The significant changes to superannuation, originally announced in the 2016-17 Federal Budget, passed Parliament in late 2016 and are now law. These changes signify the most important change to superannuation we have seen in more than a decade, and the impact on them should not be discounted as “more super changes”.
With the Christmas period behind us, and with a number of the measures commencing from 1 July 2017, there is a limited window of time to understand the potential impact on you and undertake structural changes to your fund if required.
The following are key changes and issues to consider:
1. Concessional contribution cap reduction
2. Non-concessional contribution cap reduction
3. Removing the ‘10% Rule’ to Allow Tax Deductions for Personal Superannuation Contributions
4. $1.6 million Transfer Balance Cap
5. Transition to retirement pensions
6. CGT relief arrangements for asset transfers
7. Carry forward of unused concessional contribution cap space
8. Lowering Division 293 tax threshold to $250,000
To find out more about how each of these key changes may impact you and/or your business, we are delivering a FREE webinar on Tuesday 21 February 2017. To register, please click here.
An Important Message
While every effort has been made to provide valuable, useful information in this publication, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.