1 July 2017 will see the biggest changes to the taxation of superannuation in
a decade come into effect.
Laws Amendment (Fair and Sustainable Superannuation) Act 2016 was passed in
late 2016. Subsequent regulations have
been introduced to support the introduction of the Government’s reforms and the
ATO has finalised various compliance and law companion guidelines on the tax
and superannuation reforms. Peter Slegers, CTA, and Nicole Santinon, ATI, of Cowell Clarke are the authors of The Tax Institute’s new book title, SMSF Income Stream Guide. We spoke with Peter and Nicole about how
the changes will impact practitioners.
With the announcement of the federal Budget on 2
May 2016, superannuation laws regarding pensions were tipped to change. After
the ensuing re-election of the Coalition, it can be easy to forget that we have
had almost a year to get used to the idea of the transfer balance cap.
The questions surrounding this new legislation have been
varied and expansive:
What specifically is the new law, and what are the
opportunities for clients and practitioners?What are the issues when a member
has more than $1.6m? What are the options when there is more than one member in
the fund? How should we deal with succession or estate planning? The ability to
articulate tax changes to your clients, with examples and practical guidance,
is invaluable for any major new law coming into effect.
After 45 years in tax practice, and more than 40 years as a member of The Tax Institute, Tony Slater QC recently announced his retirement. I spoke with Tony about his illustrious career and asked his opinions about changes in the tax profession and in tax administration.
In the early 1970s, Tony was inspired to commence a career in tax when he completed an Arts/Law double degree at the University of Sydney. His tax lecturers, Ross Parsons and Tom Magney, were particularly encouraging. He then joined the firm of Greenwood Challoner & Co, Chartered Accountants, in 1972.
Although admitted as a Barrister to the Supreme Court of NSW in 1975, he continued as a Partner at Greenwoods until 1981, at which time he came to the NSW Bar. He was appointed as Queens Counsel (NSW) in 1992.
Changes in tax practice
I asked Tony about the most significant changes he has seen in the tax profession during his career.
“In practice, the biggest thing that changed was that, until the la…