The super threshold - what it means and what it doesn'tBY CHRISTOPHER PAGE | FRIDAY, 10 JUN 2016 2:51PM The introduction of a $1.6 million superannuation transfer balance cap was one of the biggest changes handed down in the 2016 federal budget. Now that the dust has settled it's ... Upgrade your subscription to access this article
Join the growing community of financial advisers
with unlimited access to our latest news, research and analysis of the industry.
Become a premium subscriber today. |
Latest News
Centrepoint Alliance acquires two advice firms
Centrepoint Alliance will acquire Queensland financial advice practices Cairns Wealth and Pinnacle Wealth for $3 million from Astute Financial Management.
Small pocket of failed measures can 'blow the entire business': Anderson
FAAA general manager of policy, advocacy and standards Phil Anderson warned licensees to improve their control measures for authorised representatives to avoid any unintended consequences.
AFCA puts InterPrac determinations on ice
The Australian Financial Complaints Authority (AFCA) is pausing all InterPrac Financial Planning-related determinations as court proceedings instigated by the latter are underway.
More advisers go self-licensed to avoid associative risks
An industry expert said financial advisers are increasingly moving towards a self-licensed model to gain better control of their business, while avoiding the risks of operating under large dealer groups.
Further Reading
Cover Story
Advice with soul
SACHA BURCHGART
FOUNDER AND FINANCIAL PLANNING SPECIALIST
BURCHEART
FOUNDER AND FINANCIAL PLANNING SPECIALIST
BURCHEART
Though she initially tried, Sacha Burchgart couldn't escape the call of a career in financial advice; it just took staring down her own mortality to see what's possible when you do things differently. Jamie Williamson writes.
Expert Feed
Fixing the CSLR: the UK FSCS offers lessons - but not a blueprint
UK's equivalent scheme of the CSLR highlights the lack of stability and predictability it currently has, expert says.
Helping clients stay the course in volatile markets
Fidelity International's recent research shows many investors are maintaining a "long-term" perspective despite recent market turmoil.
Let's be honest: is it a tech stack... or just a stack of tech?
Financial advisers need to be aware that sophisticated technology does not always serve as a practical, effective tool.
At the crossroad of governance: the two choices for Australian fund managers
Internalising trustees, although lawful, weakens independent oversight and can expose a fund manager to greater risks than those outsourcing the capability ...
Christopher makes some good points regarding the likely difficulties an individual will have in achieving the $1.6 mil pension cap.
The $500k non concessional cap combined with the reduced $25,000 concessional cap effectively removes the ability for a large percentage of the mature and/or self-employed working population from ever being able to accumulate anything near a $1.6 mil benefit in the superannuation system.
We are witnessing a 'smalling' of the superannuation system by these proposed restrictions which if introduced will reduce one's ability to participate in and save economically for their retirement.
Surely these changes cannot proceed.
Amazing how confident some are with Budget announcements that are immediately followed by a long, double dissolution election period. The devil will indeed be in the detail and no planning should be undertaken at this stage.
One thing will be certain however, earnings from a pension pot that was seeded with greater than $1.6m will not need to be transferred to an accumulation balance, an Actuarial assessment will be required to allocate the tax that applies. Actuaries are winners from this announcement.