On Wednesday, 14th August 2024, the Australian Arab Business Council hosted an enlightening evening at La Castelle, Bankstown, focusing on the essentials and strategic management of Self Managed Superannuation Funds (SMSFs). The event, running from 7:00 pm to around 9:30 pm, provided invaluable insights to attendees eager to optimise their SMSF management and ensure compliance with ever-evolving regulatory requirements.
The evening’s agenda was packed with informative sessions designed to break down the complexities of SMSFs. Attendees were guided through the fundamental principles of setting up and managing an SMSF, with a strong emphasis on the importance of obtaining a statement of advice to meet compliance obligations. The session also covered the critical role of trustees in managing these funds, highlighting the responsibilities and potential implications of this position.
One of the key discussions revolved around the necessity of having a robust investment strategy and exit strategy, particularly in the context of Limited Recourse Borrowing Arrangements (LRBAs). The speakers underscored that many lenders require these strategies as part of their lending criteria, making it essential for SMSF trustees to be well-prepared.
Moreover, the incorporation of personal insurance within the investment strategy was highlighted as a prudent approach to safeguarding one’s financial future. This holistic view of SMSF management ensured that participants left with a well-rounded understanding of the various components that contribute to successful SMSF management.
The evening featured two distinguished speakers, each bringing a wealth of experience and knowledge to the table. Farid L. Zaki FIPA, FNTAA, JP, Senior Accountant and Tax Agent at ATP Accounting and Taxation Professionals, captivated the audience with his extensive experience spanning over 30 years. Farid’s passion for helping clients grow their businesses, maximise profits, manage cash flow, and protect assets was evident throughout his presentation. His positive outlook and deep involvement in various business chambers and networks added a unique dimension to his insights on SMSF management.
Stephan Marianne CFP®, JP, Senior Financial Planner at Iconic Wealth Advisory Services, shared his journey in the financial planning industry, which began in 2006. Stephan’s expertise in growing a successful financial planning business, later acquired by a top ASX 120 organisation, resonated with the audience. His presentation emphasised the critical importance of strategic planning and the need to adapt to the changing landscape of financial services.
The Australian Arab Business Council’s event on SMSFs was a resounding success, offering attendees practical tools and knowledge to kickstart or refine their SMSF journey. With expert guidance from Farid Zaki and Stephan Marianne, participants left equipped with the confidence to manage their funds effectively, ensuring compliance and long-term financial security.
As SMSFs continue to grow in popularity, such informative sessions are crucial in empowering individuals to take control of their financial future. The Australian Arab Business Council remains committed to providing its members with the resources and support needed to navigate the complexities of the financial world.
