Self-managed superannuation funds are often part of a high net worth individual’s family group. The sole purpose of superannuation is to save up for and self-fund one’s retirement and there are tax concessions and incentives there for individuals to consider. However, often these concessions and incentives may be abused and often taxpayers fall into a heap when it comes to funding the superannuation fund through contributions, limited recourse borrowing arrangements and the purchase (and subsequent using) of property.
This workshop will consider the post 1 July 2017 contribution limits and different types of contributions including the use of the small business CGT concessions and new downsizer contribution in light of the $1.6m total superannuation balance cap, the tax issues to think about with the use of limited recourse borrowing arrangements including PCG 2016/5 and non-arm’s length income and impact on contribution limits, business real property and lease arrangements to related parties and consequent estate planning issues.
A case study will be used to highlight these pointsGone are the days where simple Wills and powers of attorney are used. In this day and age, it is very common for family groups to have assets held in individual names, discretionary trust structures and self-managed superannuation funds. Parties often ignore these structures as part of the estate plan, thinking that a Will should be able to deal with the whole lot.
CPD hours: 2
Price: $180 for member, $235 for non-member
Certification is provided upon completion
Presented by: Nathan Yii