BUSINESS TIPS: Protecting Your Nest Egg- The Upcoming Changes to Superannuation

BUSINESS TIPS: Protecting Your Nest Egg- The Upcoming Changes to Superannuation

April 27, 2017

A range of significant super reforms announced in the last Federal Budget which will become effective as of 1st July, 2017. As superannuation is an integral part of your future, we would like to ensure that you are aware of the changes and provided with the correct information to respond accordingly.

The changes cover a broad range of aspects within superannuation, so no matter what your phase of life they can affect you. The four key areas are:

  • Concessional superannuation contributions  (example- pre-tax contributions)

  • Non-concessional contributions (after-tax contributions)

  • Superannuation benefits (tax-free and taxable benefits)

  • Transition to retirement pensions (income available for those working part-time who have reached the superannuation preservation age) 

Previously accountants have been exempt of the requirement to hold an AFS licence when advising on superannuation contributions and the establishment of a SMSF; however as of July 1, individuals requiring advice these matters will need to see a professional with an Australian Financial Services (AFS) licence. 

CABEL Financial are licensed financial planners, that are located within our office. The team at CABEL Financial have identified opportunities for our clients to take advantage of both the current legislation (pre-July 1) and the changes (post July 1). You can read about these, in the fact sheet attached. This fact sheet provides a detailed overview of the four key areas of change. 

If you would like to discuss these changes further, contact us for a no obligation consultation. 

With a matter as critical as superannuation, it is a valuable investment of your time.

- Philip Browne, CEO CABEL Partners  accounting and business specialists.

 

While the services of an accounting firm such as CABEL Partners cannot be replaced Metis recommends professionals in management roles, or those aspiring to them undertake business finance training. Read about Metis Finance for Business Managers one day program here.