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To clarify, this year if >50 you can only contribute a maximum of $35,000 to your SMSF. The existing ‘catch up’ of $180,000 pa for 3 years is not available for this year?
Please also confirm that an ‘in specie’ transfer of shares from your personal name into your SMSF is treated as part of this cap. It will trigger a CGT event and if further down the track the shares are sold within the SMSF, CGT would be payable again?
Thanks for your clarification on these points.
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I am with SASS super fund since Dec 1986. I contribute 9% of my salary as Concessional contribution. This sum will exceed the $25,000 concessional contribution cap after 1 Jul 2017. There is a note that ‘For individuals who were members of a funded defined benefit scheme as at 12 May 2009 , the existing grandfathering arrangements will continue.
Can you please explain what this grandfathering arrangement is? Will I be able to contribute at the same rate without penalty or do I need to lower my percentage contribution?
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I am over 60, still employed and have started a TTR. With the changes in the May budget, will the 15% tax on earnings still apply irrespective of age i.e over 60’s. Since I have to withdraw at least 4% to 10% every year (which currently, I am re-contributing as Non Concessional contribution) does it make sense to maintain the TTR after 1 Jul 2017 as there is no tax concession on the earnings and I will be ‘using’ up my Non concessional cap of 500K by re-contribution?
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Reduction in the threshold on Concessional contributions
As from 1 Jul 2017, this changes from $300,000 to $250,000. Can you please tell me what is included in the threshold. Is salary sacrifice (salary, motor vehicle), employer contributions (9.25%) also included?
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NCC clarification?
I realise that the super changes announced on budget night still require legislation to be passed but would interested in getting clarification on the NCC lifetime cap rules.
If you had more that $500k in NCC prior to the budget announcement is the excess amount over the $500k required to come out of your NCC account balance? It is very confusing. It appears for those that have excess to the $500k NCC prior to budget night are able to keep their excess NCC balance and it is not trimmed back to $500k but they are deemed to have met their lifetime limit and not required to remove any excess NCC amount, could you please clarify?
My wife has $550k and I $450k as at budget night. Our accountant is saying my wife will need to reduce and remove 50K from her account and I can increase mine to $500k
Wife is 58 and I am 60.
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Whats your recommendation on WAM shares and its other WAM related shares.
Thanks.
Pamela
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