RSM Australia

Our People

Katie Timms
Partner - Perth

Biography

Katie has been with RSM since 2005 and was appointed Partner in 2015.

She specialises in superannuation and has significant experience in all areas of SMSFs, including administration and compliance, asset acquisition, tax-saving strategies, structural assistance, and estate planning.

A regular day for Katie ranges from helping farmers transfer property out of super to the next generation to advising company directors on how their SMSF interacts with their employee share scheme.

“I love being able to work with my clients to support them during difficult times - whether it is estate matters, loss of capacity, or family law issues. Building trust and long-term relationships mean you can really make a difference.”

 

Katie provides advice and assistance to trustees, accountants, and financial advisers. She also heads up the national RSM Superannuation committee.

On the weekends Katie likes to keep her body and mind active. She loves playing competitive roller derby and reading anything she can get her hands on, including her all-time favourite, Harry Potter!

Katie Timms is a Partner of RSM Australia Partners and a Director of RSM Australia Pty Ltd.  basic_illustrations-innovation.png

Solutions Katie provides

  • Self-managed superannuation fund compliance and audit 
  • Self-managed superannuation fund set up and administration
  • Pension and tax strategies
  • Asset acquisition and structuring advice
  • Rural and farming succession, using self-managed superannuation

Significant projects

  • Provides regular technical updates for the Institute of Public Accountants
  • Presented for the Tax Institute of Australia, Legalwise, and TV Ed
  • Published in the Australian Financial Review, the West Australian and Farm Weekly

Professional associations

  • Member, CPA Australia
  • Certified specialist adviser, SMSF Association

Qualifications

  • Bachelor of Business - Accounting & Public Practice (Edith Cowan University)
  • Certified Practising Accountant (CPA)
  • Diploma of Financial Services (superannuation) 
  • Diploma of Financial Services (self-managed superannuation)
Publications

The Power of Farmland in Superannuation

14 August 2020
Acquiring, farmland inside a Self Managed Superannuation Fund (SMSF) that can then be leased to a related party is popular strategies for farmers to help build their wealth for retirement. Make this a stress free transaction by considering the following issues: Arms-length transaction requirements Leasing farmland to a related party...

Superannuation Amendments for JobKeeper Payments

4 June 2020
Welcome news has finally arrived for employers with confirmation that the proposed amendments to the superannuation guarantee rule in relation to JobKeeper top-up payments have been registered. This should now provide employers certainty on their superannuation guarantee obligations for the June quarter. Initial information provided by Treasury ...

Top 5 issues with SMSFs and Family Law

25 May 2020
Superannuation and SMSFs are becoming increasingly complex, especially in a family law situation. Tax issues, valuation traps and managing pension and asset transfer strategies all arise when considering superannuation in a financial settlement. COVID-19 has created further complications with uncertainties around values, cash flow and liquidity...

Accessing Superannuation: The practicalities

9 April 2020
One of the early announcements from the Government in response to COVID-19 was to allow certain individuals limited access to their superannuation. This was a welcome announcement for many in the early days, but the details of how this could be accessed and when it would be available remained unclear. With further information being released, the wh...

Self-managed superannuation funds (SMSFs) and related party rent relief

31 March 2020
Economic relief continues to roll out for those impacted by COVID-19, with the ATO confirming over the weekend that they will not take compliance action for SMSFs that offer rent reductions to related party lessees. This long-awaited update provides welcome news for SMSFs, who were faced with the difficult position of being able to offer r...

Family Law Property Settlements – potential impact of COVID-19

30 March 2020
Valuations for Family Law property settlements. Valuations are prepared as at a specific date based on circumstances and financial information known at that point, so it’s possible that valuations prepared a month ago or more may no longer be relevant - particularly for sectors which have been impacted more severely than others by COVID-19 (...

Self-Managed Superannuation Funds and loan relief

26 March 2020
With the financial impacts of the COVID-19 pandemic increasing, many are looking for loan relief in an attempt to manage cashflow. Self-Managed Superannuation Funds (SMSFs), with the ability to borrow using a limited recourse borrowing arrangement either through a bank or a related party, are certainly not exempt from this.   While ...

Superannuation-related stimulus measures

23 March 2020
The second government stimulus package has included some measures specifically aimed at superannuation. Minimum pension withdrawals  Minimum account-based pension withdrawals will be reduced by 50% for the 2020 and 2021 financial years.  A similar measure was introduced during the global financial crisis. The measure is aimed at ...

Super members and trustees - are you ready for 30 June 2018?

14 June 2018
With the new financial year almost upon us, are you ready for it?  Self-managed superannuation fund (SMSF) trustees have some critical reporting dates coming up. The first of these occurs on 30 June 2018 and thereafter quarterly reporting kicks in.  Superannuation Contribution Changes 2017-2018  With the new financial year al...

ATO's final position on SMSF pension reporting requirements

9 November 2017
With the introduction of the new $1.6m Transfer Balance Cap or limit on pensions, from 1 July 2017, the ATO and self-managed superannuation fund (SMSF) industry have been in discussions about the reporting requirements to the ATO. The ATO announced this morning that SMSFs with a member who has a total superannuation balance of greater than ...

Downsizer contributions

10 August 2017
The 2017 federal budget was a quiet one for superannuation with no substantial reforms or tinkering with the system. One reform announced was the ability for amounts to be contributed to superannuation over and above the current limits where individuals are downsizing their primary residence.  Following budget announcement draft legislat...

