Megan Kelly is experienced in Self Managed Super Funds (SMSFs), skilled in providing both accounting and strategic advice solutions for clients. Working closely with business owners to include superannuation in their overall financial plan, is a key value for Kelly. Her passion is in assisting clients to take control of their future, through supporting them make decisions in relation to their SMSF and their retirement. Megan regularly provides advice in relation to investment structuring, SIS compliance, pension and retirement planning. Megan has also provided specialist support in relation to estate planning, family law disputes and compliance issues. She is a member of the SMSF Association Queensland Community, and a valued member of the network of SMSF specialists.
We had the pleasure of sitting down with Megan recently to discuss key challenges and opportunities facing the industry today.
You can find the full Q&A below and you can hear more from Megan at the SMSF Symposium seminar, being held on Friday 22 June at the Mercure Hotel Brisbane, Brisbane.
Can you tell us a little bit about yourself (experience, your company, expertise, etc)?
As director of superannuation at businessDEPOT and DEPOTsuperannuation, I am passionate about helping people take control of their future. Through my 15 years’ experience in the specialist field of self-managed super, I have found a niche in supporting small business owners with running their SMSFs.
I’ve seen many changes in the field of superannuation, and I enjoy helping my clients navigate these changes to get the best outcome for their retirement. There are many areas that I work with clients on, such as retirement planning, investment structuring, SIS compliance, and general strategic advice. But my passion is in giving the clients a holistic experience, where we can work with their business advisers to consider how their super works in with their business and personal finances, as well as their overall estate planning and personal goals.
What are some of the challenges facing practitioners in taxation and compliance of SMSFs?
I think some of the biggest challenges we are facing in taxation and compliance of SMSFs is that there is really no longer the “general advice” strategies. With the recent legislation changes you really need to be all over your clients situation and that isn’t always easy to be, as many client’s aren’t even on top of their own affairs.
What are the common mistakes accounting and legal practitioners usually make when they work in this area?
I think the most common mistake that accountants make is that they don’t ask their clients “Why” enough. They are often keen to solve their clients issues, but sometimes needs to step back and ask why is that an issue, and is there a better way to problem solve this that better suits that individual client’s overall circumstance.
What are some of the big trends and developments you see ahead for the area?
There is going to be a much closer relationships between the accountant and financial adviser, or even more advisers that have become a hybrid of the two. I see the SMSF space becoming a really specialist niche that doesn’t quite fit into accounting but also doesn’t fit into the traditional financial adviser space either. I think it will be interesting to see where this ends up.
Your topics focuses on ‘SMSF Contributions: It’s all About the Timing’. Why is it important for practitioners to attend your session?
My topic at the upcoming Legalwise seminar is all about contributions. The planning that we put into providing contribution advice is going to be much more detailed than ever before, and I’m going to talk about some ideas I have around how to the make the most of your clients contribution strategy.
What do you see as some of the key takeaways and benefits for practitioners for their practice from attending your session?
I hope the practitioners that attend my session take away some really practical tips that they can take back and use to provide better advice to their clients.
You can hear more from Megan at the SMSF Symposium seminar, being held on Friday 22 June at the Mercure Hotel Brisbane, Brisbane.