2017 touted as watershed year for Australian super
This article was emailed to me by Wayne Turner from intuitive super:
With many of the reforms coming into effect on 1 July 2017, there will be temptation for many to ‘do something’ before the deadline.
The biggest impact of the reforms is likely to be on those with large super balances close to or exceeding $1.6 million. And, it’s not just the wealthy with large super balances. Many SME business operators utilise the business real property exception to hold their business premises inside their SMSF, which can significantly increase the asset value of the fund.
For anyone close to or exceeding the $1.6m cap, it’s essential to have current valuations for assets to know exactly where things stand.
One of the key decision points for those with large balances is how CGT applies where assets supporting pension payments exceed the new $1.6m pension transfer limits and need to be moved back into accumulation phase.
Knee-jerk reactions to the management of a fund’s assets – like quickly selling assets pre-1 July – may result in the fund being in a much worse position.
How Intuitive Super helps accountants to help your clients
Accountants acting for SMSF clients need to be across the planning opportunities that exist. While reviewing retirement strategies for clients following the changes to superannuation will require detailed analysis, there is plenty of scope to provide value to your clients if you start planning now.
PSD 1186. Intuitive Super Pty Ltd ABN 80 168 211 194 is a Corporate Authorised Representative (Number 1239058) of Millennium3 Financial Services Pty Ltd ABN 61 094 529 987 Australian Financial Services Licensee – Licence Number 244252. All information in this communication constitutes general advice only. The information provided has been prepared without taking into account your objectives, financial situation or needs and applies to Australian Residents only.
Intuitive Super Toowoomba | Dalby | Chinchilla QLD