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Mandatory Document Tool Released

To avoid a breach of the transfer balance cap it is necessary for members to limit their retirement phase balance to $1.6M by the 30th June 2017. The ATO acknowledge that 30 June member balances will not be known until sometime after that date so, in deference to the rule of bureaucracy, PCG 2017/5 has been...

June 6, 2017
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Market Linked Pensions Tips & Traps

The transfer balance cap limits the amount that can be in the retirement phase on 1 July 2017. This will be the annual income for the 2017/2018 year multiplied by the term remaining from 1 July 2017. As market linked pensions can be paid plus or minus 10% of the calculated amount, it is possible to make...

May 28, 2017
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Great News

A couple of weeks ago we referred to the contentious limited recourse borrowing proposal that would see the debt counted as an asset for total super balance purposes. The good news is that it is missing from the Bill that has just been tabled in Parliament. The first part is still there but it merely states that,...

May 25, 2017
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Don’t Fix It Too Quickly

Just be aware that, for unsegregated funds, the CGT reset is only available for adjustments made on 30th June 2017. This means that such funds must have a member with more than $1.6m in pension or with a transition to retirement pension on that date. If members have taken measures to deal with these matters by ceasing a transition...

May 16, 2017
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And the Bad News Is

The assault on limited recourse borrowing arrangements flagged in the draft amendment has been included in the budget but with a little more enthusiasm. The proposal was that the counting of the loan balance against a member’s total super balance would begin from the date of royal assent of the enabling legislation. The budget has moved...

May 9, 2017
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Bureaucracy Wins Out

Somewhere in the bowels of Government the gremlins are hard at work dreaming up new and totally unproductive ways to occupy our time. The latest result, PCG 2017/5, is a requirement for SMSF trustees to enter into a written, irrevocable agreement with a member, by 30th June this year, to commute the member's pension balance over...

May 2, 2017
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Urgent – Proposed SMSF Loan Amendments

Last night Treasury released a rather nasty proposed amendment for hasty public comment. It is a very significant amendment. It was issued on a Thursday night with all submissions required by next Wednesday. Monday is a public holiday in most States. The amendment focuses on limited recourse borrowings in two ways. Transfer Balance Credits Where a fund contains...

April 28, 2017
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Mandatory Reform Action

Due to the impact of the super reforms there are many additional items that need to be considered prior to the end of this financial year. One of the biggest items is the CGT reset. If your client is eligible, irrespective of whether you think they can use the the segregated or the proportional approach, they should have maximised the time...

April 13, 2017
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