ATO Update On Super Reform

In the 2016–17 Budget, the government announced a number of changes designed to improve the sustainability, flexibility and integrity of Australia’s superannuation system. Since the super announcements, the ATO have published on-going guidance to assist people better understand how the changes apply to them.

On the 22nd March, the ATO published three guidance notes, each explaining the change, what actions need to be done before 30 June 2017 and after 1 July 2017 and also practical examples how the changes will apply.

Please find below the three guidance notes released on 22 March 2017:

  1. New transfer balance cap for retirement phase accounts
  2. Change to non-concessional (after tax) contributions cap
  3. Change to concessional (pre-tax) contributions cap

Contact our SMSF experts

If you have any questions about the above article, please contact our SMSF experts:


Ada Poon

B.COM, CPA, SSA, JP, DIPFP

Senior Client Director - SMSF Specialist Advisor

P: (02) 9923 0800

E: ada.poon@kellypartners.com.au


Kim Meredith

B.COM, CPA, SSA, JP, DIPFP

Senior Client Director - SMSF Specialist Advisor

P: (02) 4625 7711

E: kim.meredith@kellypartners.com.au


Source: ATO Super Newsletter -  SMSF News

Disclaimer:

While we have made every attempt to ensure that the information contained in this article has been obtained from reliable sources, Kelly+Partners is not responsible for any errors or omissions, or for the results obtained from the use of this information