It’s been a noisy few weeks in the super world. The Government’s proposed changes to the taxation for super balances over $3M has created a hullabaloo.
Lots of hand-wringing about the equity of the proposal and the technical challenges of how it might be implemented.
Relax.
The legislation is not due to be introduced until after the next election and we are about to enter a period of consultation. With the usual release of policy papers from Treasury boffins.
We’ve been here before. Malcolm Turnbull had already started winding back the generous tax concession to super through the TBC legislation in 2017.
What is pernicious though is reference by the assistant Treasurer to super as “honey”. That should be managed in the “best interest of the hive”. With the tacit inference – as the government sees fit.
It is not their money.
Property and SMSFs – what can you do?
I held an online educational training session on this topic on 5 April 2023.
It covered the innovative and compliant new SMSF strategies emerging in the start-up world, and for farmers. And the auditing contraventions that turn up daily across my desk.