As is the case with any reforms, refinements are often necessary to address unanticipated consequences. Indeed, the ATO and Treasury have been quick to respond to emerging issues with recent announcements concerning pension commutation requests to stay within the $1.6m pension cap and integrity measures for SMSF borrowings.
So don’t be surprised to see some further super details on Budget night, such as clarification on how the Age Pension means tests will apply to the proposed new category of innovative retirement income products, including deferred annuities.
This piece is brought to you by Thomson Reuters. To sign up to Thomson Reuters Federal Budget 2017 report, please click here.
The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day