SMSF Consulting in Melbourne | Super Reforms |$1.6m Super Cap |CGT Super Relief 

We are specialist SMSF Accountants in Melbourne. 

This page is dedicated to you, if you are a member with more than $1.6m in superannuation and are not sure what to do and haven't been able to receive appropriate advice. We can assist.

We are a traditional accounting firm in Melbourne (Mt. Waverley), with a specialty in Self Managed Super Funds (SMSFs). Our goal is to make the complex simple, especially with these new super reforms.

If you would like a once off consultation or a new accountant, we can provide that service. In a nutshell, we can assist with factual advice on the following:

  • Overview of the new Super Reform changes
  • The pension transfer balance cap (the $1.6m pension cap everyone is talking about)
    • how this works
    • what action you need to take if you have more than $1.6m in pension
    • what are your options
    • you have multiple funds... what does this mean?
    • you are receiving a defined benefit, lifetime, market linked or some other form of lifetime or defined  time pension... how does this all work?
    • what is and isn't counted toward the cap?
    • can you change funds after a few years?
    • as your investments grow, do you need to keep reducing the balance to keep under $1.6m? (short answer is no)
    • what happens if your partner dies? What difference does this make if their pension is reversionary or not?
    • what happens when the market fluctuates... how does this affect the cap?
    • are my pension draw downs based on my whole fund balance or just what is in pension?
  • You have a Transition to Retirement Income Stream... what's next?
    • will you have to stop it?
    • what are my new tax implications?
    • do you still need to draw the minimum pension as you used to?
  • Capital Gains Tax (CGT) Relief
    • how this works
    • how do you make a valid choice and what records do you need to keep?
    • It is a complex area. To grasp the whole measure / reform, you need to be quite knowledgeable. Our goal to make the complex simple, we explain to you the options that are particular to your SMSF. The legislation covers all eventualities and to try and understand this and match to your circumstance will be difficult - let us help! 
    • how do i choose what assets to apply CGT relief to?
    • when can i do this?
    • you may like our menu special, called "what are my options in plain English"
  • Tax schemes | Tax minimisation | Ideas for how to "get around" the changes
    • this part of the services is to discourage you from undertaking such schemes and keeping you under the tax office radar, common schemes or ideas we have heard, which we can discuss with you:
      • setting up a second SMSF
      • can you segerate your assets? The common thinking is high income in pension, low income in accumulation?
      • cherry pick CGT relief dates
      • etc etc
    • The ATO states in LGC 2016/D8 that the objective of the CGT relief provisions is to preserve the income tax exemption for capital gains accrued, but not yet realised, by a complying SMSF on CGT assets that have been held throughout the pre-commencement period (9 Nov 2016 to 30 June 17). If you go further than necessary to provide more relief than the reforms allow, you may raise ATO interest in your SMSF.
    • We can help keep you on the straight and narrow
  • Other changes you may be interested in:
    • reduction in contribution limits
    • can i still contribute when my balance is over $1.6m?
    • removal of the 10% rule 

 

To receive advice on the above, please contact Mark Rogerson 03 9802 2533 or mark.rogerson@rogersonkenny.com.au 

Can I stress, that any advice will be factual only. If you require specific advice on what to do (eg. you ask should I do this or do that), then we will need to go into a formal statement of advice process, for which I am licensed as an authorised representative of Amambo Pty Ltd t/as Accountants Private Advice AFSL 322056.

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