With government proposals to cap large super balances, there are four key issues to consider.
There will be no shortage of issues for self-managed super funds to grapple with in 2023. The debate aroundLabor recently floated the idea of, with $5 million widely suggested as a cut-off point. At this number, it has been estimated about 16,500 individuals would be affected, most of whom would be in SMSFs.
There are four other important factors to consider. First, large balances are a legacy issue that the 2017 changes, which placed clear limits on contributions to superannuation funds, and the amounts that can be held in the tax-free retirement phase, will remedy over time.
Other issues likely to affect DIY super funds include the outcomes from the Quality of Advice Review, financial adviser education standards, non-arm’s length expenses and legacy pensions. A consultation paper about financial adviser education standards was released in August after a commitment before the May federal election to review the system by Assistant Treasurer and Minister for Financial Services Stephen Jones. It’s an important initiative for SMSFs as any steps made to improve adviser education can only be a positive. It’s good to hear the Assistant Treasurer commit to consult further on these proposals early in 2023 with the aim of legislating the changes by mid-2023.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Team Talk: Cowboys 2023 overview, best 17, squad updateThe Cowboys stunned all comers in 2022 by rocketing up the ladder to go within one win of another grand final appearance following four years of struggle. Can they go all the way in 2023?
Read more »
‘I would get out of breath running five metres – it’s time to get fit’: the thing I’ll do differently in 2023I’d do anything to get out of PE lessons at school. But now I’ve turned 30 and I need to get over my fitness-phobia
Read more »
‘I want to get off WhatsApp and call my friends instead’: the thing I’ll do differently in 2023I’ve replaced real conversations with texted chats and I miss speaking to the people I love
Read more »
Call to allow reuse of graves as burial plots run low in England and WalesLocal authorities say they are short of space due to Victorian laws that are also causing rise in funeral costs
Read more »
Major hunt for home intruders after woman dies during scufflePolice are searching for two home intruders who startled a couple at a property overnight before a fight broke out and left one of the occupants dead.
Read more »