Recent legislative and industry updates have introduced significant changes, including increased duty and extended vesting dates for trusts, broader electronic signing capabilities for companies, and additional guidance on the classification of discretionary trusts as foreign entities. […]
Maximising Revenue in SMSFs
Acis, current as of: 12 April 2017.
You’d have to be a hermit or living in hibernation to have missed the information flying around the market about recent changes to superannuation legislation. While we’re all a bit over it, the changes do provide the ideal opportunity to transition your clients to a uniform trust deed that reflects the latest legislation and governing rules.
To briefly recap the main reforms:
- A $1.6 million transfer balance cap on the total amount that can be used to fund a tax free pension
- The lowering of non-concessional contributions caps to $100,000 from $150,000
- A limit on non-concessional contributions if you have a superannuation balance of $1.6 million or more
- Reduction of the annual cap on concessional (before-tax) superannuation to $25,000
A seamless transition of clients to Acis’ new super trust deed will generate increased audit savings and added revenues through the minimisation of administrative and governance costs.
Don’t hesitate to contact the Acis team in regards to the new super trust deed or any queries you may have in relation to the legislative changes.