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Reserving, RBL issues and the 2004 Federal Budget impact seminar paper


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.

Author profile

Sharyn Long CTA
Sharyn Long, CTA, is the Managing Partner of Sharyn Long Chartered Accountants (SLCA) and specialises in accounting, tax and compliance services for corporate, government and industry funds. Sharyn has spent most of her career in superannuation, being a major participant in the Cooper Review and a member of the Treasury Working Group formed to address the SMSF reforms from that review. She was a member of the Accounting Professional & Ethical Standards Board Taskforce reviewing the independence of SMSF auditors, and has also assisted the Auditing and Assurance Standards Board in the development of guidelines for auditors. SLCA recently sold their SMSF fees to focus on Australian Prudential Regulation Authority-regulated funds. - Current at 24 September 2015
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This was presented at Superannuation & SMSFs - New Planning Strategies .

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Budget Impact on Superannuation & SMSFs

Author(s):  Daniel BUTLER

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