Meg Heffron

Supplies at the ready @SMSFCoach #Budget2024

@DTCsmsf @smsmagazine @HeffronSMSF Tks Darin - and in accounting firms, it’s often biz services who bump into super issues / opportunities first as they’re the ones talking to clients. Even clients who don’t have an smsf have super! Those accts something quick and targeted to their needs

@smsmagazine @HeffronSMSF @HeffronMeg There is certainly no harm in educating more practitioners about SMSFs even if they have no intention of specialising in servicing them.

Heffron has expanded the scope of its education offering to include professionals who do not actively work with superannuation, but need regular updates about developments in the sector. ow.ly/yhAm50Q3kEq #SMSF #financialplanning #financialservices #smsmagazine

It’s Heffron’s 25th Birthday! It’s been an absolute privilege to have shared the last 25 years with so many clients and professional colleagues. Thank you for your support. Read more in a special edition of Meg’s Musings: bit.ly/46s3BwM

Are you confident in your knowledge on how GST works in SMSFs? Our experts will answer all the questions you ask about GST registered SMSFs and provide strategies to simplify the administration and gain maximum benefit for your clients. Register now: bit.ly/3rvaAWy

There should be rules against releasing major legislation after a long weekend? But if you're like me and really want to sink your teeth into the $3m super balance tax, here's our analysis of the draft released today. heffron.com.au/news/draft-leg…

@SMSFCoach @SMSFassoc Thanks @SMSFCoach - it was a great event wasn’t it !

@HeffronMeg always brings the reality and practicality to #Superannuation issues/strategies. Great presenter @SMSFassoc Technical Summit #TS2023

Get off to a flying start with an update on what's new for accountants and auditors when it comes to the 2022/23 reporting work. Register for our upcoming webinar here: bit.ly/3NIcUBQ

Do you find yourself spending hours searching for answers to complex superannuation and SMSF questions? Super Companion has all the SMSF legislation, strategies, information and answers you need. Start a free 14 day trial to see it for yourself: bit.ly/3NEZh6m

Get off to a flying start with an update on what's new for accountants and auditors when it comes to the 2022/23 reporting work. Register for our upcoming webinar here: bit.ly/3NJPcW1

@timqfadvice Great article @timqfadvice - I’ve never done that modelling and have always been in the “my kids will pay their own HECS” camp. Helped son#1 pay some in May for the first time given v high inflation - thanks for making that look sensible!

Never had both clients & mates ask so many questions about same issue, HECS debt People shouldn't feel guilty if don't or can't help their kids, but if they have the capacity and the desire they should consider it. My 2 cents worth afr.com/wealth/persona…

Well I was all ready for budget night and … didn’t really need any liquid assistance

BDBN or not, it's outrageous that this death benefit from Australian Super hasn't been dealt with more quickly. Thank goodness she also had an SMSF. ‘So stressful’: A widow’s struggle to claim husband’s super afr.com/wealth/persona…

@timqfadvice So proud Tim :) Hope you told her all about co-contributions (or “free money” as it’s now described by my kids)

So the day finally came when my 18 y/o uni student daughter showed an interest! "Can u explain what's happening with superannuation like you're talking to an idiot"

Heffron Super Foundations is designed to quickly upskill staff new to SMSFs and superannuation. Our Online Classroom includes 2 x 3 hour live webinars with live Q&A and 3 months free access to Heffron Super Companion for new subscribers.* Register now - bit.ly/3SWl6zC.

We are running another Super Toolkit group demonstration on Tuesday 7th March. To register, click here - bit.ly/3mblWvL. For more information and to see our other scheduled demos, click here - bit.ly/3Zyy34I

@JeromeFahrer @sterndavidi Absolutely true - my comment was more than it's rare for pension balances to grow so much that they go over the $3m. So for now at least (while the transfer balance cap is only $1.7m / $1.9m from July) it's likely that the formula will work kinda OK. Perhaps not in the future!

@HeffronMeg @sterndavidi $1.7m (soon to be $1.9m) is the max that can be transferred from accumulation to retirement. Suppose it’s invested in Afterpay shares at 5c that grow to $100. There’s no upper limit on the amount in retirement. The only rule is that a small % has to be withdrawn each year.

Use of term "total superannuation balances" suggests that post-retirement the $1.7 million is included in calculating the threshold but the earnings used in the calculation are only on the accumulation portion....

@moneyfit365 @TMFScottP Nope - you get a loss you can carry forward. No tax refund. Presumably even if this measure never applies to you again in the future - because you take $ out and fall below $3m.

@TMFScottP Say you make a $200k unrealised gain and pay $30k tax on that (presumably paid by cash from contributions that year). The following year the entire $200k capital gain is eroded, do you get the $30k tax back or are you down $30k on an asset that's value hasn't changed?

Think about what this would mean. You have two investment properties in a Super fund, each worth, say, $1.7m. In 2021, prices rose 21%. This proposal would mean you'd be taxed on a $714k gain, even though you hadn't sold them.

@JeromeFahrer @sterndavidi Yes - in proportion to TSB but unlikely that $3m all in retirement phase. Say $1.7m pension, $1.7m accumulation ($3.4m balance), paying new tax on 12% of "earnings" (0.4/3.4). Fund still pays 0% tax on 50% of its taxable income as usual (pension account = 50% of the total )

@HeffronMeg @sterndavidi The Treasury document, with its cameos of retired people, implies that earnings in the retirement phase will be taxed in proportion to TSB (which could all be in the retirement phase) above $3 million. This is a big change from currently, where they are taxed at 0%.

Tax them more. I bet they wear it. But do it fairly. I wrote about an alternative here – still think it’s worth exploring firstlinks.com.au/meg-smsfs-limi…

Could go on. But the thing that shits me the most is the commentary around “only 80,000 people” or “they’re rich anyway” or that disgraceful segment on morning TV with someone taking the piss out of Double Bay residents 9/10

I’ve never done a thread on Twitter so I’m hoping this works. But I want more characters to comment on the Govt’s proposed new tax on super balances > $3m 1/10