New LRBA holders should maximise contributions
SMSF trustees planning to set up an LRBA this financial year that will be affected by new rules around the total super balance of LRBA holders should look to maximise contributions before the year is out, according to DBA Lawyers.
Addressing a recent webinar, the SMSF law firm’s special counsel, Bryce Figot, said while new rules to include the outstanding balance of LRBAs in a fund member’s TSB restricted trustees from making contributions to pay off the loan over the long term, advisers could employ some creativity to maximise contributions for members before their increased balance kicked in.
Read more at the SMSF Adviser.Â
