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Published on 07 Jul 2004
| Took place at Leonda by the Yarra, Hawthorn
The 2004 Federal Budget introduced new measures effective from 12 May 2004 that have dropped a bomb shell on the superannuation industry. These new measures, together with numerous major developments and other announcements made over the past 12 months, require practitioners to review the tax effectiveness and flexibility of superannuation, especially SMSFs.
At this seminar our presenters examined how changes to SIS regulations impact pensions and annuities, new rules for growth pensions, recent ATO rulings on real property investments and the lowering of RBL excess benefits present both risks and opportunities for your clients. The impact of the 2004 Budget on reserving strategies was also examined.
Practitioners need to be on top of these developments in order to provide effective planning advice for SMSFs and ongoing management of their client's superannuation arrangements.
Get a 20% discount when you buy all the items from this event.
When considering the most effective succession planning opportunities for clients, practitioners are more and more often turning to a SMSF. One of the most significant assets a business has to consider in planning is property. This seminar paper uses case studies to examine the opportunities and pitfalls of transferring property into or acquiring property through a SMSF.
Case studies consider:
- SIS restrictions
- in specie contribution of real property
- CGT, income tax and stamp duty issues
- pitfalls of getting property into a SMSF
- pitfalls of getting benefits/property out of the fund.
This seminar paper was also presented by Chris Ketsakidis at the Self Managed Superannuation Funds seminar held in Melbourne on 11 March 2004 and at the Superannuation & SMSFs seminar held in Melbourne on 7 July 2004.
New legislation effective from 12 May 2004 has dropped a bomb shell on the superannuation industry especially SMSFs. This presentation examines how these changes impact advisers and clients and covers:
- what pensions can now be paid by SMSFs
- what transitional relief exists
- what impact it has on assets' test exempt pensions
- who can now provide complying pensions
- the new contribution rules
- the new minimum benefit and anti-forfeiture rules.
Reserving, RBL issues and the 2004 Federal Budget impact
RBL planning involves ongoing management of each member's situation both in accumulation and retirement phases. Practitioners should ensure they are aware of current legislation, industry practices and planning strategies that seek to optimise each client's position. The 2004 Federal Budget has impacted reserving strategies for all
SMSFs post-11 May 2004. This paper reviews some practical examples and examines:
- lowering of the excess benefits tax from 47% to 38% and its impact on various pension strategies, eg. the two allocated pension strategy may no longer be appropriate
- excess benefit strategies - how to minimise the excess strategies to manage RBLs during accumulation - reserving & investment allocations, after retirement - the benefit strategies, and upon death - special issues that arise
- dealing with surcharge issues with reserves
- the 2004 Federal Budget impact on reserving strategies
- the taxation and surcharge issues when distributing reserve.
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