Hi wooduk, I could be wrong but the rumours are that the only things being considered are closing some unintended loopholes. We will just have to wait and see.
I have a SMSF and accept that the current provisions that apply are very generous. We already pay a concessional rate of tax on super as has been the case for a very long time but pay no tax on income or capital gains once the super is converted to pension mode.
At the moment if a SMSF was in pension mode and one of the shares in the portfolio was lol to become a 10 bagger lifting the funds value to millions the fund would not pay one cent of tax. Neither would the individual pay any tax on drawings. It will be interesting to see whether that remains or whether reasonable benefit limits that were abolished by Costello will be re-introduced.
