Updated: Jul 17, 2019
Super Reforms - Unfortunately, we can't ignore them
Do you have your head around what your clients – and your firm – needs to do leading up to the Super Reforms? To help Accountants navigate through what needs to be done before and after 30 June 2017, Saul SMSF has prepared a Practice Readiness evaluation test to assess if your firm is ready for the Reforms and which areas you might need to focus more attention to.
Here are just some of the issues and opportunities you might want to consider:
Existing salary sacrifice, timing of payments and the impact of reductions in concessional contributions
Opportunities to split contributions between spouses from 2015/16 year to keep member total super balances under $500,000
Allowable withdrawals to make non-concessional contributions to a spouse
Tax deductions for personal super contributions as a result of removal of the 10% rule
Tax offsets for spouse contributions
Opportunities to make non-concessional contributions up to the new cap
In-specie contributions allowed under the exception within section 66(2) of the SISA
Debt forgiveness opportunity whereby related party lender can forgive part of SMSF loan and treat as a non-concessional contribution
Final opportunity in 2016-17 to transfer fund assets and count towards the minimum pension obligation
Is your Practice Super Reform ready?
Are your clients Super Reform ready?
Ask the Experts
Contact Saul SMSF for more information or specific advice.