EVOLVE NEWSLETTER July / August / september quarter


Super Reform Changes came into effect on 1 July 2017. Here’s what you need to consider in relation to your retirement goals.

Super contribution cap reduced by up to $10,000

Changes to superannuation from 1 July 2017 have reduced the concessional contribution cap to $25,000 for everyone. If you made concessional contributions (such as salary sacrifice) of more than $25,000 to super last financial year, you may need to reduce your contributions to avoid breaching the concessional contribution cap this year. Contact Evolution Advisers to determine if your retirement goals will still be on track in light of these changes.

High income earners to pay 15% more tax on super contributions

If you earn over $250,000 a year, your concessional super contributions could be subject to an additional 15% tax. Your earnings could include realised capital gains, payments received on termination of employment and superannuation lump sums taken under age 60. Whilst super is still a tax effective way to save for retirement, it’s a good idea to speak to Evolution Advisers to ensure you will still be on track to meet your goals.

Are you thinking of contributing more than $100,000 to super?

The after-tax contribution cap is now $100,000 a year; or $300,000 over a 3 year period for anyone under age 65 and has a total superannuation balance less than $1.4 million at the beginning of the financial year. If you’ve made a contribution over $180,000 in the previous two financial years, you may be eligible for ‘transitional’ rules. If you’re planning on making a large contribution to super, consider speaking to Evolution Advisers to give you the best chance of meeting your retirement goals.

Earnings in Transition to Retirement (TTR) pensions now taxed at 15%

Changes to superannuation from 1 July 2017 mean TTR pensions are now subject to 15% tax on earnings derived from assets supporting the TTR pension. This, combined with the reduced concessional contribution cap of $25,000, means that TTR strategies may not be as beneficial as they once were. If you currently have a TTR pension or are considering a TTR, its worth asking Evolution Advisers whether the strategy is suitable for you, or if any changes to your existing strategy are required.

Have the latest super changes affected your beneficiaries?

Significant changes to death benefits from superannuation pensions and the rules around how they can be transferred to beneficiaries came into effect on 1 July 2017. For example, super death benefit pensions now count towards the beneficiary’s Transfer Balance cap of $1.6m and can no longer be converted back to the beneficiary’s super account. Any amount of death benefit pension that exceeds the recipient’s transfer balance cap must be cashed out of the superannuation environment. Like many of the recent super reforms, these changes are complicated and could potentially undermine the effectiveness of your estate plan so it’s important to contact Evolution Advisers to discuss your situation and ensure your beneficiaries have the financial security you intended.

Things you might have missed.

Spousal contribution threshold increased

  • Review if your spouse’s salary is below the new threshold of $37,000.
  • Review if your spouse’s and your own SMSF balance may need to be rebalanced.
  • Determine if you have any available after tax income to contribute to your spouse’s superannuation and be eligible for an offset.

Catch up concessional contributions (First available from 1 July 2019)

  • Review your work patterns to determine your future likely income streams
  • Review if your total superannuation balance is under $500,000 to determine your eligibility to make catch up contribution payments in the future.

Anti-detriment reduction repealed from 1 July 2017

  • Determine if your SMSF was intending to or currently funding a future anti-detriment payment.
  • If an SMSF member dies before 1 July 2017, anti-detriment payments will still be possible up until 30 June 2019

The changes mentioned above are all diverse and need specific discussion in relation to your circumstances. Talk to the SUPER men and women at Evolution Advisers today for advice on your situation.


Congratulations to Josh O’Doherty, Tegan Kleinman and the team at LJ Hooker Belmont on their recent office renovation.

Originally known as the iconic Melvic Theatre built in the 1920s, the building has remained largely unchanged for the last 40 years. With a desperate need for more space, Josh and Tegan embarked on the major renovation where their love of modern industrial and collaborative spaces merged to form their ideas. “We spent months researching and looking for that item that was uniquely different and were lucky to have a builder on board that was as excited with the change as we were” says Josh.

The result is a warm inviting environment where staff love to come to work and clients love to visit. The office now has the ability to bring multiple businesses into one space enabling clients to access services in a one stop shop.

Evolution worked with Josh during this growth phase of the business, assisting with business planning and cash flow projections. We wish them continued success with the business and the new space.


If you still haven’t prepared your tax return, here’s a quick checklist of what you’ll need to prepare in advance.

Confirm if you need to lodge a tax return:

It’s most likely that you will if you received income through employment or investments during the last financial year. If unsure check the ATO’s online tool ‘Do I need to lodge a tax return?’

Organise your documents

Gather up all your employer payment summaries or invoices from self-employed work and bank statements to verify your income.

Identify your investment earnings

Collect all records of investment earnings including; dividends from shares, rental income from investment properties as well as assessable capital gains from the sale of investment assets.

Collect receipts for donations or gifts

Find your receipts for charitable donations or other eligible ‘deductible gift recipients’.

Work out your deductions

Review what you’ve spent on work related travel or car expenses, uniform, tools or home office equipment and training expenses. Also costs you incurred on earning investment income eg. Interest payments and super contributions.

Calculate child support payments

If you make child support payments, work out the total for the financial year. Depending on your circumstances these costs may be deducted fromyour adjusted taxable income.

Don’t forget, Evolution Advisers are here to help with all your tax time tasks!


Scott Faraday-Bensley

How long have you been at Evolution?

I’ve been at Evolution for 19 years - I feel like I’m part of the furniture! I’m a Business Adviser and do a lot of work with personal tax returns.

What do you enjoy most about working at Evolution?

They’re a great bunch of people to work with and it’s extremely family friendly. The fact that my clients are really interesting as well is an added bonus.

How do you like to spend your weekends?

I love my golf and try to play as often as I can. I also enjoy the beach and spending quality family time with my wife and two children.

What does your ideal retirement look like?

I reckon travelling and golf - and if I can combine the two, even better!


“Excellent guidance and knowledge, often exceeding expectations and results” Mike G.

Contact Us

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Unit 1, Building 2, 335 Hillsborough Rd, Warners Bay, NSW 2282, PO Box 305, Warners Bay, NSW 2282

P 4903 1111 F 4954 6799

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380 Hunter Street, Newcastle, NSW 2300

P 4928 8900 F 4928 8950


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