each individual can have 3.
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Well that’s pretty flexible, 6 million per couple oughta do.
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For the paranoid, the $3M “cap” is apparently not proposed to be indexed. In theory that could cause problems decades down the line.
In practice, it will get bumped up by future governments and we can all argue again what is the “correct” value.
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Doesn’t matter what the amount is, it will never be enough for [insert percentage] of the population.
Mind you, when one partner dies and the other is abruptly way over the limit… well, they’re still rich, so meh.
All this “dignified retirement” marketing crap…
…I’d like someone to ask them what a “dignified number of investment properties” is.
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Death benefits don’t go into other people’s super, would be paid to the spouse personally, and they can’t just contribute that into their super very easily due to the caps
Does that mean half of a SMSF would need to be liquidated upon death of one of the owners? Sounds awkward (especially if they’ve chucked property or something else illiquid into it).
Might not technically have to be liquidated. If there’s real estate could pay out the death benefit through an in-specie transfer (e.g. a 50% interest in the property so half would be owned by the fund and half by the individual).
I imagine this is pretty complex as its unlikely the member balances are exactly 50/50 so would need valuations, etc. Would probably have to pay another lot of stamp duty also.
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if that happens Spouse would probably be advised to withdraw extra from super each year as pension and top up kids / grand kids super accounts so they are maximising contributions into super and earning at a lower tax environment, it is essentially estate planning anyway having more in super than required.
most of the co contributions when it was $1000 matching from govt went to kids accounts (working at maccas/coles and was paid from rich parents, as people who are on minimum wage can’t afford to contribute to super, unless its a situation where 1 partner of couple is on a decent wage and other is on a lower wage then they might.