SMSF: Private super in frame for tax hit

Discussion in 'Superannuation' started by hiho, Feb 13, 2013.

  1. nonrecourse

    nonrecourse Well-Known Member

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    Ole NR has been busy insuring that those lying B@stard thieving hard labour criminals and their pink mates in treaUSARY get nothing. I have been preparing for this scenario for over 10 years. The next budget which will include capital gains tax on property in pension mode will not come into existance until the May budget. My 60th birthday falls in early March :p

    That is also why I have spoken about three investment pillars and investment plans that span at least a generation. I have been busy educating my kids about intergenerational wealth. The oldest is in awe about my predictions when Kevin 7 got in and what they would do with super once they hand squandered the surplus.

    I got them both contributing the maximum $1000 co-contribution when they reached 16 and they both had a couple of years getting the government $1500 and I told them that the labour crims would neuter that. They both now appreciate having done it they were both reluctant at the time tipping money in that they won't see for another 60 years.

    Things are not good with SMSF's at the moment but don't over react. I will be taking some property out of super and leaving some in. If you have property in pension mode and you don't sell then there is no capital gains tax.

    If over the next 30 years my kids put money in super and I withdraw that and they gradually acquire the units ? Some issues to work through about stamp duty on kids acquiring my units in super that will need further study..... I have til May to play around.

    This is a great lesson for all those born after 1962. Don't dispair. Keep learning understand how our tax system works. Never deal in cash under the table, declare everything. Make sure your computer AND paper records are cross referenced. Emails to your accountants, solicitors and investments is a great way to set up a narrative to prompt you in years to come when you are audited.

    ATO employees are just average wage slaves. If you make life easy for them they move on to the next tax payer. What I am suggesting is boring as bat $hit but it is one of the keys that will open the door to financial independence.

    As you are witnessing the pay your fair share numpties are all about ensuring you are reliant on their crumbs. Cut them off at the knees and they will despise you and try to bring you down. The devil is in your ability to manage your affairs.

    Think and grow rich

    Kind Regards
    non recourse
     
  2. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    NR is on fire today!
     
  3. hiho

    hiho Active Member Silver Stacker

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    Thats the way I read it, if you fail the residency test, your SMSF must be wound up.
     

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