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ARTICLE · 11 JUNE 2017

New Tax changes to Super laws - 10 tips for SMSFs before 30 June 2017

Bartier Perry Solicitors
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You must discuss these significant changes with your SMSF clients and review their estate planning before 1 July 2017.

AustraliaFinance and Banking
Lisa To
Lisa To
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Commencing on 1 July 2017 are the most significant changes to superannuation since the simpler super reforms introduced over a decade ago. With less than 4 weeks to go, there is still an opportunity for your clients to take advantage of the transitional Capital Gains Tax (CGT) relief and make contributions to their super funds before the lower caps and limits apply. It is essential that you discuss these changes with your clients and review their estate planning in light of the changes taking effect in the post 1 July world.

Here are our top 10 tips:

  1. Verify superannuation account balances including super held outside of Self-Managed Super Funds (SMSFs)

Members with Total Superannuation Balances (TSB)1 of $1.6 million or more on 1 July 2017 can no longer make non-concessional contributions into super. Members who suspect their balances are close to $1.6 million should check them to ensure that they are eligible to make further non-concessional contributions.

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