google the question, and hope to find a reliable source and you would probably be successful. Alternatively you could simply check the ATO website. Just for the exercise, try the following: 1. Google ATO, and click on the ATO website. 2. When it opens, click on the "Super Funds" tab from the selections across the top of the screen. 3. Then click "Self-managed Super Funds" from the choices at the left. 4. This will open up some sub headings click on "Find a Rate or Form". 5. A box will appear Click on "Key Super Rates & Thresholds". 6. When the document opens, use the Table of Contents at the right to access the information you are after - and explore the document further to see what else it has to offer. 7. Always remember to check the "Last modified" date, at the bottom of a document, just to make sure it is current information. In this case it was last modified on the 24th Feb 2012. This is one of a number of a very useful reference documents for SMSF Trustees. It is updated regularly, and can be saved to a folder on your PC for easy future reference but don't forget to keep it up to date. It has never been easier for trustees to get reliable information for the management of their funds. However, it is also easy to forget where you found such information, especially if you are only looking for it a few times a year. So keeping a small file to record the sources of key information is good practice, and may save you a lot of time and frustration in the future. While you are looking at this section of the ATO website, do some exploring you are sure to find similar documents that will be useful to you, for the running of your fund. And why not share some of your findings with other members, by mentioning them at meetings during our "Open Discussion" Segment. Main Agenda Items for Coming Meeting 1. Open Forum 2. Some further Financial Measures for Investors Cyril Evans 3. Clarifying some Important Tax Terms Geoff Eicke 4. Analysing a Company for Investment Cyril Evans 5. A look at some SMSF Statistics Geoff Eicke Some Items for Following Meetings - PE, PEG Verses Other Approaches Viv and Geoff - Further information on Estate Planning Meeting Time and Venue Neighbourhood House, 6 Mount Street, Glen Waverley (Melways 71, D3). Meeting runs from 6.30 to 8.30 pm, on the first Tuesday each month. Meet and talk with other members from 6.00 pm. I look forward to seeing you at our next meeting Viv Elliston Disclaimer. Information contained in this News Sheet and presented at meetings of SMSF Trustees Australia group is not intended as advice. Before making any decision that may effect your current or future position, you should ensure that you make appropriate independent enquiries.
Just got back from those meetup. Over 80 people in attendance. Let's just say I was in the youngest 5% in the room. Looks like a great resource. Lotsa people been there and done that. At least 5 stackers there.
Couldn't make it tonight, but plan to get to future meets. Could you give us a brief brief summary of what was discussed? Ta
Couldn't make it also....but definitely will be there next month now that I'm on the mailing list.....Thanks again nonrecourse, for that info.
I was there but late. Not the best meeting but again learned something about SMSF in pension mode (not there yet) that I was unaware of. I thought once you were 65 was tax free but seems there is a ceiling 1.2 million lump sum per person per annum awww greedy government bastards:lol:
Its that time of the month again ; Tomorrow the SMSF Trustees interest group be there or look forward to a retirement on dog food. I will be there on time this month if anyone wants to have a chinwag Main Agenda Items for Coming Meeting 1. Open Forum 2. Understanding Investment Risk - Geoff Eicke 3. Tax Returns and other Essential Financial Documents Viv Elliston 4. Investing in times of Rapid Change Geoff Eicke Some Items for Following Meetings - PE, PEG Verses Other Approaches Viv and Geoff - Further information on Estate Planning Meeting Time and Venue Neighbourhood House, 6 Mount Street, Glen Waverley (Melways 71, D3). Meeting runs from 6.30 to 8.30 pm, on the first Tuesday each month. Meet and talk with other members from 6.00 pm. I look forward to seeing you at our next meeting Kind Regards non recourse
If it s still going please let me know....i'm around the corner from the previous meeting address. Cheers, Ivan
