Bewerbung » elf managed super funds Parkville to plan carefully

To make matters worse Cheap NFL Jerseys Free Shipping , the longer a CGT liable asset has been held the greater the tax because it is calculated on the original purchase date of the asset, not the date of death. And to make matters even worse, the ATO is attempting to apply the ruling retrospectively to 2007.


What steps can a SMSF member take to protect their benefits?


Protect the tax benefits for the beneficiaries: the draft ruling reinforces a need for those with a SMSF that pays a pension to ensure that Cheap NFL Jerseys Wholesale , where possible, their super can go to their spouse or other eligible beneficiary in the form of a pension where investment earnings will continue to be exempt from tax. Set up an estate plan that ensures this happens relatively quickly and minimises taxable income between death and the commencement of the pension.


Refresh the cost base: consider selling assets that have built up a big unrealised capital gain while they are still in the pension account. Refreshing the cost base is the most effective strategy trustees have at their disposal to reduce the impact of the death benefits tax. These assets can then be replaced with new purchases. Set the period between sale and new buy, and the choice of replacement investment carefully 鈥?as far as the ATO is concerned Cheap NFL Jerseys From China , selling a rental property one month and buying the same one back the next would be considered a wash sale rather than a rebalancing strategy.


Strengthen administrative systems: for example, ensure the minimum pension payment required under the SIS Regulations is made each year in order to avoid a pension being treated as having ceased; implement a Binding Death Benefit Nomination to remove any uncertainty about which intended beneficiary receives what portion of the estate; obtain regular reports on CGT liability.


The ruling highlights the importance for trustees of Self managed super funds Parkville to plan carefully before the commencement of a pension so as to reduce the effect of potential CGT and ensure the member arrangements, and using expert advice on how to do so Cheap NFL Jerseys China , if they are to reap the benefits of their SMSF.




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