Written by Tracey Scotchbrook, Policy Manager, SMSF Association
As expected, the 2022-2023 Federal Budget has a strong emphasis on cost-of-living relief, job growth and women’s security. From an SMSF (and superannuation perspective) this year’s Federal Budget was a quiet one, and saw continued stability for SMSF trustees.
The following is a brief summary of the key changes relevant to the SMSF sector, including:
- Extension of the temporary reduction in superannuation minimum draw down rates;
- Employee Share Schemes – expanding access and further reducing red tape;
- Allowing commutation of certain income streams; and
- Digitalising trust income reporting and processing
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