The operation of the bring forward provisions under the proposed new regime is a little different to the current rules. The assumption that the full $540k bring forward limit can be carried forward to the next two years is not correct. Let’s consider a few cases. If a member (under age 65) begins their 3 year bring forward...
In a previous newsletter we canvassed the problems that the proposed NCC cap changes announced in the budget would create for those seeking to rectify uncommercial, related party, limited recourse loans. Effectively the changes, if implemented, would generally remove the ability to reduce existing loans by forgiving the debt and converting it to a non concessional...
As we approach the end of this very eventful financial year we have, once again, prepared a list of items that may not only be used to ensure your clients satisfy their compliance obligations but may also prompt you to consider other useful items as well. We suspect that our 21 point checklist is probably the...
In light of the Budget announcements we have had numerous enquiries regarding the level of non concessional contributions made by fund members since 1 July 2007. The ATO have advised that they can provide this information for the period ending 30 June 2015 provided that individuals and funds have met their lodgement obligations to date. They have...
Most of the budget measures will not take effect until 1 July 2017. A marked exception is the change to non-concessional contribution caps. This will take effect, subject to the successful passage of the relevant legislation, from 7.30 pm on 3 May 2016. The new lifetime limit of $500,000, reduced by any such contributions made from 1...
This budget has significant superannuation ramifications that will be canvassed over the coming days, weeks and months. It represents numerous planning opportunities. These will not be discussed here. What follows is a summary of the budget super measures taken, largely verbatim, from the budget papers. Utilising Unused Concessional Contribution Caps in Later Years From 1 July 2017, the...
As you are no doubt aware the only UK pension fund transfers that can currently be accepted are those to HMRC approved super funds. As each fund must contain a minimum 55 year age restriction, only SMSFs are currently capable of gaining the requisite approval. We have processed quite a number to date. Unfortunately the process...
There has been the usual intense pre budget speculation on superannuation changes clogging the media. I do not generally comment until after the budget however we have been receiving a spike in transition to retirement pension applications from concerned trustees so I thought it best to consider this topic. There have been suggestions that the Government will...