6-member SMSF registration availability to begin mid-August smsfadviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smsfadviser.com Daily Mail and Mail on Sunday newspapers.
Think twice before taking on enduring power of attorney role
Agreeing to act for an elderly aunt and uncle with an SMSF is turning out to be far more complicated than expected.
Share
Q: As the only relative willing to take on the job, I agreed to be an (enduring) power of attorney for my aunt and uncle because I did this for my mother. While my mother’s affairs proved to be fairly simple and straightforward, looking after my aunt and uncle is a lot more complicated – especially as they have a small self-managed super fund and a portfolio of share investments that my uncle has looked after. Helping them was fine while they lived in their home but during the last six months he is showing increasing signs of dementia and my aunt isn’t too well either. They are both in their early 80s. She recently had a fall and needed to be admitted to an age care facility and, because she didn’t want to be there alone, he has joined her there. While neither of them are happy, I think it is
The federal budget legacy pensions changes offer a welcome relief for SMSFs dealing with legacy pensions, but the measure to tax “reserves” is a great concern that touches on various underlying issues.
Changes made in the Federal Budget for legacy pensions will have a flow-on effect on the treatment of pension reserves, creating uncertain and complex tax issues.