In the 2016/17 budget, the government announced a package of reforms designed to improve the sustainability, flexibility and integrity of the superannuation system.
These changes have now received Royal Assent and most of the changes will commence from 1 July 2017.
An overview of the super changes and the changes in Simple Fund 360 are below.
- Transfer Balance Cap ($1.6 million)
- CGT Relief (Cost Base Reset)
- Concessional Superannuation Contributions and Division 293
- Low income superannuation tax offset (LISTO)
- Members Balances and Limited recourse borrowing arrangements (LRBAs)
- Personal super contributions deduction
- Removal of anti-detriment payment
- Segregation not allowed
- Tax offsets for spouse contributions
- Transition to Retirement Pensions post 30/06/2017
- Unused concessional cap carry forward
- Year End Procedures for the 2016 - 2017 Financial Year (Super Reform Changes)
The Fact Finder 2017 report has been added to assist you in reviewing fund data in preparation for the Super Reforms beginning on 1 July 2017. This includes using actual member and ledger data and will provide information into the reform changes to help you better prepare for 1 July. Click Here for more details.