When can I access my super?

SMSFs have strict rules on when super monies can be withdrawn from the fund, most commonly when a member satisfies a form of retirement and/or reaches a certain age. Your super can be accessed: when you turn 65 (even if you haven’t retired); or when you reach preservation age and retire; or under the Transition to Retirement (“TTR”) rules, while … Read More

Are you ready for the 1 July 2017 super changes?

Part 3: Interaction of the $1.6m pension transfer cap and death benefit payments In last month’s Part 2 of the super changes newsletter, “I have more than $1.6m in pension phase so what are my options?” http://stanleywilliamson.com.au/ready-1-july-2017-super-changes-part-2-1-6m-pension-phase-options/, we discussed the $1.6m Transfer Balance Cap (“TBC”) and “Transfer Balance Account (“TBA”). Not only does this TBC affect members who are currently receiving … Read More

Accessing your super – special circumstances

SMSFs have strict rules on when super monies can be withdrawn from the fund, most commonly when a member satisfies a form of retirement. However, special conditions apply should a member be diagnosed with a terminal illness who are looking to access their super benefits. Terminal illness grounds A terminal medical illness exists when: two registered medical practitioners have certified, … Read More

February 2017 Newsletter

ATO TO REPORT BUSINESS TAX DEBTS TO CREDIT REPORTING BUREAUS From 1 July 2017 the ATO will be allowed to disclose tax debt information to Credit Reporting Bureaus. To avoid being impacted by these new measures you should read our full article. SMSF PROPERTIES – WHAT CAN AND CANNOT BE DONE TO THEM? Are you looking at buying a property, … Read More

SMSF Properties – what can and cannot be done to them?

Borrowing by a self- managed superannuation fund (“SMSF”) to purchase property, whether it be residential or commercial, is not a new investment strategy however care needs to be taken when trustees wish to start to make alterations and improve these properties.  What is the current legislation? Current Limited Recourse Borrowing Arrangements (“LRBAs”) allow for an SMSF to borrow money to … Read More

Are you ready for the 1 July 2017 super changes? Part 2: I have more than $1.6m in pension phase so what are my options?

  The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst those changes was the introduction of a $1.6 million transfer balance cap which limits the tax exemption for assets funding superannuation pensions. This new limit on superannuation will apply from 1 July 2017 and creates additional responsibilities for SMSF trustees. The main issues … Read More

Are you ready for the 1 July 2017 super changes?

Part 1: what was the final outcome? Last month saw the changes to superannuation in the May 2016 Federal Budget passed and receiving Royal Assent. They are now law. A summary of the final superannuation reforms is as follows: Annual limit of Non-Concessional Contributions (“NCCs”) will be reduced to $100,000 from the current cap of $180,000 from 1 July 2017 no … Read More

Superannuation changes from 1 July 2017 – The law has passed!

The 2016 Federal Budget’s superannuation reforms were legislated last week, so the haze of uncertainty surrounding these new changes has lifted. Among these new laws is the provision of Capital Gains Tax (‘CGT’) Relief. This allows the cost base of assets to be re-allocated from the pension phase, back to the accumulation phase, in order to comply with the $1.6m … Read More

The $1.6m transfer balance cap explained

Now that all three tranches of the Federal Budget’s proposed superannuation reforms have been introduced to parliament, greater clarity has emerged in regards to the mechanics of the $1.6 million transfer balance cap, and the interaction it will have with non-concessional contribution caps (‘NCC’). What is this $1.6m transfer balance cap? The $1.6m cap is a limit that an individual … Read More

2016 Federal Budget Superannuation reforms – the next steps

Last month the government had its first sitting of Parliament since the election and though they released some draft legislation for comment, we expect more changes in the forthcoming months of this superannuation reform journey. Latest proposals The annual limit of Non-Concessional Contributions (‘NCCs’) will be reduced to $100,000 from the current cap of $180,000 from 1 July 2017. No … Read More