SMSF trustees have been warned that time is running out to be compliant with the superannuation rules taking effect on 1 July 2017.
The SMSF Association is urging trustees with question about the changes to seek advice.
“Time is running out. The changes to superannuation that became law late last year mean planning for the end of this financial year assumes a higher priority compared with previous years,” said SMSF Association CEO John Maroney.
“Trustees need to make sure they are fully aware of all the issues flowing from the changes, and the best way to do this to get advice from an SMSF Association independently endorsed specialist,” he said.
“Only by working closely with an SMSF specialist will trustees be able to have the confidence to know their fund is compliant with the new legislation.”
Maroney said the introduction of the Transfer Balance Cap was an area in which many trustees would need advice, including whether to remove excess balance from their pension accounts, if to retain excess in accumulation phase and the preparation of minutes.
“The removal of the tax-exempt status from earnings on fund investments for those using transition to retirement pensions is another change where specialist advice could prove invaluable to trustees.”
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