What is the best thing to do when winding up a SMSF with only one member? 82 years old and approx 28% tax free.
Should they start an account-based pension or put money into a high earning interest bank account?
Also,
would there be tax payable on an inheritance from a pension account as non-dependant?
Should they start an account-based pension or put money into a high earning interest bank account?
Only a licensed financial adviser (AFSL) can advise on whether you should start or stop income streams, or can advise on specific investments
Also,
would there be tax payable on an inheritance from a pension account as non-dependant?
Yes - on the 72 %taxed component
Unless SMSF wound up before death of member.
If the SMSF winds up (currently in pension stage) and a new individual account-based pension commences, would an inheritance from this account have 72% taxed or would this just occur in the SMSF?
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