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.

>> Click here to review the new super reforms in full detail <<

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.

Contact Wayne Turner at Intuitive Super on 1300 856 064 or at office@intuitivesuper.com.au to discuss the impact of these reforms and to set out a plan for your clients.

Click here to read more about how Intuitive Super works with accountants

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

Welcome to Harvest Bookkeeping Services Blog

Hi, I’m Shaun McAtamney and I work for Harvest Bookkeeping Services. This Blog supports our website: http://www.harvestbookkeeping.net

This is my first Blog post since I invested in some paid hosting with iPage (very cheap).

We have been reaching out to more clients in the Stanthorpe area. I am always amazed at the caliber of clients we serve here, being that we are essentially a regionally based business. Yesterday I spoke with the inventor of, ‘A3D’ technology, which is a state-of-the-art audio technology that produces recording studio sound quality without the need for the recording studio. Well that’s basically what it is without getting too technical. I guess you can draw your own conclusions by conducting your own research on the technology. However, without breaching client privilege, I can safely say that I was completely blown away by what my client had to say about manufacturing and marketing in Australia. We really do need to lift our game if we are going to compete with places like the US, China, and Singapore (to name a few) in terms of product marketing, investor relations, and company performance. Currently, Australia seems to have lost sight of this and unless we are bent on becoming a nation of service providers we need to start supporting our product inventors and innovators.

You can see from the following graph that the performance of the manufacturing industry has been in decline in Australia for eight of the past 10 years from 2004-2005 to 2013-2014:

(Taken from www.aph.gov.au ‘Performance in Manufacturing’)

The worst decline in 2008-09 was due to the global economic recession.

Many say that the reason manufacturing has been on the decline in Australia is due to the fact that Australia missed an important opportunity to grow its manufacturing sector due to a heavy reliance on the mining industry.

Malcolm Turnbull has been talking big during press conferences about Australia becoming  a ‘science nation’ and how the catalyst for that should be ‘innovation driven by technology’: http://theconversation.com

I sure hope the Australian government is good to its word and we put our money where our mouth is in this regard. As with most areas of business investment – the windows of opportunity don’t stay open for long.

If this is something you are passionate about, I would love to hear from you. You can also join our, ‘Contact List’ by filling out our contact form to the right.