Millions of retirees, small business owners and employees are expected to reap a bonanza with the implementation of the government's new superannuation reforms from 1 July 2007. However, for those that don't get their affairs in order before 30 June 2007, a big opportunity may be missed.

According to Michelle Saunders, leading local superannuation adviser from Cooper Partners, "Recent changes to the superannuation laws mean that many local residents who structure themselves to work with and not against the new laws may not have to pay tax for the rest of their lives. In some cases, they may never have to lodge an income tax return again. It is Australia's own tax haven!"

The four most important things to do at this time are:

1. There is no tax on monies coming from superannuation post age 60. No other investment can match this - so it is important for those over the age of 45 to maximise the amount of money in superannuation pre-1 July 2007 before the laws limiting contributions come into play.
2. Self managed superannuation funds are the best superannuation vehicle to make the most of the tax strategies on offer. Everyone needs to find out what a self managed superannuation fund has to offer their family.
3. All retirees or anyone with superannuation must get on top of the changes and see what needs to be done. Do they need to convert their allocated pension to a new pension? Should investment properties be sold with monies contributed into super? Is a will of limited value now with superannuation assets falling outside a will?
4. Getting professional advice to help navigate and profit from the changes.

Michelle Saunders states that Cooper Partners has spent hundreds of hours going over the ins and outs of the new laws. We have left no stone unturned. For those that want to have someone review their affairs pre-1 July 2007 they should contact our offices on (08) 9261 7704.