Question 1: My wife and I are trustees in a SMSF. I am 68 and receiving a part-aged pension whilst my wife is not working and is turning 65 later this year. She is in "accumulation phase" because if she was "retired", our joint assets would exceed the current aged pension qualification limits. My wife also has a small portfolio of income stocks that she derives dividends and currently receives franking credits at present.
I am quite concerned because I thought that retired people on government pensions like myself (and their partners) would be exempt from the ALP's new taxation changes, according to initial newspaper reports. Will we be affected by Labor's new "Retiree Tax" in our SMSF, and individually for my wife with her small stock portfolio outside of superannuation?
Answer: I don’t think I can give you a definitive answer because the ALP has yet to articulate the detailed rules behind how the exemptions will work. This is not uncommon with changes of this nature – there will be a lot of “fine print” to be worked out.