Choosing capital gains tax relief

10 August 2017
A key component of the Fairer Super reforms is the ability for superannuation funds impacted by the reforms to revalue their assets to their current market value for taxation purposes. For many superannuation funds, this provides an opportunity to lock in capital gains made on assets to 30 June as tax free gains. The increase in value from the e...

Transfer balance cap reporting

10 August 2017
The introduction of the $1.6m cap on pension accounts will result in additional reporting requirements to the ATO by SMSF trustees.  All SMSF’s that are paying retirement pensions to their members will be required to report these to the ATO, even if the total balance of the members pension is less than $1.6m. All pensions that are paid...

Superannuation Changes - Your questions and our answers | Part 2

2 March 2017
Following on from Part one of Superannuation Changes -  Your questions and our answers, below we explore some other key questions regarding Capital Gains Tax Relief, Estate Planning and Contribution Issues.   View Part 1 of Superannuation Changes. Part 2: Other key areas Capital Gains Tax Relief 1. Do I need to sell...

Superannuation Changes - Your questions and our answers | Part 1

2 March 2017
Below we explore some of the most common questions our team has been asked about the upcoming changes. Part one hones in on concerns around the Transfer Balance Caps. Part Two examines other key areas. Part 1: The Transfer Balance Cap – seven areas you need to understand 1. I have more than $1.6m in my pension, do I need to take the amou...

The five new rules of super

6 December 2016
Following extensive debate and conjecture, the 2016 Budget announcements making widespread changes to the superannuation system have been passed. Learn more about the five new super rules...

Are you SuperStream compliant?

26 May 2016
The SuperStream standard is part of the government’s Super Reform package.  It will provide a consistent, reliable electronic method of transacting linked data and payments for superannuation.

Budget 2016 for Superannuation

4 May 2016
The Government took a hard, and potentially unpopular line on superannuation tax concessions in the 2016/17 Budget, with changes including: The introduction of a $1.6 million pension cap; Reduction in the concessional contribution cap PLUS more income earners captured under the ‘higher income earners contribution tax’; The introductio...

Budget 2016 - Summary of tax rates and thresholds for individuals

4 May 2016
Resident taxpayers The current 2015/16 tax rates (including the 2% temporary budget deficit levy, but excluding the 2% Medicare levy) are: 2015/16 Income Year Taxable Income $ Tax Payable $ 0 – 18,200 Nil 18,201 – 37,000 ...

Budget 2016 for Individuals

3 May 2016
Key announcements There are very few Budget measures impacting on personal income taxes for individual taxpayers and families.  The key change for individuals is an increase to the threshold at which the 37% marginal tax rate for individuals commences. The low-income threshold for the Medicare levy and surcharge will also increase from...

Future of Financial Advice (FOFA) reform

9 March 2016
For accountants working in the superannuation space, 1 July 2016 represents the beginning of a brave new day for the profession. No longer will accountants be able to rely on the accountants’ exemption allowing them to recommend setting up or winding up a self-managed superannuation fund without a financial services licence.  ASIC’s co...

2015-16 budget for superannuation

12 May 2015
Contrary to the announcements made by the Labor Party in April, the government confirmed in the Federal Budget that no tax changes will be made to superannuation this year. The Opposition proposed cutting the current tax free status available to retirees on superannuation earnings to introduce a tax of 15% on earnings over $75,001. The proposals...
Events

2016 Federal Budget Update - Perth

4 May 2016, 5.30 - 7.30pm
For many, the 2016 Budget is one of the most anticipated in some time. Changes to government, a slowing economy and non-stop tax rumours have resulted in uncertainty about what may be coming. Media and business commentators have predicted changes to the tax system, including superannuation, will result from the 2016-17 Federal Budget. How will...

Year End Planning - Perth

21 June 2016, 5.30 to 7.00pm
As the end of the year approaches, it is time to review what needs to be done before the year ticks over. ATO penalties, market value rules and pension requirements are just a few of the things we need to be wary of. But what else do we need to be aware of? And what impact might the proposed budget changes have? Join the RSM Superannuation Speci...

Superannuation Reforms Recap - Perth

Wednesday 18 April 2018, 5:30pm to 7:00pm
Since the 2016 Federal Budget, SMSFs have been in a scramble to understand and implement the changes that have come into play. With the beginning of the new reporting system for SMSFs kicking off on 30 June 2018, there has never been a better time to recap exactly where we ended up on the new super rules, and where we might be heading in the fut...

EOFY SMSF Requirements and Updates

Tuesday, 16 June I 1:00pm - 2:00pm EST / 11:00am - 12:00pm WST
As the financial year draws to a close in a year filled with turmoil, it is important that SMSF trustees remain aware of a number of matters important to year-end. You are invited to join Katie Timms for an end of financial year review of the SMSF requirements for year-end and changes due to the COVID economy we are in. Timing of contribu...

Superannuation, SMSFs and Family Law Webinar

Thursday, 28 May 2020 | 3.00pm - 4.00pm AEST
You are invited to join RSM’s Katie Timms for a review of the common issues to consider when dealing with superannuation, SMSFs and family law. Superannuation & SMSFs are becoming increasingly complex, especially in a family law situation. Tax issues, valuation traps and managing pension and asset transfer strategies all arise when con...