Episode 35 - Superannuation and the Federal Budget 2018-19
It is fair to say that we weren't expecting anything too dramatic when it came to superannuation and SMSFs in 2018-19 Federal Budget and the most part we were right. The Treasurer, Scott Morrison delivered a budget that looked to hand back some of the more than expected revenues generated since the mid-year economic report. Given that this was most likely the Government's last opportunity to present a budget before the next Federal election, it was always going to have a few 'sweeteners' included. This extended to SMSFs too...
In this podcast, Aaron discusses the proposed measures from the Federal Budget that impacted superannuation and SMSFs more specifically. This included the announcement to extend the membership of an SMSF from 4 to 6, expanding the work test for certain individuals 65-74 where their total superannuation balance is <$300k, tightening the integrity of claiming tax deductions for personal super contributions, and the change to tri-annual SMSF audits for funds with a clean bill of health and meeting their lodgement obligations.
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