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Summary of impacts for self-managed super funds before 1 July 2017

- You will need to help your members understand the likely value of their current or impending pensions as at 30 June 2017 and be ready to assist them to reduce the value of these pensions if necessary.

- If your members do commute their current pensions and you have assets to move back to accumulation phase, decide if you will apply CGT relief (details for this will be available within one week).

-You will need to determine if you are currently paying any of the lifetime, market linked or life expectancy pensions detailed above.

Summary of impacts for self managed super funds after 1 July 2017

- There will be new obligations to report information to us when your members start or commute retirement phase income streams (detailed for this will be available within one week).

-If you are paying a lifetime pension or are continuing to pay a market linked and life expectancy pension that started before 1 July 2017, you will have new withholding obligations if the member is over 60 years old.

- If we issue you with a commutation authority to reduce the value of a member retirement phase income stream, you will have 60 days to comply. If you do not comply with the commutation authority you will not be able to claim exempt current pension income.

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