The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst the changes was legislation which provides CGT relief for members who are transferring assets out of retirement phase in 2016/17 to comply with the changes. In essence, the legislation allows you to reset the cost bases of assets in your fund to their current market value.
The main issues that you need to consider because of the changes taking effect on 1 July 2017, include:
The legislation and implications are complex so early planning and discussions with your specialist advisor are essential.
How can we help?
If you are concerned that the Government’s introduction of CGT relief will affect you on 1 July 2017, please feel free to give me a call to arrange a time to meet so that we can discuss your particular requirements in more detail.