Published on 27 May 08
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
The superannuation changes and the promise of tax free superannuation has attracted the attention of most. Adding to the interest in super is the relaxation of the borrowing restrictions for superannuation funds. These changes bring many new opportunities but also new challenges, such as contributions caps, excess contributions tax, new products and strategies. This paper runs through some of the practical issues that SMSF trustees and members face in this brave new world. Topics covered include:
- issues in relation to contribution/timing and excess contribution tax
- the residency issues of a SMSF
- instalment warrants and gearing
- pension phase: issues to consider
- estate planning issues.
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