With a 1 July 2017 start date for the 2016 Budget
changes looming, the time to start preparing and reviewing the
implications for your clients is now.
Scott Hay-Bartlem and Clinton Jackson, partners in Cooper Grace
Ward's commercial team, have been on the road presenting to
accountants, financial planners, other lawyers and SMSF
administrators to assist them in identifying what steps they must
take for their clients and the strategies available to deal with
the impact of these imminent super changes.
They have already travelled to eight regions across Queensland,
each session a sell-out, focusing on engaging with advisers and
financial planners by providing real world examples and practical
advice that they can take directly to their clients. The next
session will be held in Sydney on 10 March.
'We have seen the benefit these sessions provide first-hand;
our guests are interacting with us and each other and are able to
openly discuss concerns they have for their clients,' Mr
'Getting on the front foot with these super changes is
imperative for the industry,' Mr Hay-Bartlem said.
He explained that 'these changes will impact how we use
superannuation and SMSFs, and we need to brainstorm and be
innovative with new solutions to retirement planning.'
Advisers must ensure, among other things, the following:
prior to 30 June 2017, every client's pension balances fit
within their transfer balance cap;
they have identified all superannuation interests their clients
have and are aware of the person's 'total superannuation
before making non-concessional superannuation contributions
after 30 June 2107, the member's 'total superannuation
balance' is less than $1.6 million;
they know when clients on transition to retirement income
streams satisfy an unrestricted condition of release and the
pension documents immediately remove the restrictions so it
automatically becomes an ordinary account based pension;
they review the wording of all existing pension documents and
trust deeds; and
the estate planning arrangements of clients with money in super
(particularly SMSFs) is reviewed to ensure they still achieve the
desired outcome under the new rules.
Mr Hay-Bartlem said 'although some of the issues to be
addressed before 1 July 2017 are obvious, there are a number of
other more subtle issues that are just as critical. It is important
that advisers start working on all these issues now.'
These issues will be discussed in further detail at Cooper Grace
Ward's annual SMSF Conference on 23 March 2017. This year's
event will also include an 'SMSF Back to Basics' session,
designed to provide an overview of the fundamental rules and
guidelines that apply to SMSFs.
Cooper Grace Ward is a leading Australian law firm based in
This publication is for information only and is not legal
advice. You should obtain advice that is specific to your
circumstances and not rely on this publication as legal advice. If
there are any issues you would like us to advise you on arising
from this publication, please contact Cooper Grace Ward
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