Super Reforms 2016
The Super Reforms announced in the 2016-17 Budget are being hailed as the most significant in a decade. To help you navigate through the changes and access relevant education and information updates, we’ve put together this online resource.
Content will be revised regularly – we suggest you bookmark this page and check back regularly for updates.
A number of Class business partners are developing events and content to provide insights and strategies that you can use with your clients, both before and after the 1 July 2017 deadline.
DBA Lawyers, Australia’s leading SMSF law firm, has been running a series of Super Reform webinars to help advisers get on top of the changes and learn the new rules to develop the best strategies. If you missed out on the live webinars, recordings are now available.
They also have a series of SMSF Online Updates and SMSF Strategy Seminars planned over the coming months.
To view details of webinars, events and pricing click here.
The ATO has a comprehensive online information resource on the Super Reforms, which is regularly updated. You can view the online content and subscribe for updates here.
The ATO has been publishing additional guides and information on its website for tax/SMSF professionals on specific Super Reform measures. Below are links to recently published pages, many of which include worked examples:
- Changes to concessional (pre-tax) contributions cap — From 1 July 2017, the government will lower the annual concessional contributions cap to $25,000 for all individuals.
- Transfer balance cap of $1.6 million for pension phase accounts — From 1 July 2017, the government will introduce a $1.6m cap on the total amount that can be transferred into the tax-free retirement phase for account-based pensions (SMSFs).
- The finalised version of Law Companion Guideline LCG 2016/9 provides further guidance on how the transfer balance cap operates for account-based superannuation income stream products.
- Transitional CGT relief (SMSFs) — CGT relief is available for SMSFs to provide temporary relief from certain capital gains that might arise as a result of individuals complying with the transfer balance cap, and Transition to Retirement Income Stream (TRIS) reforms, commencing on 1 July 2017.
- The finalised Law Companion Guideline LCG 2016/8 offers further guidance on the operation of transitional CGT relief.
- The Law Companion Guideline LCG 2016/11 clarifies how changes to concessional contributions will interact with superannuation interests in constitutionally protected funds (CPFs) and certain notional contributions to defined benefit funds.
- The ATO has also released a recording of its Super Changes Webinar for SMSF Professionals, held on 28 Feb 2017: