There are very few restrictions on who can become a member of an SMSF, but there are conditions with which members must comply when they are in a fund, a specialist adviser said.
Mitigating the impact of death benefit tax can be supported by ensuring the SMSF deed allows for the transfer of assets out of the fund in a timely manner, a legal specialist said.
SMSFs that hold farms or small businesses should do a “stress test” on their funds in preparation for the Division 296 tax, a leading adviser has said.