ATO to offer insights about new regulatory regime at Technical Conference
John Maroney
SMSF specialists attending the SMSF Association Technical Day, being held in the five mainland state capitals starting in Sydney on 18 July, will enjoy the opportunity to hear first-hand insights from the Australian Taxation Office in the first session, titled “Total Super Balance unpacked”.
The ATO will outline their concerns as regulator in the wake of the introduction of the new superannuation rules starting on 1 July.
In addition to highlighting key issues as part of their workshop session, the ATO will also set out how it plans to deliver administrative functionality around reporting of key data that will allow specialists’ clients to make better-informed decisions as part of a proposed “real time reporting” regime to be introduced.
SMSF Association Chief Executive Officer John Maroney says conference delegates will welcome the chance to hear directly from the ATO about the impact that the introduction of the concept of “Total Superannuation Balance” will have on their clients and the new proposed reporting regime.
“More specifically, these specialists will come away with a better understanding of their clients’ ability to make non-concessional contributions and their eligibility to bring-forward their non-concessional contributions cap, including the impact of transitional arrangements.
“They will also be told about the opportunity to utilise any unused concessional contributions cap carry-forward and what they should look for when delivering this advice.”
Jordan George, Association Head of Policy, will explore the ongoing implementation issues of the Transfer Balance Cap, examining issues relevant to different income streams and what strategies are available to clients to address the application of this new Cap.
Maroney says: “Delegates will have a clear understanding of where the tax office is likely to draw the line between acceptable and unacceptable strategies post 1 July – a critical insight into what is a new regulatory regime.”
Delegates will also hear from the Association’s Head of Technical, Peter Hogan, about the CGT relief opportunities, and how they can maximise the transition of their clients’ pension accounts into the new transfer balance cap regime when preparing annual accounts and returns for the 2017 financial year. Associated taxation concerns will also be addressed.
Craig Day, Executive Manager, Technical Services, at Colonial First State, will explain how the broad policy objectives for estate planning have significantly shifted, and how this will affect specialists’ clients that have established plans in place and how they may need to respond to the new environment.
Maroney says that the 1 July changes have driven the agenda for this year’s Technical Day with four intensive workshop sessions to allow delegates to get a better understanding of what the new regime means for clients.
“The Technical Day is an important event on the Association’s calendar. The fact it is held in the five mainland state capitals over 10 days gives specialist SMSF advisers and their staff the opportunity to attend, thereby ensuring that as a business they are totally across the new rules.”
Register now for SMSF Association Technical Day (Early bird registrations close 3 July).
