How will the new super reforms affect me?
Below is a summary of the major changes, split into three different categories – accumulators, those transitioning to retirement and retirees. The listed changes come into effect from 1 July 2017 (unless an alternative date is specifically mentioned).
As a final note, while there have been significant changes to how super works, many of the existing tax concessions for SMSFs will continue post 1 July 2017 so the news is not all bad. For example, most benefits withdrawn after turning age 60 will still remain to be tax free, and funds will still enjoy a flat 15% tax on earnings.
Please contact us to discuss your circumstances and any questions you have about the changes.
DISCLAIMER: This article is intended to provide a general summary only and should not be relied on as a substitute for professional advice.
© 2017 WMS Solutions Pty Ltd
K. Michael Steer
Hey Carmel,
Greetings from the USA. I have received your monthly newsletter and having no experience with superannuation wonder if this is relevant to my investment. (If Stephen covered this topic please forgive my memory lapse)
The way I read this, can my investment be considered superannuation, in part or in total, allowing me to make non-taxed income withdrawals with the remainder being at a 15% tax rate? (BTW I am 66 years old)
I feel confident that I need not worry about how I am set up, however, I am trying understand new information without trying to be an accountant.
Thank you,
Michael Steer
Greg Merrick
Hi Michael,
Thank you for your enquiry, in future it is easier if you email us direct.
Stephen has advised that this article has no relevance to yourself as a non-resident.
Regards,
Carmel