The federal budget keeps changing, and this time it's SMSFs and trusts feeling the impact. Tash and Ana break down two surprise updates: a ban on SMSFs borrowing to buy residential property, and a new minimum tax on discretionary trusts that had the estate planning world in a spin.
In this episode we'll discuss:
💸 What an SMSF actually is, and how it differs from a regular super fund
💸 What an LRBA is and how people were using it to buy property inside their super
💸 Why this ban wasn't even in the original budget, and why that's got people a little salty
💸 What a testamentary trust is and why it's not just a \"rich person\" strategy
💸 How the new 30% trust tax almost caught testamentary trusts in the crossfire, and what's changed since
💸 Whether this could spark a rush of people trying to buy property in their super before the deadline hits
Some of this is locked in law, some is still just a proposal, and there are still a few grey areas nobody's been able to answer yet. If you've got a will, a super fund, or you're just trying to keep up, this one's worth a listen.
Disclaimer
Any advice is general and does not consider your financial situation needs, or objectives, so consider whether it’s appropriate for you. You should also consider seeking professional advice before making any financial decision.
Tash Invests Pty Ltd is a Corporate Authorised Representative #1317713 of Rask Licensing Pty Ltd. Read the FSG available from https://tashinvests.com/links
Pearler is an Authorised Representative #1281540 of Sanlam Private Wealth Pty Ltd AFSL #337927. Read the FSG available from https://pearler.com/financial-services-guide
If you are considering any of the products we spoke about during the show, be sure to read the Product Disclosure Statement & Target Market Determination available from the product issuer’s website before deciding.
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