With only weeks left until the June 30 deadline, wealthy Australians are frantically selling off assets to take advantage of what the government says is a “once in a lifetime” opportunity for tax-free investment. Under changes to the government¹s compulsory superannuation or pensions regime people are able to tip A$1 million tax free, or A$2 million in the case of couples, into their retirement savings accounts before the Australian financial year ends on June 30. After that, post-tax contributions will be capped at A$150,000 a year. The incentive, designed to top up the country¹s trillion dollar retirement savings pool, is having a major impact in the real estate investment markets and also the stock market, where family share holdings are being rapidly turned into cash. It is also leading to a significant restructuring of the financial affairs of high net worth families and individuals, many of whom are setting up their own self-managed superannuation funds. According to the regulatory body APRA, the number of self-managed funds set up in the nine months to March was up 28 per cent to 19,301, with a new record tipped for the current quarter. “It¹s a rush just to get the paperwork done,” said one Sydney accountant. “In the past, many of our clients haven¹t had enough in their superannuation to justify the expense and compliance of managing their own funds, but that¹s all over now. “It’s a great deal for people who are at that stage of having major assets to sell down to take advantage of an opportunity like this.” He said most of the activity was among people in the 55 and up age group, who have built up significant assets and want to restructure for retirement. At Macquarie Bank, advisors say they have received more than A$2.1 billion of A$1 million deposits into the superannuation funds they advise on. “Most of the inflows are primarily going into self-managed superannuation funds as well as increased activity around more traditional super products,” said Neil Roderick, head of Macquarie Bank¹s advisor services. One of the major sources for the funds is investment property, with many investors selling off assets that have been in the family for generations. Inner-city Sydney, for example, is full of property auctions of investment property. According to property analysts Adviser Edge, the number of sales on the market is currently up 12 per cent on this time last year. “It¹s a good thing the market is strong, because there¹s been a bit of a glut because of these super changes,” said one Sydney agent, from the city’s inner-west. “And because they are getting such a good tax deal, it also means that these vendors in particular are not so fussed on getting top dollar at auction.” In the stock market, one private client adviser estimated that clients of the top handful of firms would have sunk as much as A$5 billion into superannuation in recent months. In many cases, these people are selling shares and buying again in the names of the new super funds they have established. All this is meaning lots of paperwork for accountants and lawyers as people unwind old family structures, such as trusts, and set up the new savings vehicles. “We can¹t keep up with it,” said one accountant. “It’s the biggest flurry of this kind of thing I can every remember.”