1 July 2017 saw the biggest changes to superannuation in
almost a decade. While professionals have generally come to grips with what the
new rules mean, they are still working through a number of practical aspects.
One area of particular complexity is superannuation and
death benefits, touching as it does on diverse areas including income streams,
transition to retirement pensions, estate planning and even insurance.
death benefits, touching as it does on diverse areas including income streams,
transition to retirement pensions, estate planning and even insurance.
At the
2018
WA Superannuation Intensive in March, Colonial First State's Craig Day will present the
session ‘Super death benefits and strategy beyond 1 July 2017’, looking at the
recent reforms and exploring the direct and indirect implications of the
changes.
WA Superannuation Intensive in March, Colonial First State's Craig Day will present the
session ‘Super death benefits and strategy beyond 1 July 2017’, looking at the
recent reforms and exploring the direct and indirect implications of the
changes.
 |
| Craig Day |
We spoke with Craig about some of the issues facing advisers.
“2017’s super reforms had a significant impact on estate
planning as it relates to superannuation. The session I’ll be presenting in
March provides an in-depth analysis of the changes and a summary of the
potential strategies advisers should be considering for their clients,” he said.
planning as it relates to superannuation. The session I’ll be presenting in
March provides an in-depth analysis of the changes and a summary of the
potential strategies advisers should be considering for their clients,” he said.
“It’s important for professional advisers to understand the
potential impacts of the 1 July 2017 super reforms on their client’s super
estate planning needs, and that’s something I’ll try to drive home in the
session. It’s imperative that they act to implement strategies that will assist
their clients deal with the changes.”
potential impacts of the 1 July 2017 super reforms on their client’s super
estate planning needs, and that’s something I’ll try to drive home in the
session. It’s imperative that they act to implement strategies that will assist
their clients deal with the changes.”
Looking at options for death
benefit payments, Craig’s session will also cover retirement phase income
streams, transition to retirement pensions and death benefits. He will also
expand on the impacts and interrelationships between estate planning and pension
payment options and super contribution strategies, and will take a look at
insurance in super in a post 1 July 2017 world.
benefit payments, Craig’s session will also cover retirement phase income
streams, transition to retirement pensions and death benefits. He will also
expand on the impacts and interrelationships between estate planning and pension
payment options and super contribution strategies, and will take a look at
insurance in super in a post 1 July 2017 world.
“In particular, the session will look at the changes to the
death benefit cashing rules and how those rules interact with the transfer
balance cap that came into place on 1 July 2017. Specifically, it will explore
the restriction the cap applies to the payment of death benefits pensions, when
transfer balance cap credits arise after the payment of death pensions, and the
strategies professional advisers can employ to reduce any adverse impact of
these changes,” Craig said.
death benefit cashing rules and how those rules interact with the transfer
balance cap that came into place on 1 July 2017. Specifically, it will explore
the restriction the cap applies to the payment of death benefits pensions, when
transfer balance cap credits arise after the payment of death pensions, and the
strategies professional advisers can employ to reduce any adverse impact of
these changes,” Craig said.
“Advisers need to be aware that death benefit pensions count
towards a beneficiary’s transfer balance cap. Therefore, they will need to
consider a range of strategies to ensure clients are not forced to pay money
out of the super system where this is not desired.”
towards a beneficiary’s transfer balance cap. Therefore, they will need to
consider a range of strategies to ensure clients are not forced to pay money
out of the super system where this is not desired.”
As the Executive Manager of Colonial First State’s technical
services team, FirstTech, Craig has close to 20 years’ experience in the
financial services industry. In his role, he provides specialist technical support to the Commonwealth Bank of Australia’s
investment, superannuation and advice businesses and acts as a media
spokesman for Colonial First State on superannuation and retirement planning
issues. Craig has been presenting at The Tax Institute’s seminars and
conferences for over 10 years and is actively involved in providing ongoing
specialist adviser education.
services team, FirstTech, Craig has close to 20 years’ experience in the
financial services industry. In his role, he provides specialist technical support to the Commonwealth Bank of Australia’s
investment, superannuation and advice businesses and acts as a media
spokesman for Colonial First State on superannuation and retirement planning
issues. Craig has been presenting at The Tax Institute’s seminars and
conferences for over 10 years and is actively involved in providing ongoing
specialist adviser education.
This year’s Superannuation Intensive will also feature a pensions workshop run
by Jemma Sanderson CTA, and sessions that will look at claiming the CGT relief,
investing in SMSFs, and a presentation from the ATO that will review the compliance
challenges associated with the implementation of the reform measures and the
impact of the new rules for practitioners.
by Jemma Sanderson CTA, and sessions that will look at claiming the CGT relief,
investing in SMSFs, and a presentation from the ATO that will review the compliance
challenges associated with the implementation of the reform measures and the
impact of the new rules for practitioners.
You can
view the full program on
our website. Please join us for the WA Superannuation Intensive in Perth on 22-23 March
2018.
our website. Please join us for the WA Superannuation Intensive in Perth on 22-23 March
2018.
