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SMSF Quiz
Jack retired on 1st July 1997 at the age of 57 and commenced an allocated pension from his single member corporate trustee SMSF with $500,000 un-deductible and $250,000 Post 1983 deductible contributions. At start of his pension he had $750,000 and his life expectancy was 25 years at that point of time his each year deductible UPP of the pension was $20,000.
After 10 years of pensions, the balance in his SMSF was $600,000 as on 30th June 2007 due to some good investments even after withdrawing $40,000 each year from his allocated pension.
In the year ended 30th June 2008, due to his ill health he withdrew $50,000 for his medical & living expenses and since he could not look after his fund and due to turmoil in US, his fund lost $50,000. The balance of his fund as on 30th June 2008 was $500,000 which by now was in 100% cash ironically the same amount of his un-deductible at the commencement of pension.
Jack died on 30th June 2008 and left his house and SMSF assets to his 40 year old only son, Ronny, who is a successful accountant.
Question;
1) Will Ronny pay any tax when he receives money from his father's SMSF and If yes, how much (in $'s)?
2) What advice can Ronny give do his sick father, so that he does not pay any tax on his death?
First 5 correct entries will receive 2 Hoyts movie tickets, please reply to sales@trustdeed.com.au and with name and address.
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www.trustdeed.com.au provides online service for creating, storing & managing legal documents for Companies and Trust deeds for SMSF, Family, Unit & Hybrid Trusts, click here for more information.
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if you are an advisor, financial planner, accountant or a solicitor, we can offer you to create one trust deed on our system for free. This offer is valid provided you purchase 10 or more new SMSF deeds or update 10 SMSF trust deeds for your clients. To claim your first free trust deed, first register on our website www.trustdeed.com.au and phone our office on 02 9638 2807 for a promotional code.
If want to communicate with your clients, advising them the need & advantages to update their trust deed, click here to download a pro-forma letter to your clients.
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If you are an advisor and use our website for your clients SMSF  Trust Deed. You now have access to SMSF Specialist Advisor who will answer all your technical questions online for you. Simply click the button above and start chat.
New or update your existing SMSF Trust Deed for $110 You can keep the trust deed up to date for the next five years for only $165.
Our SMSF trust deed has been prepared with input from accountants who have over two decades of experience in setting up structures for their clients and have combined knowledge of auditing and lodging tax returns for more then 2000 SMSF's, their practical experience is an invaluable contribution.
For further questions on our trust deed, ring 02 9638 2807 or email sales@trustdeed.com.au |
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