Have you got all your ducks in a row ready for the new super reforms? Do you know all the tips and traps? There is a lot to be done and we are here to help.
Navigating the new super reforms can be very daunting for most. Knowing what to do and when to do it is very important to make sure your fund is complying with the new rules and that you are also reducing the negative impact where possible.
Do you salary sacrifice and if so, have you considered the new reduction in the concessional contribution cap? Make sure you speak to your employer to make adjustments where necessary so that you don’t exceed the cap of $25k. Also check out our blog about making these types of contributions: Salary Sacrificing & Your Contribution Cap
Have your triggered the bring forward rule in 2016 and 2017? If so, do you know what your new adjusted cap is? If not, please read our blog Transitional Bring Forward Rule
Is your member balance between $1.4m and $1.6m at 30 June 2017? Be careful not to exceed your non-concessional contribution cap as you may not have as much available as you thought.
Or was your balance over $1.6m at 30 June 2017? Do you know that you can no longer make non-concessional contributions to super? Often, fund members pay expenses of their super fund for convenience. These can be treated as non-concessional contributions but those with member balances over $1.6m will need to kick the habit as they can no longer make ANY non-concessional contributions to super.
Are you preparing your 2017 tax return and have a balance over $1.6m. Make sure you apply for CGT relief where appropriate and be sure to notify the ATO before the due date of your 2017 tax return. Read more in our blog on resetting asset cost bases: CGT Relief – Minimising Future Tax
Are you planning on taking more than your minimum pension in 2018? Do you have more than $1.6m in super? There are innovative ways to do this and minimise your tax. Read our blog on how this can be done but ensure you plan ahead as it is too late after you have already withdrawn the funds: Lump Sums vs Pension Payments – Post Super Reforms.
If you have any questions about the above please call us on 1300 039 190 or email us on email@example.com.
This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.