Major reforms have reshaped the superannuation landscape from 1 July 2017. New restrictions mean that accountants and other professional advisers need a working knowledge of the reforms to guide their clients through the maze of changes and avoid any nasty surprises.
- Pension transfer balance cap of $1.6 million
- Reduced contribution caps
- Non-concessional contributions subject to $1.6 million balance limit
- Deductions for personal contributions
- Transition to retirement pension changes
- Defined benefit pensions – special rules and additional income tax
- SMSF related-party borrowings – new integrity measures
- 2017-18 Budget measures – first home buyers and downsizing contributions
To truly understand the additional layers of complexity stemming from the reforms, it is necessary to appreciate the interconnected details of how the changes fit within the existing framework. To this end, the Australian Superannuation Handbook 2017-18 assists with making the most of superannuation as a tax-effective investment vehicle for wealth creation and retirement savings objectives.
Current to 1 July 2017, the Australian Superannuation Handbook 2017-18 is an essential companion for tax practitioners to help comply with the latest superannuation regulatory requirements.