With a goal to strengthen and future proof the superannuation industry, the Federal Government passed significant reforms affecting superannuation in December of last year, with majority of measures commencing from 1 July, 2017.

One of the most significant changes includes the introduction of a $1.6 million transfer balance cap, which will place limits on the amount an individual can transfer into the tax-free earnings retirement phase. The measure is also applied to death benefit income streams.

For those making non-concessional contributions, from 1 July you will be limited to $100,000 per year compared to $180,000 presently. Additionally, the annual concessional contribution cap will be lowered to $25,000 a year for all individuals, which greatly reduces the amount of money you are able to contribute to superannuation from 1 July.

While these are just a few examples of some of the major changes coming into effect from 1 July, there is no one-size-fits-all approach to navigating these changes and a regular review of your personal affairs and planning for your future is paramount.

To help shed light on what changes are in store and appropriate next steps to take, local accounting and financial services firm, Crowe Horwath, will be running a free lunchtime seminar where its wealth and superannuation specialists will discuss the changes and provide a strategic overview of opportunities to maximise retirement planning now and post 1 July.

The event runs on Wednesday, 10 May, from 12.00pm to 2.00pm at Crowe Horwath’s offices in Toowoomba, with a complimentary lunch provided. Seating is strictly limited and registration is essential. You can secure your spot at this complimentary event by registering online.

 

Disclaimer:

Crowe Horwath (Aust) Pty Ltd is a member of Crowe Horwath International, a Swiss verein. Each member firm of Crowe Horwath is a separate and independent legal entity. Findex Advice Services Pty Ltd ABN 88 090 684 521 AFSL No. 243253 trading as Crowe Horwath Financial Advice is not a member of Crowe Horwath International. Crowe Horwath (Aust) Pty Ltd and its affiliates, including Crowe Horwath Financial Advice, are not responsible or liable for any acts or omissions of Crowe Horwath or any other member of Crowe Horwath and specifically disclaim any and all responsibility or liability for acts or omissions of Crowe Horwath or any other Crowe Horwath member.

Any general advice may be provided by: Crowe Horwath (Aust) Pty Ltd ABN 84 006 466 351 and Australian Credit Licence No. 389054; Findex Advice Services Pty Ltd ABN 88 090 684 521 AFSL No. 243253; Crowe Horwath Corporate Finance (Aust) Ltd ABN 95 001 508 363 AFSL No. 239170; Crowe Horwath Insurance Brokers Pty Ltd ABN 17 139 730 528 AFSL No. 342526; Crowe Horwath Property Securities Ltd ABN 91 010 208 107 AFSL No.247427. Please seek professional advice before making a decision in relation to the above information. 

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