Keeli Cambourne / SMSF Adviser
Whole-of-wealth reporting will become increasingly beneficial for SMSFs as reporting requirements ramp up, says a wealth management specialist.
Tim Sullivan, a private wealth adviser and director of Integro Private Wealth, told SMSF Adviser, that with the proposed $3 million super tax on the horizon, SMSFs need to be able to determine a whole of wealth picture to know where their assets are and how much they are worth to be able to properly plan their retirement and avoid any tax impositions.
“In the past advisers may have only reported on what they are looking after. Whole-of-wealth reporting incorporates it all into a complete picture,”
In a panel discussion during this/last week’s SMSF Adviser Technical Strategy Day, speakers emphasised that being able to have a complete picture of an SMSFs portfolio including investments and liabilities, will be integral for the quarterly reporting changes which are imminent.
