The SMSFA has renewed its call for a more equitable and less costly approach to the federal government’s proposed new tax on superannuation balances exceeding $3 million.
While much of investors’ attention is naturally aimed towards the impact on mortgage repayments, higher rates are opening massive opportunities for retirees in term deposits, bonds and lower-risk assets, says the director of a leading wealth management firm.
It’s not just SMSF trustees that may be caught under the tax alert issued last week in regards to property and arms’ length dealings, warns a specialist SMSF legal expert.