Advisers have concentrated on the benefits offered through contributions to SMSFs, investments in SMSFs and the payment of lump sums and pensions. With aging SMSF members, is there more advisers could be doing to optimise the benefits a SMSF structure can provide to members and their families? This practical paper is aimed at investigating strategies and techniques on how to manage benefits during accumulation, retirement and death, for the benefit of the member and their family. Using a range of real life case studies to examine and demonstrate some of the potential benefits and legal isses of implementing these strategies, areas covered include:
- the concept of members interests and segregation of fund investments
- creation of different reserves in funds
- taxation of members’ benefits and reducing tax on death
- SMSFs as a multi-generational wealth transfer structure.