The most significant changes to superannuation for the last ten years are now law and will commence on the 1st July 2017.
The new Super changes will affect how much you can contribute to super, and limit the tax concessions available when you are receiving a pension from your fund.
The new changes may also impact:
- Making additional contributions
- Restructuring pensions
- Revising reversionary pensions, and
- Death benefit nominations.
The changes could also significantly affect your estate planning arrangements. For example, it may be preferable to take a lump sum from your super fund before 1 July 2017 or to vary the terms of any existing pensions to better meet your estate planning purposes.
While these changes do not apply until 1 July 2017, if you are affected by these changes, it would be advisable to commence any required or desirable planning as soon as possible so that all the necessary actions are in place before 1 July 2017.
You may also need to consider updating your Super Fund Trust Deed as part of this process, as any changes you need to make may not be available to you because the trustee may not have the necessary powers and discretions.
So, plan now for the best outcome, and if you’re interested in a review of your superannuation fund to see how these changes will affect you, please call or email Adam Passwell on (02) 4455 5333.