Finding out how to apply the new super rules

It’s one thing to understand how the reforms to the super system work in theory and quite another to be able to put them into practice.

Dancing with the experts: the SMSF strategy challenge was a workshop designed to demonstrate how the upcoming changes to the super system would operate in the context of a self-managed super fund.

Peter Burgess, general manager, technical services and education, SuperConcepts, led the workshop.

The session explored the ins and outs of The SMSF Family – the case study at the centre of many of the conference sessions. At the start, there was a thorough run through of how changes to the contribution caps would affect some of the family members. Opportunities to claim capital gains tax relief under the new rules also received attention.

The workshop looked at what would happen in the future when some family members retired. Discussion focused on how the new $1.6 million transfer balance cap would affect them.

The session also unpacked what happens when some family members meet an untimely death, looking at how the new rules would affect death benefits paid to beneficiaries.

The idea was to take delegates on a journey through the life of some of the family members and, along the way, demonstrate how the new rules were likely to work.

The session also explored opportunities to enhance SMSF strategies along the way.

It was a highly practical session that brought to life the way the new rules would work in practice. Attendees learned from some of the most experienced SMSF professionals in Australia.