Superannuation Reforms Starting 1 July 2017

Superannuation Reforms starting 1 July 2017

Review your Superannuation and your plans pre 30th June 2017 and stay on Track!!

On 1st July 2017, some rule changes will come into effect that may impact your retirement strategy

We Thank You

WE THANK YOU!!!

Humpty Dumpty Foundation Fundraiser

 

Greg Peters, Paul Sharp (Reining Australia President), Carolyn Peters & Stephanie Cooper (Winner of Open/Non Pro Ladies Event)

Back in September 2016 Messenger Murray Picello held a Open/Non Pro Ladies Event Fundraiser at the Australian National Championships in Tamworth with the beneficiary being the Humpty Dumpty Foundation.

Thanks to all our clients Sponsorship, the Humpty Dumpty Open/Non Pro Ladies Event was a great success. Your generous contributions helped raise $8,400.00 for the Humpty Dumpty Foundation!!!!!

All your donations were greatly appreciated and this event would not have been a success without your support.    

So on behalf of Messenger Murray Picello and the Humpty Dumpty Foundation we Thank You!!!       

 

 

Super Alert - New Super Rules

The new Super Rules have been passed by both houses of Parliament and are just waiting on Royal Assent - generally this is a mere formality.

The key measures which have a commencement date of 1 July 2017 include:

  • The concessional contributions cap is reduced to $25,000. This can be made as employer or personal tax deductible contributions (or a mix of both)
  • The non-concessional contribution cap is reduced to $100,000 pa (or $300,000 under the bring forward provisions). While you are also prohibited from making further non-concessional contributions where a member’s total superannuation balance is more than $1.6 million.
  • Continuation of the low income superannuation tax offset for member’s whose income level is less than $37,000
  • Eligibility for spouse contribution rebates are extended, by increasing the annual income threshold to $37,000
  • Lowering the income threshold for Division 293 tax to $250,000
  • Abolishing the anti-detriment payment
  • Introducing a $1.6 million ‘transfer balance cap’ – the limit of the amount that can be transferred to the pension phase, where earnings are tax-free. This $1.6 million cap applies also the death benefit income streams and defined benefit income streams
  • Transition to Retirement Income Streams will no longer be eligible for income tax concessions (at the superannuation fund level)
  • The new concessional contributions catch-up regime, providing your total super balances are less than $500,000 commences from 1 July 2018.

 

The government is yet to release the regulations to this new legislation and we suggest our clients should wait to see this detail before rushing to make decisions about their superannuation balances.

For specialised advice on any of the above please contact Carolyn Peters  on 02 9977 8077

Classes of Insurance Available

The following types of insurance are available to you and includes those which you may have already purchased through Jardine Lloyd Thompson. It should be noted that this list does not include all types of policies available in the various insurance markets. Availability of some classes will be subject to prevailing market conditions.

As business is continually changing we recommend these areas be reviewed regularly to ensure that it is still appropriate for the Company to carry the risk.

Please indicate if you would like any additional information about any of these classes of insurance.

Messenger Murray Picello Supporting the Humpty Dumpty Foundation

Tax Concessions for Small Business

To qualify for the first six concessions businesses must have a total turnover of less than $2 million for the year they use the concession or the year before that. However, all primary producers can access accelerated depreciation regardless of turnover.

We Are SMSF Licensed

After the 30th of June 2016 Accountants will no longer be able to give advice on Self-Managed Superannuation Funds unless operating under an AFSL (Australian Financial Services Licence)

SuperStream Employer Checklist

Employer checklist: a step-by-step guide

 

Small employers (19 or fewer employees) must meet the SuperStream deadline. The deadline for small businesses to be using SuperStream was 30 June 2016. However, the ATO will provide compliance flexibility until 28 October 2016 for businesses that are not yet SuperStream ready.

To be SuperStream ready here's what you need to do:

MYOB In Tray

Working with Tray documents

*Not available in AccountRight Basics*

When suppliers email you their invoices, store them securely online and link them to your AccountRight bills using the In Tray. Once they’re in, AccountRight will use advanced Optical Character Recognition (OCR) technology to identify key information in each document, speeding up transaction entry by filling in what it can for you.

Increase in the Preservation age restricts access to Superannuation

Increase in the Preservation age restricts access to Superannuation

The meaning of an individual’s preservation age is set out in the SIS Reg 6.01(2), and varies according to the member’s date of birth.

From July 2015, the previously legislated rise in the preservation age (which has traditionally been 55 years of age) has come into effect.

This means that for individuals born prior to 1 July 1960, their preservation age remains 55, however the preservation age for clients born on or after this date will gradually scale up to 60 years of age as follows:

Maximise Tax Deductible Expenses

Maximise Tax Deductible Expenses

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About Messenger Murray Picello

Accounting, Taxation and Business Services

We deliver outside of the box results, different ways to solve challenges and although we walk and talk like accountants, we add that bit extra by creating different, intelligent and workable solutions along with remarkable customer service.

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Level One, 10 Pittwater Rd
Manly NSW 2095

PO Box 870, Manly NSW 1655

02 9977 8077

reception@2mp.com.au

 

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