Over 80 attendees gained a great insight into the opportunities available in Self Managed Super funds, when Merideon hosted its first SMSF Success seminar.

Merideon hosted Grant Abbott at an exclusive breakfast seminar on February 17th, 2012. Grant is Chairman of the Australian SMSF Members Association (ASMA), Australia's leading SMSF presenter, author and lawyer. He regularly consults to the ATO, speaks on Sky News and has trained thousands of SMSF advisers and trustees.

Introducing Grant was Merideon's Principal and SMSF Specialist adviser, Mark Rattigan, who explained how many SMSF trustees are not taking full advantage of the opportunities in their Self Managed Superannuation. Mark identified Top 5 areas that SMSF trustees could improve to maximise the benefits of their funds.

Grant then presented his Top 6 SMSF strategies for 2012 and had the packed room inspired to make the most of the "legal, onshore tax haven" that they operated. Some of the strategies included NRAS property strategies in SMSF, utilising Reserves, building a long term Family Super Fund, Limited Recourse Borrowing arrangements and SMSF Wills and estate planning.

The feedback from the event was fantastic and we look forward to hosting another event in the future. For more information on coming events, register for our e-newsletter.

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According to the Australian Bureau of Statistics report: Characteristics of Small Business Operators, there are 1.6 million small business operators in Australia and of these, more than one third are aged over 501. This means that more than half a million small business owners could retire before 2025.

For some, the family business will become a legacy and be handed down to the next generation, but one leading Australian succession planner believes that more than half of all small business owners in Australia plan to use their business as the primary source of funding for their retirement².

This means the business must be sold, but who will buy it? Is there a group of competent employees to take over through a management buyout, or does it have to be sold to strangers or even business competitors? And how can the company be internally structured to maximise proceeds from the sale while minimising taxes?

Australian Tax Office research shows that around 60 per cent of businesses do not have a succession plan in place³, so while many small business owners will have thought about this issue, others may be deferring key decisions until it is almost too late to make the most of what is usually a once-in-a-lifetime opportunity.

Step 1: The succession plan

The first step is usually to decide what your preferred succession option is – hand the business down within the family, sell to

current partners and senior employees, or sell to a third party? Each of these choices then leads to more options.

Most families run a tight ship when it comes to finances. There’s money for the mortgage, the utilities, the school fees, child care, general living expenses and perhaps a holiday most years. But what happens if the ship hits some stormy weather?

That storm can be triggered not only by losing your job or becoming sick, but also if someone in your family requires extensive medical care.

In a perfect world, no child would be ill but sadly that is not the case. For instance, each year approximately 600 Australian children are diagnosed with cancer¹. Each year there are also around 1,000 spinal cord injuries to children, 544,000 children are admitted to casualty, and 200,000 children become critically ill².

Figures from the Australian Bureau of Statistics (ABS) indicate that 8 per cent of children aged 15 or under will suffer some type of disability³. The ABS defines this as the presence of any limitation, restriction or impairment which has lasted for at least six months and restricts everyday activities.

Additional Financial Burden

Sick children need a lot of care and attention, and the family may be placed under additional financial pressures. This can prove difficult to deal with, especially if you have other children to care for. Aside from the emotional turmoil and feelings of helplessness, you still need to find time to look after the rest of the family.

After months of meetings, we appear to be no closer to a clear solution for Europe’s debt problems. The hard reality is that there isn’t one. In this Point Of View, AXA Chief Investment Officer, Mark Dutton looks at some of the potential implications for investors as the world goes through painful adjustments.

It's a case of two steps forward, one step back.

Many investors seem to believe that if European leaders get their act together, the world's economic problems can be solved quickly.

It is clear that a solid plan is needed, otherwise conditions will deteriorate further. Therefore it is right for markets to be concerned that political leaders seem unable to agree on a plan. But it is not realistic to expect that any such plan will provide an instant solution. There is unlikely to be a specific point at which we can say the problems are ‘fixed'.

Climbing out of the slump was always going to be a very difficult and lengthy process. Progress has been made on a number of fronts, but investors need to adjust to the prospect that the process will include some failures as well as successes.

The priorities over recent months were never about the permanent fix. The key focus has been on containment: measures that will stabilise the system, ring fence the problems in Greece, and avoid an uncontrolled spread to other vulnerable economies.

Markets initially experienced a relief rally in October as new measures were agreed. Over the space of a few days, the global sharemarket rose by 14 per cent, the US market 17 per cent and the Australian market by 12 per cent. In the case of the US, these were the strongest October gains since the early 1960s.