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Reserving, RBL issues and the 2004 Federal Budget impact presentation

Published on 07 Jul 04 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

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 presentation 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
Sharyn is Principal of Sharyn Long Chartered Accountants. She commenced her career in 1979 and held the position as Director of Superannuation Services at Andersen’s prior to commencing her practice in 1993. Sharyn has specialised in superannuation since 1985. She is a past elected member of the executive of the Association of Superannuation Funds in Australia and chaired the education and functions committee for a number of years. Sharyn Long Chartered Accountants is regarded as the premier firm in superannuation services in Western Australia and has recently been appointed tax advisors to the Government Employees Superannuation Fund in WA.
Current at 11 April 2008
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This was presented at Superannuation & SMSFs - New Planning Strategies .

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Individual sessions

Budget Impact on Superannuation & SMSFs

Author(s):  Daniel BUTLER

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