This guide comprehensively reviews the superannuation laws, taxation laws and general law issues that relate to the commencement, maintenance and ultimately the cessation of SMSF income streams.
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Authors Peter Slegers and Nicole Santinon of Cowell Clarke explore many of the related practical issues that impact on SMSF income streams, such as estate planning laws, asset protection and the strategies for accessing wealth from existing business and investment structures to fund income streams.
Hear about what practitioners need to do to prepare for 1 July 2017 on our blog.
This new guide will be of relevance to SMSF professionals at all levels of experience, including:
- licensed accountants, financial planners and SMSF auditors;
- SMSF administrators; and
- solicitors practising in estate and succession planning law.
The guide includes:
- the strategies and pertinent issues when dealing with the new transfer balance cap measures;
- pre-1 July 2017 CGT choices — asset selection, timing and valuation issues;
- documentation and strategic issues concerned with the commencement of account-based pensions and transition to retirement income streams;
- what to look for in the governing deed to ensure that the income stream complies with SIS and delivers maximum flexibility to the benefit design;
- the ongoing management of “grandfathered” income streams, such as lifetime and market-linked pensions;
- the planning associated with the taxation of the fund supporting income streams; the specific death benefit planning associated with superannuation income streams, including reversionary pensions, binding death benefit nominations,
- commutations and the associated tax and commercial issues; and
- the broader succession planning issues impacting on income streams, such as the interface with wills and testamentary trusts, exposure to a testator’s maintenance/family provision claims and related issues.
The guide addresses these issues by providing comprehensive case studies, as well as practice tips and planning aids for the busy SMSF adviser.