For those with a super balance under $500,000, the 2024 financial year is the final year unused concessional contributions from the 2019 financial year can be applied.
Marriage breakdowns and SMSFs are tricky and expensive, but if the fund has extended family members included it can get even trickier, says the head of a national SMSF advice company.
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Inheritance planning, particularly the future division of wealth and the intended treatment of assets, should be openly discussed at the family level.
A single asset cannot be treated in a manner that allows it to support some SMSF members in accumulation phase and others with a pension account.