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3 Comments

  1. Toya Adams

     /  July 20, 2016

    HI Liam,

    I follow you on twitter and you are following me! (info4interest)

    I have a question in regards to the proposed super changes, and segregated accounts;
    2 SMSF members (e.g. typically a husband and wife situation) each have 2x (or at times more) segregated pension accounts (one for concessional and one for non concessional funds) plus an accumulation account (e.g. for putting monies in e.g. franking credits or non concessional contributions). These accounts have been segregated from the onset.
    If both or either of these pensions hold greater than $1.6m, then the residual funds will have to merge in the one accumulation account, so the monies will from then on be % pro-rata non-concessional and concessional monies, and lose the benefits of segregation. Segregation can be essential for blended family estate planning plus accounting planning. e.g. 1 pension BDBN to kids (non concessional pension account) and 1 pension BDBN to spouse (concession pension account). Or, e.g. take a lump sum from concessional pension account, and min drawdown pension from non concessional pension account.
    How can this merging of concessional and non concessional monies be avoided under the new proposed caps whereby we are still limited to one accumulation account per member? Can the govt be explained this issue and allow 2 accumulation accounts?
    Thanks

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    Reply
    • Hi Toya

      Thank you for the question and I will certainly forward it to our Head Of Policy at the SMSF Association as they are collecting real life examples of problems caused by the proposed budget measures. Have you considered using 2 SMSFs for both segregation and managing who has control of the trustee on death. I also see the usefulness of 2 accumulation accounts but long term the earnings in accumulation will build up the taxable component. Alternative is to rollover excess over $1.6m to a retail fund before making any concessional contributions this year. This will minimise the initial merging.

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  1. Updated Guide to Tax Benefits of Using an SMSF Re-Contribution Strategy | The SMSF Coach

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