In 2015 and 2016 the Government announced a whole series of changes to superannuation that will start on 1 July 2017.
Although the main package of reforms has passed through parliament, some new regulations are still subject to a consultation process, with submissions closing on 10 February 2017.
We anticipate that by March these regulations will be finalised. Once finalised, many superannuation deeds will need to be amended to comply.
Apart from the “Fair and Sustainable Super” reforms, the only changes that were announced during 2016 that will require trust deed amendments were:
- an exception to the contribution restrictions, allowing contribution of the proceeds of the sale of a business that involved an earnout right; and
- changes to the rules regarding collectables and personal use assets, given that the five-year transition period has now ended.
At OTS Management, we encourage our clients who are self managed superannuation fund trustees to subscribe to a service from Chris Hogan & Co, Superannuation Lawyers, to have them automatically provide amended deeds whenever these are required. For a reasonable annual fee, it takes away the worry of having to keep up with legislation and at OTS Management we are always looking to help you sleep well at nights!
If you would like to subscribe to their service, please contact us.