04 Jun 7 key budget implications for SMSFs
Christine St Anne from Morningstar outlines the 7 key budget implications for SMSF;
- Excess non-concessional contribution refunding
- Temporary budget repair levy
- Under 55? Age pension to rise
- Super guarantee increases delayed
- Changes to the Commonwealth Seniors Health Card (CSHC)
- Resetting deeming thresholds
- Lower term deposit rates
Christine believes the Abbott government’s first budget did not contain huge changes to superannuation. Any changes made were, in fact, already announced earlier this year.
“It was a budget for the first time in living history where super has not been tinkered with,” Financial Services Council chief executive John Brogden said in a post-budget breakfast in Sydney.
Nevertheless, the changes that were announced will have some impact on trustees of self-managed superannuation funds (SMSF).
Morningstar has obtained practical analysis from the SMSF Professionals’ Association of Australia (SPAA) and consulting firm Strategy Steps to identify the key budget measures and how they impact SMSF trustees.
If you have any questions or would like to know more about how the budget impacts SMSF please contact me firstname.lastname@example.org