Government attacks our SMSFs – who would have thought?
Prior to our recent inaugural SMSF Member’s conference we surveyed our members on expectations around the May 2016 Budget and also the upcoming election. We gave our findings to Senator Barnaby Joyce who appeared to be enthusiastic with your views and Voice on the matter. The big theme from all of our Members was “Keep your hands off our Super.”
Well the Budget has come and gone and here we are facing the most disastrous set of changes that a Labor or Coalition Government has ever brought down…all without any consultation with stakeholders such as SMSF Members. It is time for our Voice to be really heard – remember these changes are not law and there is an election in the wings.
Following on from the Budget and our Conference, we have convened Budget breakfasts in Sydney, Melbourne and Brisbane to cover all of the Budget changes – what you need to be doing now, how they will impact you, the potential costs to your family, strategies to make the most of the changes but most of all – an opportunity to sorround yourself with other affected SMSF Members and make our organisation strong and proud – why take the Budget Deficit out on us?
Our Chairman and SMSF Guru – Grant Abbott will be discussing the changes and how they impact you and your family including:
- Why some of our members will be forced to stop their pensions and suddenly be taxed on earnings
- How making a contribution to super now may result in a rate of tax of more than 90%
- Why death benefit nominations and many estate plans in super are redundant
SMSF Members Survey
The 2016 Budget was a retrospective disaster for many of our SMSF Members and we want to hear your views and comments. There has been talk about protest votes, calling local MPs, sending petitions but the Board of the SMSF Member Association wants you to express your feelings on the SMSF changes in the Budget. And it will be heard. It is only 2 minutes long so if you want your SMSF Voice heard then please complete – otherwise do nothing but don’t complain as this is the thin edge of the wedge.
Superannuation case study: The self-employed
Simon Makeham, 50, is a self-employed resident of Young, NSW, and head of the Self Managed Super Fund Members Association, who uses the maximum caps for concessional and non-concessional contributions. He regards the new super limits as a “vote changer”.
Both my wife and I contribute the maximum each in concessional contributions. We also make non-concessional contributions when the finances are available to do it…