Superannuation & SMSF Strategies

Your superannuation trust deed along with the superannuation laws form the governing rules that self managed super funds (SMSFs) needs to operate by. The introduction of the $1.6 million transfer balance cap (TBC) and new transition to retirement income stream (TRIS) rules are a ‘game changer’ for SMSFs when discussing benefit payments and estate planning.

New legislation to be introduced by the government is planning to give an allowance to all people over 65 the ability to contribute to super funds even after finishing work.

Recently, the ATO announced that they will be putting further resources behind ensuring employers meet their superannuation guarantee obligations.

From 1 July 2017, all superannuation funds, including SMSFs, will be required to report Transfer Balance Cap (TBC) credits & debits to the Australian Taxation Office (ATO) on an ‘events’ basis.

Step 1: Decide whether to use the constitutional corporation route (ie have a corporate trustee) or old age pensions route (ie have individual trustees). Note that either route allows the fund to pay lump sum and/or superannuation benefits, provided this is also permitted by the fund’s trust deed.

The end of the financial year always seems to crop up faster than it should. Given the impending July 2017 superannuation changes, being on top of your end of financial year planning is as important as it has ever been.

The ATO has announced that it will extend the due date of lodgment of self-managed superannuation fund (SMSF) annual returns for 2015/16 to 30 June 2017.