Super reform 2017
A once-in-a-decade change program for Australia’s superannuation system
The measures to implement the Government’s super reform program, originally announced in the 2016 Federal Budget, became law on 29 November 2016.
- changes to both concessional and non-concessional superannuation contributions caps
- the introduction of a $1.6 million pension cap
- changes to taxation of transition to retirement income streams
- consequential transitional CGT relief, and
- a range of other measures.
Most of the reform measures are effective from 1 July 2017.
Access insights from our super reform experts: Macquarie Technical Services
We know you need the right information at the right time to be able to support your clients through periods of significant change, such as this one. Macquarie Technical Services and other specialists within Macquarie have analysed the reforms and turned the jargon and complicated elements into helpful insights for you and your clients.
Macquarie Technical Services’ insights on the super reform, including articles, insights, webinar recordings and more, can be accessed using the button below.
Macquarie Technical Services helps you provide quality advice by sharing their deep technical knowledge and expertise. They do this by providing technical solutions and strategies through workshops, email updates, online publications and apps. They also keep you up-to-date with relevant news, analysis and legislative developments, such as the super reform program.
Macquarie super product FAQs
$1.6m transfer balance cap
The Government has introduced a limit on the amount of superannuation that can be converted to a tax free superannuation income stream of $1.6m. This is called the ‘transfer balance cap’. If an individual’s transfer balance account exceeds the transfer balance cap, they will need to reduce the balance before 1 July 2017, to avoid penalties applying.
CGT relief and the cost base reset
Superannuation funds are able to reset the cost base of assets that are transferred from pension to accumulation phase to comply with the transfer balance cap requirements or because of the changes to the taxation of transition to retirement pensions.
To be eligible for the CGT relief, the asset must have been held in pension phase as of 9 November 2016 and continue to be held by the fund just prior to 1 July 2017. This time period is the ‘pre-commencement period’.
TAP and TTR pensions
From 1 July 2017, transition to retirement pensions (TTRs), will no longer receive the earnings tax exemption for assets supporting the pension. Effectively, they will be taxed in a similar way as accumulation accounts.
Winner - Retail Superannuation Fund of the Year
We're pleased to announce Macquarie has been recognised at the annual Roy Morgan Customer Satisfaction Awards1, winning the Retail Superannuation Fund of the Year Award.
"We're committed to providing leading products and services to members and their advisers to meet their needs, and support them in managing and growing their wealth for the future."
Cameron Garrett, Head of Product and Technology, Wealth Management.
The Macquarie retail superannuation fund is accessed through the Macquarie Wrap platform, meaning your super and pension clients are in the best rated super fund – as rated by them - within one of the leading wrap platforms in market.