Proposed Tax Reform
Below is a summary of today's announcement regarding the proposed doubling of taxes on Superannuation balances above $3 million.
The proposal may have variations if legislated after the next federal election. We will address any relevant impacts with clients once (if) legislated.
Budget Briefing & Superannuation Changes
On Tuesday, 29th March 2022, the Government handed down its 2022-23 Federal Budget.
From a Superannuation and Financial Advice perspective, the budget was extremely quiet. The Government are primarily focused on supporting low to middle-income earners, social security recipients and first home buyers.