Q&A: Winding up a SMSF, CGT and whether to buy a property for your child now
whatshot 7 snips
Nov 4, 2024
Financial insights abound as listeners dive into the merits of winding up a self-managed super fund. Discover how lower balances can inflate costs and explore effective strategies to mitigate capital gains tax. The conversation also navigates parental support in property purchases, emphasizing the balance between guidance and fostering financial independence in children. Learn about the implications of property conversion on tax liabilities and the need for tailored professional advice. Actionable strategies await everyone at different financial stages!
31:55
forum Ask episode
web_stories AI Snips
view_agenda Chapters
auto_awesome Transcript
info_circle Episode notes
volunteer_activism ADVICE
SMSF Advice
Consider winding up self-managed super funds (SMSFs) with low balances.
High administrative fees can outweigh the benefits, especially with simple investment strategies.
volunteer_activism ADVICE
Capital Gains Tax Minimization
Minimize capital gains tax by strategically timing super contributions and utilizing carry-forward provisions.
Offset gains with capital losses from other investments and prepay interest on investment loans.
volunteer_activism ADVICE
Parental Support for Property Purchase
Focus on personal financial health before assisting children with property purchases.
Encourage children's financial independence by requiring them to demonstrate savings discipline and career stability.
Get the Snipd Podcast app to discover more snips from this episode
In this Q&A episode, Stuart covers several insightful financial scenarios, delving into when it makes sense to wind up a self-managed super fund (SMSF), strategies to manage capital gains tax (CGT), and guidance on property purchases to assist children in building wealth. Stuart examines how an SMSF with a lower balance can sometimes lead to higher costs, suggesting alternatives that may offer reduced fees and potentially better returns. Additionally, he addresses CGT concerns, highlighting tactics that can mitigate tax impacts for those facing a large one-time gain.
A key takeaway is Stuart’s advice on supporting children’s property ownership; he explains the importance of timing, tax implications, and encouraging financial independence. His pragmatic approach underscores the need to weigh both the emotional and financial costs of early assistance, as well as the importance of financial education and empowerment. Stuart’s insights provide actionable steps for listeners at various stages of their financial journeys. Whether you’re looking to optimise your SMSF, reduce CGT, or invest for future family needs, this episode offers valuable guidance.
Do you have a question? Email: questions@investopoly.com.au or for a faster response, post a comment on the episode's video over on YouTube: https://www.youtube.com/@investopolypodcast/podcasts
If you're interested in working with my team and me, discover how we can work together here: https://prosolution.com.au/prospective-client/
If this episode resonated with you, please leave a rating on your favourite podcast platform.
Subscribe to my weekly blog: https://www.prosolution.com.au/stay-connected/
Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog: https://prosolution.com.au/books/
DOWNLOAD our 97-point financial health checklist here: https://prosolution.com.au/download-checklist/
IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.
Investopoly