MY wife and I, both in our 80s, run our self-managed super fund and at present we both have more than $1.6 million in the fund. Both are in pension mode. There is one bank account attached to the fund.
We are now required to transfer above $1.6 million to individual accumulation accounts. The question is how is the bank account allocated to what will then be three accounts?
The simple solution is to leave your fund as it is with the assets unsegregated. Then you can keep the one bank account and all that needs to be done at the end of the financial year is to have an auditor prepare a certificate stating the asset proportion. I assume you have expert advice about your fund administration – there are substantial penalties for getting it wrong.
Is it better to put money into super or pay off your own home at the moment?
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