Tony skinner
Hi, and welcome to the podcast channel podcastmybusiness.com.au. And today we have a super guest. Luis from www.refreshsuper.com.au
Luis
Thanks tony Thanks for having me.
Tony skinner
Thank you like my joke?
Luis
Yes. It’s not unusual to admit it as a joke, but you get away with it. 
Tony skinner
You didn’t like it. You didn’t laugh.
Tony skinner
All right. So what we’re talking about today is SMSF or self managed super funds. That’s for people who don’t go into the industry or non industry super funds that most people get through their employers itself. So let’s just jump straight into it. What are the benefits of a self managed Superfund?
Luis
Yeah, so in terms of having a self managed Superfund I suppose it handy to think about in a way that it is still a Superfund, just like any other Superfund is out there. But the main difference is that you actually have the control of how you invest your superannuation assets. So you know, your cash, you go with the SMSF cash to buy into certain asset classes that really aren’t available to your ordinary industry funds. So I think the most beneficial thing about SMSF is your own design your own control into how you invest you’re super.
Tony skinner
Right. Okay, so that’s good, some ownership. Now. I think we need to start off and let’s do this about the regulatory requirements when investing. So do you have that handy? The statement so in terms of actual investing or what you’re allowed to invest your money into, or not
Tony skinner
Okay, so now Okay, what it is, is that this is financial advice that’s general in nature. It’s not meant to be advice for listeners as individuals you need to get advice yourself before you decide on whether to participate in any financial services
Luis
Good observation costs anything we do say is in general nature, I can actually find us feel like grayed out or I could probably come up with my own on the spot. Whichever one we use, suppose day, go for. Excellent. So well, as usual with any conversation that we have regarding superannuation. It is general in nature. So if there’s something that you ever wanted to seek advice around, or ask him some tailored advice around your circumstance, it’s always best to seek personal advice for your own situation before proceeding with any decision you make regarding your financial circumstances.
Tony skinner
Cool, great. Thanks very much. We’re out of time. done and dusted. Use that one all the time as well. So you get more control. And I mean, if you’re outside of a standard Superfund, I think there are some issues around risk and whatever. But anyway, we won’t get into that too much people need to think about it themselves. So can you buy a home, your own home with your SMSF?
Luis
So yeah, one of the common misconceptions with super is that it’s well, it’s all mine anyway. So I’m entitled to be able to use however I want to, and it’s to some extent, but there are certain no no’s with your own super. And you can’t obtain an early benefit prior to when you’re allowed to and that means when you’re retired, so your super can actually buy a home for you to live in. It’s it’s just it’s just deemed as a way of accessing or super prior to you being able to do so. So in a in a in a word. No, you’re not Not allowed to buy your own property and live in it was owned by a super fund.
Tony skinner
Okay, that’s a bit of a disappointment isn’t it? 
Luis
Yeah. Unfortunately, we can’t have our cake and eat it too as as the expression goes it is it certainly have lots of flexibility. But there are rules and regulations in place to say, Well, here’s your super purpose that super, it’s for you to enjoy in retirement. So if you’re enjoying it prior to retirement, then they say you can’t have it all. Always ways, if that makes sense.
Tony skinner
Right. Okay. So one of the benefits of coming across to you is that you are licensed and registered as a chartered accountant.
Luis
Yeah, well, I suppose early on in my career, I’ve had a bit of an accounting background, they in terms of, you know, General tax preparation for people, for businesses for BAM tests and whatnot. But then I’ve actually gone ahead and decided to start specialize in self managed superfunds, which a lot of accounts don’t make that choice I find. So I’ve gone through the path of becoming a chartered accountant becoming a tax agent. But then also making that conscious decision to be a specialist in my field just self managed Superfund. So it’s kind of the value I have to be able to add to someone else when they want to do in my business in terms of how I can help them with this SMSF
Tony skinner
Fantastic because there are lots of tax implications and good old rigmarole when those things you cant escape death and taxes.
Luis
That’s unfortunately, unfortunately, true. Yes, and especially so with self managed super funds and the rules and regulations. They actually can change quite frequently. The goalposts continually move and that’s part of the reason why a lot of accountants find it hard to keep up with it because they are just trying to keep up with all the So the accounting field that are out there to specialize in that when you have SMSF constantly moving and changing, you kind of need to dedicate some time and resources to learning it and stay sharp in that field. And so that’s kind of where I’ve high hope that I can be that person for someone who has the submissive to know that I’m part of the services that can make sure that it didnt come to that. Okay. Louis knows his stuff in that space.
Tony skinner
Excellent. Tell me a little bit more about your fixed price services.
Luis
Oh, yeah. So in terms of my fixed price service, and what I find them in the market is that, you know, there’s highs and lows and you do pay for what you get, of course, goes without saying but better times, but I find that for me, the way I provide certainty to someone who wants to sign up to my service is that is that is your fee, and here’s your fixed price agreement. And it won’t change from that. So essentially, what we do there then is we have a month to month, direct debit arrangement. corresponding to that fixed annual fee, essentially, it just avoid that bill shock of, well, you never know what you’re going to get every year from your accountant, what’s your, what’s going to be all that you don’t know, lastly of this much, we can predict that much past temps in a positive UI. For me, it’s like, well, now look, I’m going to be there for you all year round, to help you with your SMSF because it does deserve some attention all year round. It’s not a set and forget sort of process. And so what corresponds, of course, is then a month a month administration and a month a month fixed price fee to help you along with your SMSF journey. 
