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Total superannuation balance – Dangerous territory for the unwary

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Published on 01 Jun 17 by "THE TAX SPECIALIST" JOURNAL ARTICLE

Determining a member’s “total superannuation balance” will likely become the most perilous calculation undertaken by SMSF trustees and the advising profession alike. The concept of total superannuation balance introduces significant complexity and affects many aspects of advice regarding retirement funding strategy for those individuals approaching retirement age. This article examines how total superannuation balance operates to limit contributions to the superannuation system, restrict access to government entitlements and affects SMSF tax incidence.

The article observes that specialist understanding of the new measures is required of both ATO staff and the advising profession and concludes with the view that the days of providing “casual” superannuation advice are over.

Author profile

Frederick Mahar
Frederick is the Principal at FM Mahar & Associates.
Current at 1 April 2015
Click here to expand/collapse more articles by Frederick Mahar.

 

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