Transferring Super

My wife and I are both retired.  My wife has a State super balance of $600k in balanced investment and a family SMSF balance of $1.5k. This includes 30 good stocks, with few risky, overseas managed funds of $300k (Macgregor, Magellan, Platinum)

Do we move the super balance into our SMSF or keep them separate (not all eggs in same basket strategy)? I am concerned as I am looking after the SMSF and I don’t want to make mistakes and lose my wife’s money.

A: Thanks for the question.

The main reason to move your wife’s super into your SMSF is that you will potentially save on fees. For example, some of the fixed costs of an SMSF (audit, ATO annual fee and potentially accountancy) will be spread over a larger balance – and she may save on the fees she is paying to State Super.

Two reasons not to do it:

  1. a) sounds like you don’t want the responsibility of managing it; and
  2. b) there may be an exit spread on leaving State Super.

None of the changes coming in on 1 July should have any impact on your decision.

Sounds like to me that you don’t want to do it – so don’t.

 

Regards


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