Tony skinner
Great, okay. And one of the things that I’ve been thinking about and what I’m going to do is that when the share price down and up like a yoyo at the moment, I’m actually going to tip more money into my super because I think was a lower risk way of taking advantage of the share market being down.
Luis
Yeah.
Luis
And that’s and that’s a great idea. I mean, anytime if you ask me is a good time to invest money into my super essentially you’re investing money into yourself for your retirement lifestyle in the future. So it is gonna be yours at the right time for you. But I think what’s what’s really important to understand is that incremental or, or steps towards your time by making regular contributions is probably the most beneficial way for you to actually go ahead and make take advantage of those times where the markets do go down. They will go up, but at the same time, you know, we don’t want to be withdrawing or 70 out of cash, those assets when they’ve gone down in value, which we’ve had between you know, February, March and April when the markets a bit crazy. Saying anytime is a good time to you know, make sure you’re looking after your contributions to Super because you want to have a retirement nest egg in retirement. And probably the best way to go about is in rate in a regular sort of fashion, to take advantage of those dips and downs, ups and downs and to your benefit to you benefit in the day, huh?
Tony skinner
That’s right now, what about those people who have been taking money out of their super because they’ve been allowed to do that? How many gray hairs is that giving you?
Luis
Oh, wow, this is a hot topic. i’ve had more conversations about withdrawing super then contribute to Super these past three or four months.
Luis
Yes, it has given me some gray hairs. You know, it’s not for anything else, any other reason because I want people to get the best out of the super. And you know, and make sure that it is beneficial for them for the long run. And, in my mind, you know, that measure introduced by the government was a good one in terms of good intent to help people during uncertain times to withdraw Suba to at least, you know, get them through this uncertain time of, you’re not sure what jobs are carried out, you’ve lost your job, and you need to help with your current day expenses. I get that. That’s that was what it’s designed for. But I’m just not entirely sure about people willy nilly withdrawing it, just because they can. It’s it only, it only happens your, you know, potential for your super to grow in future. And at the end of the day, the ACA and the government quite clever with data matching in terms of your withdraw money, but then nothing really changes with your taxable income in that he, they might ask you for a bit of a place to explain if they feel like they need to.
Tony skinner
Look, you know, I did my tax for last tax year I don’t I never rush it. There’s no priority. And yeah, you sit down with the accountant and they know more about what’s been happening with your finances than you do which capture an interest rate and which ones you didn’t, what accounts you have, what’s happening, what’s going on, and oh my god, and that’s because of the bloody data matching.
Luis
Yeah, well, that’s right. I mean, The data matching model or the data sharing between these institutions, it is day one, of course, to make things easier to make reports easier than keeping shoe box, you know, keeping all this data in place somehow manually to get the texture done. But at the same time, and the flipside is that it has become more live as in current data is being shared between the government and major institutions. So that, you know, in my mind, I mean, I know that the ATO will most probably show some leniency to people who Well, at that time they withdrew super, they really did not know what was going to happen. They were entitled to they were drugged to give them some comfort. Okay, now, there’s a lot of leniency there. They’ll probably you know, not do anything to actually make you repay I doubt I doubt that make it repay it. But, you know, if if your lifestyle hasn’t changed, and your income is still exactly the same Then I can’t help but think for what will How will the ATO handle these types of situations but bearing in mind, the ATO have a lot of applications to go through.
Luis
From that where you will lose a lot of $50 billion of cash is being drawn. That’s a million applications, its a lot
Tony skinner
that’s the same with job keeper and all these other things that the government’s generously done. You know, they can’t keep up with everything. So if you’ve been lucky enough, have some people to gain from that, then. Yeah, I don’t think they’re going to be terrified at the moment. The government wants to get as much money into the economy as I can.
Luis 
Of course, it’s certainly not to say that, you know, all gloves are off, you can go for it, but there’s certainly you know, there’s there’s a certain amount of compliance activity they can take and as long as you’re within the ball park of needing that super because there was uncertain times we did maybe lose a job temporarily. It’s only within the ballpark of what they want you to behave in. There’s usually never a problem. It’s only a few fraudulent or deliberate in your attempt to exit for no real reason this way. You just need to take caution. take careful steps in making that decision to withdraw super. But yes, I think I’ve had I think I’ve grown an extra gray here now just talking about it again.
Tony skinner
Alright, happy to help.
Luis
Thank you.
Tony skinner
All right. No worries, Luis. Okay. Well, look, I’ve got a bit more of an understanding of SMSF self managed Superfund. And if people want to know more, they can go to refreshsuper.com.au You have luckily or greatly have a make a booking there will be we’re going to make a booking and have a chat to you
Luis
absolutely welcome anyone who wants to have a chat about their super and help them just to clarify some of that regulation. that’s out there more than happy to help.
Tony skinner
Great. Thanks, Louis. That would be super.
Luis
Exactly right. Thanks Tony, I’ll let you get away with it again. Thank you.
