Unintended consequences could include insurance payouts, non recourse property loans and even death benefits.
above which earnings will be taxed at a higher rate has certainly got the hares running. At face value, this seems surprising.
That said, if the 30-year history of compulsory superannuation highlights one thing, it’s this – continual change makes for complexity. This comes at a high cost – undermining confidence in the system. Every time the system changes, fund members, especially those nearing or in retirement, ponder what the next change will be. Our feedback with this change is that people are feeling increasingly vulnerable, and not just those directly affected.
The situation could be further complicated for some SMSFs using debt via a limited recourse borrowing arrangement to fund the acquisition. In some instances, the total value of the loan could be included in the member’s total super balance , pushing them above the $3 million cap.
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