With two weeks to go until 30 June 2017 I thought it was the right time to offer a reminder of what is happening to superannuation from 1 July 2017. It is also the right time to remind you of what actions you might need to take to ensure you are well prepared for these changes.
You may have satisfied a Condition of Release without even knowing it (example c above), which could make a significant difference to the tax paid by your SMSF. It is essential you have paperwork on file to confirm this.
The world is not about to end – in fact there are still opportunities to enhance your position in the last 3 weeks of the year. Massive selling of SMSF assets or transfers into your individual names are not required – selling/transferring assets may actually be the worst thing you can do because you may not be able to get these assets back into an SMSF structure. You might also incur unnecessary costs!
Be ready. Get appropriate advice. Enjoy your day – then make someone else’s day!