Originally posted by rocket973
"A minor hassle is that I like to be even handed with them , so sorting out how to do that with one having a different balance and contributions,"
There is no problem with this. The personal balances are all kept separate in the SMSF, however profits and losses are distributed as per the percentage of each balance of the member in the fund. I have managed to double the balances of my children by actively targeting capital gains trading shares. We still continue to hold property in one fund but have mostly exited as the returns on the share market are considerably more.
There is only upside in the arrangement, you can also make an after tax contribution to your children's fund if you're having a good year and you don't wish to takeout your entire minimum pension in that year.
This way Shorten's franking credit rip-off will never affect the fund as the franking credits will always be used.
The lefties will be crying when they find out how little they will be able to rip-off from hard working Aussies.
Hi Rocket,
Hadn't thought about the non deductibles to the children, sounds good, except my little spendthrifts would rather have folding stuff for smashed avos now.
On the hassles I mentioned , it was more about making sure each got the same benefit , in dollar terms, from my excess credits.
Now don't be bad to us lefties, my problem isn't with us old , not so hard working Aussies being taxed a bit more, I just want them to do it properly.
The present proposal hits those with less money, and less ability to work the system than me, but as I said , industry funds for them. Hopefully not too many will fall victim to the sharks in the retail funds as they swim to safety.
Jonnoh will continue to bleat about how all this is taken into account by the PBO, such touching faith.
Having gone over the info available on their decision making on this, and run it past a couple of pros, I think ,like those waiting for the "rapture", he will be sorely disappointed.
I doubt it will break his spirit though, I'm sure we'll still see him standing on another hill with his arms held up to the heavens on something else.
Neither he, nor the PBO, have any real idea of the amount of cunning and avarice that resides in the black hearts of baby boomers with SMSF's.
The pros by the way, were gradually working their way thru their clients , they do fear an exodus to retail and industry funds, and are being proactive in making people aware of the ways of avoiding the effects of the changes.
cheers
