2018 has been a tumultuous year for SMSFs, with volatile investment markets and an even more volatile political environment, giving SMSFs plenty to think about. However, as we move into the festive season, this is the ideal time to review your SMSF plan and consider what awaits in 2019. Taking some time to review and plan can help ensure your SMSF is on track to achieve your superannuation goals.
The key issue that will occupy the mind of most SMSF trustees is the imminent 2019 Federal election, expected in May, and the possible change to a Labor Government. We already know that the Australian Labor Party has announced significant policies impacting SMSFs.
The most substantial planned policy change is Labor’s proposal to end the refundability of franking credits. SMSFs that receive franking credits for the tax paid by Australian companies will often receive a refund of the tax paid at the corporate level.