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Learn more about SMSF and Divorce

 

  • The event of divorce will instigate a process of dividing assets in an SMSF as super is part of the marital asset base. Australian super legislation (SIS Act), tax law and family law increase the complexity of the process and it is important to plan carefully and seek advice.
  • The process of splitting an SMSF will depend on whether the members have reached their preservation age and can access their super. Consideration must also be given to the taxable and tax-free components of the super assets.
  • Members must decide if they will remain in that fund, open a new SMSF or move to a different fund. Matters will be further complicated if the members are individual trustees, rather than directors of a trustee company.
  • If a member is leaving the SMSF, some assets may need to be liquidated and careful planning for tax implications is necessary. In addition, unlisted assets, such as real estate within the SMSF will have to be valued.
  • Should members have insurance under their SMSF, the divorce may initiate changes to binding death nominations
  • Should there be third-party members in the SMSF, the impact on them must also be considered.

 

 

Special Offer

We would like to offer you a complimentary 20-minute meeting.

Meetings can be held on either Zoom or over the telephone.


SMSF and Divorce

Helping Trustees

The advantage of receiving advice

SMSF and divorce  can be a complex matter and needs to be executed in a particular order and defined manner. Using an expert can alleviate mistakes that could result in penalties and unnecessary tax payments.

Why receive advice from us?
We make the process simple for you.  We can help you all the way through to completion
The Action Plan
Take advantage of our special offer of an initial free meeting.  Book now following the link below.
Why Forman Accounting Services can help you
Forman Accounting Services Pty Ltd is a SMSF specialist.  Our main adviser Solomon Forman has over 30 years’ experience.  He has been accredited by the SMSF association as SMSF Specialist Adviser  and also as SMSF Specialist Auditor.  Our sister company Forman Financial Services Pty Ltd holds an AFSL and provides investment and financial advice.  As a group we able to provide you with comprehensive services including tax, accounting, financial planning and investment advice.
How we provide the services
You can choose between online services using Zoom for meetings and Adobe Signature for online paperwork .  Alternatively you can visit our office for face to face services.

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Deductible Personal Contributions – A Critical Trap

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What Should A SMSF Trustee Do If The ATO Call

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Offset for Spouse Super Contributions

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Government Co-Contribution for Super Contributions

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Low Income Super Contribution

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What’s the status of the transition to retirement income stream?

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Bankruptcy and death benefit

Please click here to view the PDF.

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