National Superannuation Conference
The 2026 Federal Budget requires a fresh comparison of self-managed superannuation funds with companies, discretionary trusts, fixed or unit trusts, and direct ownership. Restrictions on superannuation have reduced some of its historic advantages, but the proposed taxation of discretionary trusts and changes to capital gains and negatively geared residential property may improve its relative position.
This paper examines that comparison by reference to the purpose of each structure: controlled businesses, non-controlled business interests, conventional and exotic investments, gearing, asset protection and succession.
The central proposition is comparative, not absolute. An SMSF may again be a preferred vehicle for suitable retirement investments without being the appropriate vehicle for every asset or every family objective. Contribution capacity, preservation, borrowing, compliance, Division 296 and death-benefit planning remain material constraints.
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