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I have 2 super accounts – A SMSF and a QSuper account, and have had good reasons for not consolidating them until now. Both are in TTR phase, and together they will be in excess of $1.6m. This may affect whether and where I contribute maximum concessional contributions in the next 2 years.
I will be lining up at my accountants for further advice, however I vaguely recollect reading somewhere that the taxation treatment of a SMSF is more favorable than an industry fund because of different tax credits and rebates etc. Is this correct?
It appears a tax may be paid on the earnings in either TTR and Accumulation now so could you please advise if there is in fact any difference and whether one would be better than the other to hold, either the TTR or the Accumulation account. Thank you in advance.
A: Thanks for the question.
No, this is not correct. The tax treatment is exactly the same.
With a SMSF, you could potentially run segregated asset accounts, which would allow you to say which asset belonged to which account (i.e. your pension account or your accumulation account). Return expectations (and the tax you might pay) would drive the selection of the assets for each account.
As suggested, I would strongly recommend that before acting on this, you seek the advice of your accountant.
