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Our advisers and experts love to answer questions on anything to do with superannuation, SMSF compliance, tax, markets and investment strategy.


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Max Newnham Answered by Max Newnham 1wk ago

Event-based reporting for SMSFs

In relation to the new rules that relate to event-based reporting for SMSFs in pension phase with balances greater than $1 million that will need to comply with new reporting requirements, does the $1 million relate to each person or the combined value if there are two people in the fund, and secondly how would it apply if one is pension phase and the other is still in accumulation phase.

James Carlisle Answered by James Carlisle 1wk ago

II maximum weightings in a complete portfolio.

Hi Team, My question concerns portfolio limits and is one I have struggled with for several years. It comes about because of the way we need to define the word 'portfolio'. In our case, and excluding the family home from consideration, our overarching portfolio includes AU cash, AU shares, International ETF's, International cash, and AREITS, most of which is managed within an SMSF. Again excluding the family home, the total is considered for the purposes of asset allocation and risk management. Let's say that we have 25% AU cash, 10% international cash, 35% AU shares, 20% International shares and 10% property in the form of AREITS. What is the 'portfolio' we are talking about when consider the limit that we are to apply to an individual shareholding? Taking ASX as an example. II recommends a maximum weight of 8%. Is that 8% of the whole, or 8% of AU shares, or 8% of (AU shares + AREITS). Or even 8% of an amount that includes a certain value for cash being held for future opportunities. I don't know whether to sit here contentedly, knowing that our 5% of the total is well within the limit, or to nervously consider our position because it has reached 15% of the AU share sub-group. regards, SR

Max Newnham Answered by Max Newnham 1mth ago

Income and the LITO, LAMITO and SAPTO

With this new financial year and taxation legislation passed, could you clarify what the new income levels would be where no tax is paid due to the effect of LITO plus the new Low and Middle Income Tax Offset, and SAPTO. Am I correct to think that in 2018-19 you can now earn about $21,595 before paying net tax due to the LITO and LMITO offsets if you are not yet eligible for SAPTO?

Max Newnham Answered by Max Newnham 1mth ago

SMSF administrators

I have a SMSF that is administered by an external third party specialist SMSF administrator. They do all of the compliance, accounting, tax etc and I pay a monthly feee for the service. I am thinking about reviewing the service that they provide and want to seek out credible alternatives. What is the best way to source a list/profile of SMSF administrators that I can review and contact? Apart from a simple search on the internet is there a central registry/body etc (like CPA Australia for example)? Many thanks.

Max Newnham Answered by Max Newnham 1mth ago

Moving overseas and super

We are 50 and have our own SMSF. If we wish to retire in 10 or so years, and move overseas, will we be able to take a pension from our SMSF? Will the fund still be an Australian super fund if we live overseas, and if not, does this mean that all income will be taxed at 15% instead of zero?

Max Newnham Answered by Max Newnham 1mth ago

A UK inheritance and tax

I shall shortly be receiving an inheritance from the UK. For tax purposes does this have to be held solely in my name either in a bank, or investments account, or can it be held in various joint accounts with my wife?

Max Newnham Answered by Max Newnham 1mth ago

CGT, aged care and property

Following a recent CGT question on inheritance I'd appreciate your thoughts on the following circumstances. Is any CGT payable if a widower enters the residential aged care system, sells their principal place of residence to help fund the refundable accommodation bond (as they seem to require you to do), ultimately passes away and leaves the refunded bond plus other cash assets to non dependent adult children in their will?

Max Newnham Answered by Max Newnham 1mth ago

Death payments outside or inside super

What are the tax implications and things to consider when deciding whether, upon the death of a member, a lump sum is paid to an estate in the form of a testamentary trust, or it is paid as a death benefit pension? Does the advice change if the deceased and the dependent receiving the superannuation are under preservation age?

Tony Kaye Answered by Tony Kaye 2mths ago

Buffett's message to SMSF trustees

Tony, can you clarify the following statement in this article please as I found it ambiguous, "That’s where income investors such as retirees, wanting consistent, long-term returns should be focusing." Do you mean they should be looking at things such as three-year bank term deposits, or equities-based financial products? Thanks.

Max Newnham Answered by Max Newnham 2mths ago

CGT relief on SMSF assets

We have four trustees in our SMSF. Two are retired and both have more than $1.6 million at June 30, 2017 in pension phase. The extra has been transferred to an accumulation account. We use the actuarial method. The other two members aged in their early 30s and are in accumulation phase. We are applying the CGT relief for some of our shares for the retired trustees. Can we do the same for the two members in accumulation phase? If we can’t, I assume we will need to work out the CGT on all the shares?

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