Author – By: Barbara Smith, Ed Koken
If you would like to control your financial destiny? Do you think you could do a better job with your retirement savings than your super fund, then anything is possible if you Keep It Super Simple (KISS). But, this can seem ‘easier said than done’.
The government is making far-reaching changes to superannuation rules that come into force – most of them at least – from 1 July 2017. Self managed super fund (SMSF) trustees, need to know about these changes to ensure they are compliant with the often-complex government rules around this area of personal finance.
Keep Your SMSF Simple is essential reading for every trustee and member of an SMFS, or anyone contemplating setting up a self managed super fund. Smith and Koken’s well-known plain-English, KISS approach provides you with information on changes relating to:
• the caps on concessional superannuation contributions and non-concessional superannuation contributions;
• the introduction of a cap of $1.6 million on the amount that can continue to be held, or transferred into the pension phase;
• the income test relating eligibility to a tax offset for spouse superannuation contributions;
• a low income superannuation tax offset for concessional contributions;
• more flexibility to the deductibility of personal contributions rule;
• catch-up concessional contributions;
• removal of tax exempt income for transition to retirement (TTR) pensions;
• a reduction of the income and superannuation contributions level where a member pays 30%.
As well as explaining these changes, Keep Your SMSF Simple, explains what you need to consider before setting up an SMSF right through to closing it down, and virtually everything in between.
This is a ‘must have’ practical book, which is a ‘how to’ manual for the 1 million people who are already members on an SMSF and for everyone who has thought about self managing their super.
About the Authors
Barbara Smith and Ed Koken are tax and superannuation experts, with decades of experience between them. Together they run Oasis Wealth, a financial advisory company that offer independent financial advice and specialises in self managed superannuation. They have written several books over the years, including Keep it Super Simple and Retire Richer Younger. This new book replaces Keep it Simple Super (2015).