The changes to superannuation announced in the 2016 federal budget, namely the $1.6 million transfer balance cap and the $500,000 non-concessional contributions lifetime cap, will have an impact on more than 4 per cent of the population and will effectively take away the retirement savings aspirations of many Australians.

BGL Corporate Solutions has provided Simple Fund 360 clients with a big data search capability to initially identify which of the SMSFs they administer are affected by the federal government’s proposed lifetime $500,000 non-concessional cap (NCC), with further enhancements intended.

Ascentiv Group has provided the Australian Securities and Investments Commission (ASIC) with an enforceable undertaking (EU) in light of the corporate regulator’s concerns over the appropriateness of advice provided to clients about the establishment and use of SMSFs.

Blockchain technology could have a direct impact on SMSFs in as little as two years as the Australian Securities Exchange (ASX) develops its blockchain trading platform and Treasury undertakes a review, with switched-on trustees predicted to be early adopters.

The proposed superannuation concessional and non-concessional contributions changes in the budget will impact at least 10 per cent of Class’s SMSF members, triggering the need for contribution strategy reviews as well as gaining access to lifetime contribution data.

The proposed superannuation concessional and non-concessional contributions changes in the budget will impact at least 10 per cent of Class’s SMSF members, triggering the need for contribution strategy reviews as well as gaining access to lifetime contribution data. “The government said that the $1.6 million pension cap will only affect 1 per cent of super […]

The flexibility and control associated with SMSFs mean they continue to be the most effective superannuation vehicle even in light of the changes to the industry handed down in the 2016 federal budget, according to the SMSF Association.

The federal budget’s removal of tax barriers for some retirement income products is only one piece of the puzzle and further measures are required to create greater flexibility, particularly for SMSFs.

Reserving strategies would become more powerful and relevant as a result of the new transfer balance cap of $1.6 million relating to the pension phase of superannuation funds handed down in the 2016 federal budget, according to an SMSF sector expert.