I am a long-standing Eureka subscriber and I attended your event at the Arts Centre last Wednesday which I thought was very interesting and obviously a pipe-opener for other initiatives to follow. I had to leave just as Q&A was starting but I did have a question for Bruce Brammall regarding the super changes to which I have not seen any reference to in all the stuff that has been written.
Can you tell me, in the event that one is obliged to transfer assets out of a pension account and back into accumulation account (due to the $1.6m ceiling) what basis of valuation applies to the transfer of those assets – i.e. is it at cost, or at market valuation as at June 30, 2017, or at some other date or even on some other basis? This seems to be a very fundamental question which needs early clarification from the government or the ATO.
Answer from Bruce Brammall: Geoffrey, thanks for the question. We had quite a few people wanting to know exactly the answer to this question also during the Q&A session.