Start planning now before new superannuation rules kick in on July 1, 2017.

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Superannuation bills have now been passed and will become law, are you ready?
The key measures which have a commencement date of 1 July 2017 include:

High Impact Planning required NOW.
  • The concessional contributions cap is reduced to $25,000. This can be made as employer or personal tax deductible contributions (or a mix of both – subject to the 10% rule.)
  • The non-concessional contribution cap is reduced to $100,000 pa (or $300,000 under the bring forward provisions). While you are also prohibited from making further non-concessional contributions where a member’s total superannuation balance is more than $1.6 million.
  • Introducing a $1.6 million ‘transfer balance cap’ – the limit of the amount that can be transferred to the pension phase, where earnings are tax-free. This $1.6 million cap applies also the death benefit income streams and defined benefit income streams.
  • Transition to Retirement Income Streams will no longer be eligible for income tax concessions (at the superannuation fund level.)
Moderate Impact Ongoing Planning required.
  • Continuation of the low income superannuation tax offset for member’s whose income level is less than $37,000.
  • Eligibility for spouse contribution rebates are extended, by increasing the annual income threshold to $37,000.
  • Lowering the income threshold for Division 293 tax to $250,000.
  • Abolishing the anti-detriment payment.
  • The new concessional contributions catch-up regime, providing your total super balances are less than $500,000 commences from 1 July 2018

6 FREE 45 MINUTE SESSIONS

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If you would like to find out how these changes may affect your Superannuation Plans, we have 6 FREE 45 minutes sessions to be held in December only with Tim McCarthy.
Only available to the first 6 people to book online.

Book Now

General advice disclaimer – General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

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