The 1 July 2017 changes have caused huge shifts in SMSF assets out of pension mode, and Labor’s proposed franking credit refunds policy is a further hit to self-funded retirees.
Cuffelinks has published 15 articles related to Labor’s proposed franking policy. In this compendium, each article is summarised and linked to, plus a ‘sample letter’ to his local member from an aggrieved retiree.
APRA and the ATO do not measure fund performance in the same way. The discrepancy can cause SMSF performance to appear worse than it actually is, and better collaboration between regulators is required.
The ATO has issued an update on illegal early release of super, when an SMSF is worth having, reporting obligations and trustee checklists. Make sure you stay on top of the rules.
Many people, especially SMSF trustees who expect to go on the age pension in future, remain confused about Labor’s proposed franking policy. These 10 emails confirm Labor’s position.
The Total Superannuation Balance is an important factor in changes to super and SMSF rules that took effect in the current financial year. Understanding the rules can maximise superannuation opportunities.
Although over one million Australians are trustees of SMSFs, ASIC reports that many do not have the expertise or time to take responsibility to manage their own superannuation.
The SMSF of a person who has lost mental capacity faces multiple risks including the fund’s control falling into wrong hands. These risks can be guarded against with a proper strategy in advance.
The $1.6 million Transfer Balance Cap (TBC) on pension accounts affects only capital balances. It’s not affected by income earned and pensions paid, and there are ways to maximise the remaining tax-free status.
A couple can benefit if the person running against the $1.6 million cap on super pension balances contributes to the spouse’s super. It’s worth checking the eligibility requirements and tax offsets.
Disability insurance can be either inside or outside of superannuation. There are premium, payout amount and tax consequences of those decisions that should be analysed to achieve the best cover.
SMSFs have long lagged institutional superannuation funds in allocating to global equities, but SMSFs trustees increasingly realise the best opportunities lie overseas, and they use managed funds as the vehicle.
A reader of Cuffelinks sent an email to the Shadow Treasurer complaining about the future loss of franking credit refunds. Here is Chris Bowen’s response and a firm stance on the policy.
With the maximum number of members in an SMSF likely to increase from four to six, weigh up the pros and cons when deciding if an increase is in the best interests of all members.