The ATO has warned consumers, financial advisers and health practitioners it is aware of dishonest practices being used to access superannuation early for non-critical medical procedures.
SMSF trustees using limited recourse borrowing arrangements (LRBA) should avoid trying to cut corners in setting up a trust for the loan, with an SMSF structure expert stating they should set up a dedicated bare trust for each gearing measure.
The increase in the transfer balance cap from $1.9 million to $2 million is not as simple as it seems, particularly for members already in pension phase, a leading adviser has said.