On Wednesday 23 November 2016, both Houses of Parliament passed two superannuation bills which included the proposed superannuation reforms outlined in the 2016 Federal Budget and subsequent changes released in September 2016.

Click here to view William Buck's full summary of the changes.

The changes may impact individuals in a number of different ways. In some cases, new planning opportunities may be available, in others doors may be closed.

In either case you may be required to take action prior to 30 June 2017, particularly in the following situations:

• You have more than $1.6M in superannuation

• You plan to make a large once-off contributions into superannuation within the next 12 months;

• You currently (or are planning to) draw a Transition to Retirement Income Stream;

• You currently (or are planning to) draw a Defined Benefit Income Stream.

To discuss the changes and potential strategies that may be available for you, please contact your local William Buck advisor.