Welcome to ESUPERFUND’s April Newsletter.
In this issue, we continue to look at the recent updates released by the Australian Taxation Office (ATO) in relation to the 2016-17 Federal Budget Superannuation Reforms. We highlight the new webpages to guide you through the Transitional CGT Relief and Contributions Reserving Strategy. In addition, we introduce you the newly released Inbox feature on the Client Portal which is a useful tool to enhance your communication with ESUPERFUND. Lastly, we inform you of the email notifications sent to recipients of pensions.
Client Services Manager
Updates from the ATO - Definition of "Total Superannuation Balance" Clarified
During the last month, the ATO has released the final version of the Law Companion Guideline "LCG 2016/12 - Superannuation reform: total superannuation balance". The concept of "Total Superannuation Balance" becomes important after 1 July 2017 since it is relevant to determining:
Please visit the ATO’s website for a full description.
Updates on the ESUPERFUND Website
During the last month, we have published some new articles on our website to help you understand the implications of the Superannuation Reforms:
Transitional CGT Relief
This article provides a detailed explanation on how Transitional CGT Relief works, the eligibility criteria and the different tax results under various options.
Contributions Strategies prior to 01 July 2017
This article reminds you of the last opportunities to take advantage of the existing contributions caps in the 2016-17 Financial Year.
Contributions Reserving Strategy
Contributions Reserving strategy refers to an arrangement whereby contributions made in June of a Financial Year are allocated to the Member in the next Financial Year. The Contributions are recognised for income tax deductibility and other purposes in the year the Contributions are made but count towards the member’s Concessional Contributions cap in the next Financial Year.
For more details, please refer to our website at https://www.esuperfund.com.au/learn/contributions-to-smsf/planning/contributions-reserving.
Introduction of the Inbox Feature
Recently the Inbox feature has been released on the Client Portal to provide you with an improved user experience when communicating with ESUPERFUND. With the new feature, you can now:
Submit queries and receive responses from ESUPERFUND
Attach a document or multiple documents to a query
Check on the status of existing queries and respond with additional information
Keep all past communication with ESUPERFUND well organised and easy to refer to
Login to the Client Portal and access Inbox from the Main Menu! If you have any queries or suggested enhancements, please feel free to contact us.
Do you know?
Notification to Recipients of Existing Transition to Retirement Pensions (TRAPs)
If you are currently accessing a TRAP from the SMSF and aged under 65 throughout the 2016-17 Financial Year, you should have received the "Post 1 July 2017 TRAP Reform" email from our office. Accordingly, please reply to the email at your earliest convenience.
However, if you did not receive the "TRAP Reform" email to date, please contact our office immediately.
Notification to Recipients of Existing Simple Account Based Pensions (SABPs)
If there are other member(s) in the SMSF currently in receipt of an SABP and / or have an existing TRAP but will turn age 65 during the 2016-17 Financial Year, you will be contacted by office separately in the next four weeks.
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