Super and the expiry of the CGT relief – 2018 WA Superannuation Intensive

Trustees of superannuation funds, including self-managed funds, who adjust their asset allocations to comply with the transfer balance cap and transition-to-retirement income stream reforms that commenced on 1 July 2017 can claim the temporary transitional capital gains tax (CGT) relief. For many, this relief expires 15 May 2018.

Guidance from the Australian Taxation Office indicates that applying the CGT relief resets the cost base of an asset to its market value (as determined under the Valuation guidelines for SMSFs on the date the relief applies) and allows you to defer a capital gain that arises when resetting the cost base for assets where you use the proportionate method.

This rapidly encroaching May deadline means that any advisers who haven’t yet considered the issues facing their clients should be doing so now. 

Jemma Sanderson, CTA

Here we speak with self-professed 'superannuation nerd' Jemma Sanderson CTA about the ‘CGT relief seminar’ session she will present at the WA Superannuation Intensive in March, and about the workshop on pensions she’ll run later in the second day of the event. 

Jemma told us that “the new superannuation rules are complex and, as they are new, new guidance and strategies are evolving as the year has progressed. The content I’ll be presenting will really assist delegates to get an up-to-date lay of the land regarding the rules, as well as provide them with the strategies to assist them in optimising their clients' SMSFs.

“The seminar I am running that opens this year’s Intensive looks in detail at the CGT relief that is applicable for superannuation funds for the 2016/17 year. With the 30 June 2018 lodgement deadline for SMSFs, if a fund hasn’t claimed the CGT relief by then, then it is no longer available.

"The seminar session will outline the various methods for calculation and eligibility, as well as the process to undertake for the relief to be claimed, depending on the method nominated.”

In this session, Jemma will consider eligibility, three different calculation methodologies, the operation of the deferral provisions, and the relevant disclosures for the relief, all within a case study context.

“In the pensions workshop, on the other hand, the strategies many of us have been working with have seen a few curve-balls thrown at them by the new rules, so the intention is to run through some scenarios to provide some further strategies for practitioners to take back to their practices that will benefit their clients.”

In the pensions workshop, Jemma will outline the opportunities and issues to consider under the new transfer balance cap regime using a number of case studies.

Jemma is a regular presenter on superannuation issues at Institute events. As an Institute member for more than a decade, she has been involved in committees locally and on a national level, as well as the WA State Council. 

As a Director of Cooper Partners Financial Services in Perth, Jemma heads up her firm's SMSF specialist services, providing strategic advice on SMSFs and estate planning to clients, as well as technical support to accounting, legal and financial planning groups. She is also the author of the SMSF Guide, published by The Tax Institute, and was recently named SMSF Adviser of the Year at the 2017 National Women in Finance awards.

About the rest of the Intensive program, Jemma said: “New rules always result in new strategies, and the wealth of knowledge amongst the speakers means that there will be great insight into these new rules and the areas to be careful with and to consider strategies. Superannuation is an interesting space to work, in with the changes coming through – one that is very complex, so getting it right for our clients is so important. I’m passionate about SMSFs and making sure that SMSF Trustees are optimising the use of their funds for their retirement and beyond.”

When she does find time for a life outside of tax, Jemma can be found “spending time with family, primarily my 17-month-old son, relaxing at home (not sure there is such a thing with a 17 month old), yoga, tennis and watching most sports.”

The WA Superannuation Intensive takes place on 22-23 March 2018, at City West Receptions, West Perth. Find out more about Jemma's sessions and the rest of the program on our website

You can also read here about the session to be presented by Colonial First State's Craig Day on super death benefits and strategy beyond 1 July 2017


Popular posts from this blog

Div 7A: Issues when dealing with loans and unpaid present entitlements

The biggest changes in estate planning in a generation

What happened in tax in October