SMSF advisers still have an opportunity to review their clients’ strategies and implement any last minute changes ahead of the start of the new financial year and the introduction of the latest super reforms on 1 July, according to a technical expert.
“It’s been a very chaotic lead-up to this year’s 30 June, thanks to the government and all these changes, but it’s still worth going through year-end strategies so you can either sigh with relief that you’ve got everything covered or put in place some last minute things you can do for your clients,” NowInfinity SMSF technical director Julie Dolan said during the firm’s recent end of financial year strategies webinar.
“And I’m finding there’s still a lot of confusion about what can be done, how to do it, how to implement and how to execute.”
Dolan reminded advisers to ensure they maximised the current caps, and reviewed transition-to-retirement pensions, capital gains tax transitional provisions and estate planning.
She also highlighted that any trust resolutions required urgent attention as they must be completed before 30 June.
“Trust resolutions, which are dependent on the trust deed, must also stipulate any streaming of income, be it franking credits or realised capital gains, et cetera,” she said.
“Also ensure the intended beneficiaries based on the pool of beneficiaries within the trust deed and also who the intended ones are to be are still valid, so that the trust resolution is valid and doesn’t cause any unnecessary tax consequences.”
