Blog

After many months of frustration you will be pleased to know ASIC issued SMSF Works with its Licence effective 14 October. We are well aware that many accountants have made the decision to refer their clients seeking SMSF advice to people with the appropriate experience and qualifications rather than obtain their own AFSL License or...
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Two superannuation Bills, which include the proposed introduction of the $1.6 million transfer balance cap and changes to concessional contributions, have now been passed by both houses of Parliament. The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 amends five Acts including a $1.6 million cap on the amount of capital that can be...
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In July 2007 the Government introduced legislation identified as “Simple Super”. Late last week, the Government released the third tranche of exposure draft legislation in relation to the superannuation reforms initially announced in the 2016-17 Federal Budget, sadly, Simple Super may not be so simple for some in the 2016/2017 and 2017/2018 FY’s. This third...
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Recently the Government announced several changes to the superannuation proposals made in the 2016 Federal Budget. The following is a summary of the latest proposals. Opinions positive or negative, will be varied depending on individual circumstances! Good news for the majority (no more $500k lifetime cap on non-concessional contributions) It is proposed that NCC will...
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On 27th September Treasury released draft legislation to implement a number of superannuation reform measures announced in the 2016 Federal Budget. From 1 July 2017 a transfer balance cap of $1.6 million limit will be introduced, limiting the tax exempt income that can be claimed by the trustees of a SMSF to a maximum of...
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