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04/05/16
13:43
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Originally posted by Blue_Sky_Harvest
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One of my funds has replied:
"Hi xxx, we do not have such a statement available at the moment. We will be communicating to our members shortly these recent changes in the budget."
Another of my super funds allowed, two years ago, the movement of all my standard super payments that I had made from salary to them (not employer contributions) into a scheme where I get a fixed (non-indexed) payment to my bank account each two weeks for life. I can never withdraw that original money. I think it said that the super provider keeps any remaining money when I die. I am trying to figure how this original amount is accounted towards calculating the $500K cap. The original money never left the super scheme. It was never paid out to my bank account and re-deposited. The funds just stayed within the super scheme. Does this amount count towards the $500K cap? The fund will likely not be giving a definitive answer yet - as per the above reply which was for a much simpler situation.
My ATO records used to total towards the $500K cap will reveal if this money does count or does not count towards the $500K cap. As per the above fund reply, I am confident that contacting my funds admins will not solve the puzzle.
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No idea Blue. The ato may put you and s few others in the too hard basket, and just let it run.
If they do the best way forward is to apply for a private ruling. Unless the amounts are in the millions, they will probably just roll on a one off.
At least you will then be safe from any future challenge.