Two member SMSF’s currently make up approximately 93% of all SMSF’s and usually these two members are a couple. Therefore, when a relationship breakdown occurs the superannuation balances are included in the pool of assets to be split and advice needs to be obtained prior to any decision is made. The options available are:
With the introduction of a number of member balance capped measures from 1 July 2017, there are a range of benefits from implementing strategies to equalise member balances within a SMSF. It is common for the non-working spouse of a couple to have a significantly lower balance then their working spouse and therefore strategies can be implemented to equalise balances over time.
If the Labor Party wins the upcoming federal government election, they have announced a number of superannuation policies they intend to implement. These include:
Administration fees, adviser fees, platform fees, foreign exchange spreads, tax and insurance costs are part of the myriad of factors that need to be considered when comparing the performance of superannuation funds.