What is the Transition to Retirement Strategy and how does it work?
As borrowing to invest in a SMSF becomes more widely understood by SMSF trustees, a common question that does get asked is, "how much can we borrow?".
When an SMSF is established, you are faced with a choice - do you establish the fund with a corporate trustee, or do you just set it up with you, the members, as individual trustees?
This audio covers the new ATO Interpretative Decisions from the past month. This includes a decision on anti-detriment payments where only a portion of the death benefit is paid to dependents of the deceased, and answers the question of whether the full anti detriment amount needs to be paid out, or just the same proportion. There is also a decision dealing with concessional contributions where they are paid to a SMSF in one financial year, but allocated in the following financial year.
The first podcast for 2012 covers a number of annoouncements that were made at the end of last year, but are due to be implemented this year, some of which are yet to be legislated. Key among these is the dropping of the concessional contribution cap from $50,000 to $25,000 for those with an account balance of over $500,000. Plus a whole lot more.
This audio covers the announcements during the month around the extension of drawdown relief for account based pensions, abolition of the SGC age limit, and Government annoucements on intentions for next year. It also covers (in a seperate audio file) the withdrawal of a previous tax payer alert to do with using clauses in a trust deed to try and circumvent excess contributions limits.
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