Continuing the focus on the July 2017 super changes, what are the implications for transition to retirement income streams and reversionary pensions?
From 1 July 2017, there will be a $1.6 million cap on the total amount of accumulated superannuation an individual can transfer into the tax–free retirement phase. What are the implications for SMSFs with regard to segregation of assets and CGT relief?
From 1 July 2016, all accountants are required to be covered by an AFS licence to give financial advice about SMSFs. During 2017 ASIC will be undertaking surveillance of accountants both licensed and unlicensed to test accountants compliance with the new obligations.