Self Managed Super Funds: Superannuation Changes

 In Financial Planning, News


The Governments recent announcements to alter the rules for the treatment and taxation of Superannuation will undergo much scrutiny and further tweaking over the next few months.

Many of the proposed changes are complex and may require a review of the way in which clients manage their Self-Managed Superannuation Funds, particularly for those with member balances in excess of $1.6 million.

We are watching these proposals and developments closely and are already formulating strategies for our clients.

Cloud Accounting – BGL 360

We have recently introduced new cloud based software for our existing Financial Planning clients who have a SMSF. This enables prompt access to automation of data feeds and up to date SMSF information and reports. It is a particularly useful tool that provides our Financial Planning clients with benefits that include:

  • Monitoring of superannuation contributions for the year and assistance in avoiding penalties (Tax Office) as well as optimising tax savings.
  • Monitoring of historical non concessional lifetime contributions and limits.
  • Valuing current portfolios.
  • Facilitating easy access and transparency to their investment portfolio and performance.
  • An added benefit is also to be able to run comparisons against appropriate benchmarks.
  • Up to date and timely cash transaction history including pension payments, asset sales, settlement details, dividend and interest income.

All of the above benefits coupled with advice on strategies Superannuants will need to be best positioned for the new superannuation changes come with being a Financial Planning client of MW Lomax.

We are offering existing SMSF clients a review at our expense covering the new SMSF cloud based solutions, together with a review of your overall SMSF strategy. If you would like to arrange a time to come in for this review please contact John Mackrell, one of our Senior Financial Advisors on 02 8404 6700.

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