In this episode of the SMSF Experts Podcast, Shelley chats with Andy Forbes, CTO at SuperConcepts, to demystify the role of Artificial Intelligence (AI) in the SMSF industry. They discuss the impact of AI on jobs, its capability to automate mundane tasks, and the potential to revolutionise SMSF administration. Andy also shares insights into the technical aspects of AI, security measures to safeguard client data, and the challenges of implementing effective SMSF software solutions. This episode is a must-listen for anyone interested in the intersection of technology and financial services.

(03:57) The Intersection of AI and SMSF Administration

(06:19) AI's Impact on Employment and Future Work

(07:25) The Future of Coding in an AI-Driven World

(13:45) Navigating AI's Limitations and Best Practices

(23:10) Understanding Client Requests and AI's Role

(23:31) Challenges and Limitations of AI

(24:34) Security in Software Systems

(25:12) Importance of External Audits and Certifications

(26:31) Client Data Security and Privacy

(27:59) Credential Stuffing Attack and Client Education

(32:43) Handling Underpaid Pensions with SMSF Software

(35:47) Balancing Automation and Human Expertise

(41:44) Future Trends in SMSF Software Development

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In this episode of the SMSF Experts Podcast, Shelley breaks down the often-overlooked issue of underpaying a pension in self-managed super funds. While it may seem minor, failing to meet pension payment requirements can lead to serious compliance and financial consequences.

To help unpack this complex topic, Shelley is joined by Peter Crump, Senior Consultant in Private Wealth at BDO Adelaide. With over 35 years of experience advising the SMSF sector and high-net-worth clients, Peter brings deep insight into the evolving regulatory landscape and the significant changes recently introduced around pension underpayments.

Together, they explore the rules that govern pensions, why even small errors matter, and what trustees need to do to stay compliant in light of the new rules.

[03:45] – What is a Pension in an SMSF?

[06:00] – Minimum Pension Standards & Why They Matter

[08:00] – Consequences of Underpayment

[10:30] – Taxable vs Tax-Free Components

[12:00] – Are Payments Still Valid if You Miss the Minimum?

[13:45] – Why Underpayments Happen

[15:15] – Direct Debits & Best Practices

[17:00] – ATO Relief: The 1/12 Rule

[20:00] – ATO Discretion & Trustee Mistakes

[23:00] – Upcoming Rule Changes in 2025

[26:30] – Timing & Repercussions of the New Rules

[30:00] – Backdating & Legal Risks

[32:00] – Auto-Correction Clauses: Useful or Risky?

[35:00] – Administrative Challenges for Accountants

[38:30] – Software, Tagging & Reporting

[40:00] – ATO’s Motivation for the Change

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In this episode of THE SMSF Experts, Shelley is joined by Bryce Figot, special counsel at DBA Lawyers, to discuss the significant impact of case law on SMSF trustees and compliance obligations. With over 21 years of experience in tax and superannuation, Bryce shares insights on landmark cases like Hill v. Zuda, Katz v. Grossman, and the consequences for SMSF professionals and auditors. Shelley and Bryce dive into how these legal precedents have shaped best practices, estate planning, and the nuances of trustee responsibilities within the SMSF industry.

(01:16 The Fascination with Self-Managed Super Funds
(02:20 Championing SMSF Auditors
(04:15 Case Law Impact on SMSFs: Hill vs. Zuda
(11:52 Katz vs. Grossman: Trustee Discretion and Family Disputes
(21:02 Aussiegolfa vs. Commissioner of Taxation
(21:43 The Sole Purpose Test and In-House Asset Rules
(25:42 Penalties and Compliance in SMSFs
(30:16 Auditors' Responsibilities and Landmark Cases
(34:34 The Melissa Caddick Case and Settlement Insights

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For more episodes and to sign up for the ASF Audits newsletter, please visit asfaudits.com.au