** Newsflash** Budget Super Changes now Law
The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 and the Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016 have today been passed by parliament.
planning will be required long in advance for many of your clients
What does this mean?
The proposed 2016 budget changes (and as modified in September) will now come into effect.
The majority of the new measures will apply from 1 July 2017.
However, planning will be required long in advance for many of your clients.
Outline of Significant Changes
- Reduction in concessional and non-concessional contribution caps
- $1.6 million balance threshold for making NCCs
- $1.6 million transfer balance cap for tax exemption on pension earnings
- Removal of tax exemption for earnings supporting a transition to retirement income stream
- Catch up Concessional Contributions
- And many more….
Transitional rules apply to these measures.
We have been conducting a series of complimentary briefings to accountants and planners as to the workings of the proposed changes (and now law).
If you have any questions as to how the changes will work, or would like us to present our post-budget smsf updates at your office, please contact us and we will be delighted to arrange it.