In this edition:
Two new bills passed
ATwo superannuation bills, which include the proposed introduction of the $1.6 million transfer balance cap and changes to concessional contributions, have been passed by both houses.
The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 and the Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016 has been passed by both houses, according to the Parliament of Australia website.
The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 amends five acts including a $1.6 million cap on the amount of capital that can be transferred to the tax-free earnings retirement phase of superannuation.
The bill also proposes the reduction to the threshold at which high-income earners pay division 293 tax on their concessional taxed contribution to superannuation to $250,000.
Both houses have also passed Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016 2016 which imposes an excess transfer balance tax on the notional earnings of capital moved into a retirement phase superannuation account that is in excess of $1.6 million.
For full details about the changes and how they may impact you, see our October 2016 Newsletter article, Further superannuation legislation released.
Please call your manager or partner or financial planner at Goodwin Chivas to discuss how these changes impact you.
Suite 401 29-31 Solent Circuit
Norwest Business Park
Baulkham Hills, NSW 2153 Australia
View location map
P:
(02) 9899 3044
F: (02) 9899 1524
Our Team Members are the heart and soul of our business. Our team's guiding principles are integrity, respect, teamwork, achievement and innovation. Our guiding principles are the keys to our culture and to achieving our vision.
We offer a range of free and easy to use
online resources and tools including...