Estate Planning Implications From Budget Super Changes

Anyone with funds in superannuation, particularly self-managed superannuation funds (SMSFs), should be reviewing their estate planning now to ensure their estate plan is not adversely impacted by last year’s Budget changes, according to law firm, Cooper Grace Ward.

The firm’s tax partner, Scott Hay-Bartlem said that while much had been written about transfer balance caps and accounts, reducing pension balances, and capital gains tax relief, responding to the changes also had some fundamental estate planning consequences.

“In working through the changes and their impact with clients, it is apparent that most estate plans now need some adjustment as we deal with the new measures, particularly where there is a self-managed superannuation funds,” he said.

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