At Fitzpatricks Hope Island we help people get financially well organised. Our Private Client Service is traditionally provided to successful individuals and small to medium business owners. We become our clients personal CFO and project manage all of their professional advisors to ensure all are working effectively and efficiently with the client's life goals in mind.

We have a specialisation in Self Managed Superannuation Funds strategies and when a subject matter expert is required in this field this technical advice is provided by in house personnel.


Warrick Hanley

With over 13 years in the financial planning arena and 6 years specialising in advice to SMSF Trustees Warrick has extensive experience in providing advice to high-net-worth families. He is a regular presenter on SMSF topics to Trustees and delivers training sessions to Accountants, Lawyers and other Financial Planners on technical SMSF topics.

Warrick is a Certified Financial Planner, SMSF Specialist Advisor, Principal of the boutique financial planning firm Fitzpatricks Hope Island and founder of SMSF Education. He is actively involved in the SMSF sector, most recently as a Director of the Self Managed Superannuation Professionals Association of Australia, the peak body for SMSF professionals.

Warrick Hanley is an Authorised Representative and Fitzpatricks Hope Island Pty Ltd is a Corporate Authorised Representative of Fitzpatricks Dealer Group (AFSL 247429)

Fitzpatricks Hope Island

Phone. 07 5530 8099
Fax. 07 5530 8699
Email: Warrick.Hanley@fitz.com.au
Website: fitz.com.au

PO Box 589,
Sanctuary Cove Qld 4212

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LATEST NEWS FROM FITZPATRICKS

Friday, June 08, 2012

If you have plans to contribute a property in-specie to your SMSF prior to 30 June with a view of partially allocating some of that contribution to a member account this year and the balance to a reserve, be careful.

The ATO have the view as per NTLG Meeting in June with minutes about to be released, that any contribution needs to be treated as a whole when it comes to allocations.

Example:

  • Property worth $600k contributed in-specie in June 2012
  • $150k allocated to the member’s account in June 2012 and $450k allocated to an unallocated contribution account with a view to allocate to member account in July 2012.

ATO’s view is that under this scenario, Trustees will breach SIS Reg 7.04(3) as they have accepted a contribution in excess of the fund – being a capped contribution limit of $450k.  They also have the view that the Trustees breach SIS Reg. 7.08(2) which is that they must allocate the contribution to a member of the fund. In other words the contribution must be treated in its entirety.  Partial allocations cannot be done.

 
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Friday, June 01, 2012

With 30 June rapidly approaching, we are now in the zone for contribution reserves coming to life. Utilising these reserves at this time of year can be a valuable strategy if you have abnormal gains or higher than normal income this year, or incorrectly calculate your contributions for the year. 

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Monday, July 25, 2011

The new Draft Ruling from the ATO that will require a pension account to automatically revert back to the accumulation phase upon the death of a member is consistent with their poor policy on excess contributions. 

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