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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...