Published on 01 Jun 11
by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
In recent years, there has been a dramatic shift in the way in which clients and their advisers view superannuation. Many people now recognise superannuation funds, and SMSFs in particular, as another type of investment vehicle with particularly attractive taxation advantages. This trend has accelerated since the "Simpler Super" changes in 2007. The purpose of this article is to summarise the main reasons for that shift and to discuss potential options to overcome commonly perceived limitations of SMSFs in the family business/investment context.
Those limitations include the inability to access funds prior to satisfying a condition of release, investment restrictions and the in-house asset rules, and contribution caps and the draconian taxes imposed if they are exceeded. The author does not consider the associated taxation, financial or commercial consequences of using any of the options, and recommends that professional advice be taken before implementing any of the options discussed.
Matthew is the founder and Principal of MT Lawyers. He advises on all aspects of Superannuation, estate and succession law, with a specific focus on self-managed superannuation funds and complex estate planning. Prior to establishing MT Lawyers in Adelaide, Matthew had over 12 years' experience working in large commercial law firms. He was a Partner at Minter Ellison in Adelaide, heading up their Superannuation and Estate Planning division. Matthew has also lived and worked overseas in London and Hong Kong.
- Current at
21 May 2015