This might need attention from members of super fund who, either expect to have retirement-phase interests greater than $1.6 million on 30 June 2017 and will have to comply with the new transfer balance cap or receive a transition-to-retirement income stream (TRIS). The government has introduced transitional capital gains tax (CGT) relief for affected funds.

Temporary CGT relief is available to super funds that will lose the tax exemption in complying with new transfer balance cap and TRIS. This can only be applied if you hold the asset throughout the period 9 November 2016 to 30 June 2017 and need to be applied before 2016-17 tax return lodgement.

For further assistance regarding aforementioned information and how CGT relief applies and what you can do to claim, please contact us on 08 9242 3555 or email admin@businessmantra.com.au