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We have invested for income in our SMSF. Under Labor’s plan to abolish tax credits for franked share dividends we potentially will lose some $22,500 income p.a.
Could this problem be overcome if the banks, Telstra, BHP, Rio and other companies currently paying fully franked dividends move to low or nil franking and boost dividends? Then our income will not change as our higher dividends are tax free in our pension accounts.
Regards
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Labor has just announced their intention to scrap imputation refund credits.
When are you going to have a broadcast discussion on this major impact to SMSF in pension stage? I would like the position clarified/explained on the difference between being a member of a “industry/public” fund versus a pension through SMSF.
From some commentary I’ve seen in the past few days, if you are in pension phase and not in an SMSF there are no tax credits available, rather they are used by that funds tax liability (which seems to me under current legislation a disadvantage to those members?). Is that a hidden and substantial cost to non-SMSF people?
What an opportunity gone begging for tax advisers and financial planners!
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Do you have a view on the MCP Master Income Trust and whether it has a place in a long term balanced portfolio?
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Good morning,
I watched your show on Sky Business last night on the alternatives to fixed deposit with interest.
Just wondering if you have heard of Firstmac High Livez which gives much higher returns than bank deposits? It is an authorized trustee investment. How safe is it? My alternative is either investing in Firstmac High Livez or in a bank called Australian Bank which I don’t know exist until I see its branch in a major shopping centre. Your opinion is much appreciated.
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My wife and I are trustees of a SMSF and approaching 80. She is in pension phase, I am in accumulation phase. We need to plan to wind up the SMSF and transfer to Industry funds which will only accept a cheque with a Rollover Benefit Statement (RBS). I am told an interim set of accounts is needed (not cheap) to produce a RBS. With the prospect of market volatility, I would like to transfer in at least 2 cash parcels to minimise market risk. I have my annual accounts completed by 30/8 each year and have only one stock that has a dividend payment before 30/8.
Against this background I would hope that the following approach would work and my question is will it:
1. As soon as 2018 accounts are done (by 30/8/18) use end of year figures for the RBS to transfer my wife’s funds to her industry fund.
2. As soon as 2019 accounts done , use end of year figures for the RBS to transfer my funds to my industry fund. If the 2019 accounts show there is a small amount left belonging to my wife, transfer it to her industry fund.
3. Close the SMSF.
In short, I am trying to minimise the cost and work involved in preparing interim sets of accounts, the time between getting an RBS, selling shares, and acceptance by the industry fund, and need for extra actuarial certificates.
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I’m well overweight in Dominos [DMP] – should I panic?
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