This event is for accountants and financial planners to assist them in advising clients in relation to the new super laws, announced in the May 2016 Federal budget.
The new laws are the most significant changes to the superannuation system since 2007. Most of the new laws commence on 1 July 2017, leaving us with a limited amount of time to prepare for the new regime. This event will cover the following topics.
Phil Broderick, Principal, Sladen Legal (Harwood Andrews' Melbourne office)
Overview of the new super measures
This session will provide an overview of the new measures but in particular will concentrate on the transfer balance cap measures and the changes to non-concessional contributions caps.
How the new laws affect death benefit planning
The transfer balance cap will have a significant effect on the death benefit planning of many members. This is because death benefit pensions are added to a death benefit recipient’s transfer balance cap and therefore will result in some super funds being forced to pay surviving spouses lump sums (when a death benefit pension would be preferred). This presentation will examine how the transfer balance cap regime must be examined for death benefit planning including:
- How the transfer balance cap regime works for death benefits
- Why reversionary pensions are preferred under the new regime
- Are there any advantages in paying children death benefit pensions?
- What should members do now
Melanie Twomey, Senior Associate, Harwood Andrews
Planning for 1 July 2017 and beyond
Most of the new super laws don’t take effect until 1 July 2017. Therefore, there are a number of planning matters to consider prior to, and after, that date. This presentation will examine some of those issues including:
- The cost base reset under the transfer balance cap regime
- Dealing with the transfer balance cap after 1 July 2017
- What to do with transition to retirement income streams
- Making non-concessional contributions before the caps are reduced