Should SMSF members start considering whether there are better fund options to try to manage the extra tax?
Based on what is known at this stage in terms of the implementation of this cap, SMSFs will need to pay the additional tax if
Second, most super fund members still in the accumulation stage will never get close to this new $3 million cap even if it is not indexed. This is a function of average wage levels but also the previously implemented caps around contributions and the pension balance cap.It is incredibly difficult these days to build a meaningful balance in superannuation for a couple without a concerted effort to add regular non-concessional contributions.
This has caused the most angst among SMSF members given the unrealised gains issue. As noted previously, for those currently in a pooled superannuation environment, this notion of paying an additional tax caused by unrealised gains is irrelevant as the member balance is simply a function of the pool’s daily unit price.
Once there is final legislation, it will definitely be wise to get a better understanding of your current unrealised gain position – particularly if you are holding an asset in your SMSF that is not necessarily liquid.
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