This is a short video touching on some of the key changes to be aware of in the superannuation and retirement income stream (pension) environment.
- $1.6 million cap on transfer to tax-free pension phase
- what happens to any balance?
- strategies to consider before year end
- concessional contributions (before tax) cap changes
- non-concessional (personal) contributions cap changes
- bring-forward provisions changes
- transition to retirement income streams changes
- defined benefits schemes, spouse tax offset – opportunities?
- reduction of higher income earners’ threshold
Youtube Credit: Ambition Wealth
Here’s another quick summary, courtesy of RSM Australia
GET READY FOR 1 JULY 2017
Following extensive debate and conjecture, the 2016 Budget announcements making widespread changes to the superannuation system have been passed. Most of these changes commence from 1 July 2017 but may require a great deal of planning, and like most things, the real trick is in the detail. Now is the time for you to prepare.