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The biggest changes to superannuation in ten years have arrived. In summary, these are:The introduction of a $1.6m personal pension transfer capRemoval of tax exemption within superannuation funds for funds paying Transition to Retirement Income Streams (TRIS) Capital Gains Tax Relief for certain superannuation funds in 2017 Other tax changes including:Removal of ability to segregate assets for tax purposes, for some superannuation fundsAdditional personal income tax on non-commutable income... More...
This blog article is part 2 of our 6 part series on the superannuation changes. You can access the summary with links to all six parts on our summary blog.Introduction of a Pension Transfer Cap On 1 July 2017 the member balance you can have supporting a pension in superannuation will be limited for the first time in many years.In the past few years there has been no limit on the amount of money you can have in super, or that you can use to start one or more pensions or income streams. That a... More...
This blog entry is part 3 of our 6 part series on the changes taking place from 1 July 2017. You can access the summary and all blog articles in the series from this page.Transition to Retirement Income Streams (TRIS)Tax exemption in fund removed Until 30 June 2017, superannuation funds who pay transition to retirement income streams receive tax concessions on the earnings from assets supporting the transition to retirement income stream. For example, lets say a member has $1m in accumulatio... More...
This is part 4 of our 6 part series on the changes to superannuation. You can access the master index on this page.Capital Gains Tax Relief There will be a one-off capital gains tax relief which applies in the 2017 year to offset some of the impact of the changes. The CGT relief will apply at an asset level, not fund level and applies only to assets held on 9 November 2016. Trustees can choose whether to apply the CGT relief, and to which assets to apply the relief.There are two methods of c... More...
This blog entry forms part 5 of our 6 part series on the changes to superannuation taking effect 1 July 2017.To access the master index, please click through to this page.Extra tax on non-commutable income streams If a member is receiving pension income from a non-commutable income stream and the annual payments to the member are greater than $100,000, these pensions are subject to special tax treatment. Account Based Pensions (the most typical pension paid by self managed superannuation fun... More...
In recent years it has become more common for medical practices run by large corporates to offer health professionals, particularly general practitioners, a large lump sum inducement to purportedly sell the goodwill in their own business. At the same time the health professional is expected to enter a contract for service for a specified period, often 5 years. Some practitioners had previously sought to treat these proceeds as a capital gain on disposal of goodwill and apply the small busine... More...
By Adele Wardley, A Squared Advisers Pty LtdDid you know from 1 July 2016 if you have $1.6 million in superannuation you will not be able to make further non-concessional contributions to your superannuation fund? Many of our clients, particularly our doctors and dentists are being caught by these changes. So, what are the new rules, and what should you be doing now?Reduction to the concessional superannuation contribution limitFrom 1 July 2017 the concessional contribution limit will decrea... More...
Improving transmission of electronic documents We are seeing a huge amount of documents being emailed to/from our office. As part of our continuous improvement processes, we are implementing a new system for sending out electronic correspondence for most clients. We currently use box.com to store our clients documents, as a world leader in document security and sharing. Box has a facility for us to be able to share documents with you rather than emailing documents as email attachments. We li... More...
From 1 July 2016 the Office of State Revenue NSW will begin collecting additional information on real property transfers. This information will then be reported to the Australian Taxation Office.The information collected and reported will include property title information and address, transfer price, contract and settlement dates and information identifying the vendor and purchaser. This information will be used by the Australian Taxation Office to data match information. This will likely i... More...
By Anthony WardleyWhat are the rules? New rules take effect for taxable Australian real real property contracts signed from 1 July 2016 with a sale value of $2 million and over. The aim of these rules is to collect tax from foreign resident vendors at the time the property sale takes place, however these rules will still effect transactions that take place wholly between Australian residents. Under these new rules, property purchasers will be required to withhold 10% of the purchase price of... More...