SMSF members with legacy pensions should be aware a commuted income stream may affect their Centrelink entitlements, but also the government has employed staff who can calculate the impact, a technical specialist has said.
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.