The personal limit for a SMSF is “only” $1.6 mill, however to remind you of Kerry Packers words in relation to the paying of taxes...........he said to the effect that...... everyone has a right to manage and to practice tax minimisation. Anyone who doesnt and pays more to the government than they need to needs their head read cause the government just aint that good at managing money.
My point is that if someone has accumulated $1.6 mill in a SMSF, it didnt just happen by luck and they must be prudent managers of money. (Unlike the government). Chopper rides anyone ?
For a political party to allow the trustee of a SMSF to plan a strategy for their fund, and to then turn around and in effect retrospectively change the rules, needs to be sent a message from the retired voters of Australia.
I daresay they will. Dont forget too, that if someone has a SMSF of that amount, the. They would not be drawing a pension and be a burden on the public purse !
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