Despite the confusing and technical nature of the CGT relief rules, it’s important for SMSF trustees and advisers to consider their implications as decisions need to be made prior to 1 July 2017.
Unless all members of an SMSF or SAF are of the same age and have the same retirement goals, the new super rules look like complicating tax payments when one member is in pension and the other accumulation.
ASFA chief calls on baby boomers to redefine retirement, doubts fintech will disrupt, loathes dinner party freakonomics, believes brands work and wants a market full of fresh ideas not policy tinkering.
The increasing complexity of super would leave the fathers of Australia’s system wondering what has happened to their brainchild. Advisers and clients are struggling with the complexity before the looming deadlines.
In light of the coming superannuation changes, advisers are considering alternative opportunities to retain some of the benefits, although each should be carefully checked.
There is much industry debate on the minimum size to make an SMSF worthwhile, and the range of costs can add up. A recent study of SMSF performance highlights the difference size can make.
Monica answers questions on her article on the $1.6 million cap. As she will be unable to answer more questions directly for a while, consider registering for her upcoming webinar.
The ATO’s annual statistics on superannuation assets shows that SMSFs continue to grow but not as quickly as institutional funds, as the older age demographics of SMSF retirees made less net contributions.
SMSF trustees and other people with large super balances should realise there are two applications of the $1.6 million transfer balance cap, and final opportunities to grow retirement savings in the most tax-effective way.
Regardless of why an SMSF needs winding up, certain steps must be followed to do it correctly. This list will help SMSFs trustees stay on the right side of the law and allow for a smoother audit process.
The advantages of using re-contributions to minimise taxable components within super will dry up after 1 July 2017, but those in a position to make the most of it now, should consider seeking advice and doing so.
Four questions every SMSF member with large balances should be asking in the run up to 30 June 2017. There’s enough here to warn not to leave understanding the rules until the last minute.
When an SMSF member becomes a disqualified person, it’s time to act. The law allows a window of only six months for the SMSF to address the issue and become compliant again, but it’s rarely an easy process.