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SMSF Good News Story! Really!

In our last newsletter there was an article called ‘How does your SMSF compare?’ which included the Class Super June 2018 Benchmark Report.  This report provided some interesting comparative data for SMSFs administered on Class Super.

In this newsletter I’d like to share the story of one of our SMSF clients who has been with us since 2002.  No names divulged but they have consented to their story being told.

The couple have had a SMSF since October 1995.  They started the SMSF after the husband received a redundancy package.  It was started with a $200,000 rollover and a $72,000 tax free redundancy payment.  The couple have managed the investments themselves over the life of the fund and have been very proactive in taking advantage of strategies available to them, in particular the withdrawal and re-contribution strategy.   They haven’t owned direct property in the fund but have relied on listed investments and term deposits – nothing too risky or unusual.

From the time they commenced their fund 23 years ago they have maintained an annual record of all contributions, withdrawals and net earnings.

This record shows the following totals:

Contributions $2,680,000  
Net Earnings (after tax & fees) $2,522,000  
Withdrawals ($3,123,000)  
Balance 30 June 2018 $2,079,000  
Average return 9.82% High 22.45%/Low (9.95%)

Pensions have been running since 2002 and use of the withdrawal and re-contribution strategy has enabled both of them to end up with a balance of over $1 million that consists of 100% tax free component.  As a result of this planning they weren’t affected when the $1.6 million transfer balance cap rules came into effect.

By taking an active interest in their super and taking advantage of the rules they are in a comfortable position and are enjoying the results of their efforts.

The superannuation rules will, I’m sure, continue to change and obviously reduced contribution caps and the introduction of the transfer balance cap will have an impact on super savings in the future.  It is still possible, however, to create your own good news story.

Being engaged, informed and proactive gives you the best chance of a happy outcome.

Saward Dawson Wealth Advisers is here to help you with this.  Give us a call to start working on your own story!

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