SMSF practitioners should view the pending Division 296 tax as rolling out in two stages, leading to two similar but different sets of rules in its first few years of operation, an SMSF sector specialist has noted.
Inflows to SMSFs have almost quadrupled over the past five years and experts warn this trend warrants monitoring as it may signal shifting member preferences toward greater control.
It’s vital to know what is and what is not a death benefit pension because the consequences of not paying the minimum pension payment on the wrong one could have dire consequences, a leading adviser said.
Tensions in the Middle East have rattled global markets. Both equities and bonds have experienced losses amid great uncertainty, and oil prices have spiked, creating a challenging dynamic.
Super used to be clearly the “best” option due to low tax rates but the increasing complexity of things like Division 296 tax, compliance risk, and death benefits tax is narrowing that advantage, a top specialist said.