The deductibility of personal contributions due from 1 July is a bigger opportunity than most people realise, given many employees were not allowed to salary sacrifice, and some employers abused it.
Despite the confusing and technical nature of the CGT relief rules, it’s important for SMSF trustees and advisers to consider their implications as decisions need to be made prior to 1 July 2017.
ASFA chief calls on baby boomers to redefine retirement, doubts fintech will disrupt, loathes dinner party freakonomics, believes brands work and wants a market full of fresh ideas not policy tinkering.
The changes to superannuation rules make rolling over an estate into a surviving spouse’s pension account less attractive, reviving a role for testamentary trusts.
There is much industry debate on the minimum size to make an SMSF worthwhile, and the range of costs can add up. A recent study of SMSF performance highlights the difference size can make.
Monica answers questions on her article on the $1.6 million cap. As she will be unable to answer more questions directly for a while, consider registering for her upcoming webinar.
The ATO’s annual statistics on superannuation assets shows that SMSFs continue to grow but not as quickly as institutional funds, as the older age demographics of SMSF retirees made less net contributions.
SMSF trustees and other people with large super balances should realise there are two applications of the $1.6 million transfer balance cap, and final opportunities to grow retirement savings in the most tax-effective way.
A positive development from recent super changes is the lifting of current restrictions on claiming tax deductions for personal super contributions and a flexible carry-forward rule.
Superannuation funds have too much emphasis on short-term performance and they need more focus on outcome-based objectives. Members deserve a better idea of their likely income in retirement.
An appeal for interested parties to contribute to the government’s discussion paper on post-retirement products, now called ‘MyRetirement’ solutions, to be offered within the superannuation system.
The advantages of using re-contributions to minimise taxable components within super will dry up after 1 July 2017, but those in a position to make the most of it now, should consider seeking advice and doing so.
Four questions every SMSF member with large balances should be asking in the run up to 30 June 2017. There’s enough here to warn not to leave understanding the rules until the last minute.