A Budget focused on easing costs of living pressures with ‘no surprises’ for the SMSF sector.Â
Written by Fabian Bussoletti, Technical Manager, SMSF Association
As expected, the 2024-25 Federal Budget has a strong emphasis on easing cost of living pressures.
To that end, in addition to the previously legislated personal income tax cuts, the Government notably announced an initiative to deliver energy bill relief for all Australian households and certain small businesses.
Fabian Bussoletti, Technical Manager, SMSF Association
In that context, it’s not entirely surprising that from an SMSF perspective there was an absence of any notable new announcements likely to have a direct impact on the SMSF landscape.
In particular, the following initiatives were not mentioned in the Budget papers:
- An amnesty for the commutation of legacy pensions,
- The deductibility of financial advice fees from a member’s interest in an SMSF, or
- Various opportunities for ‘Red Tape’ reduction and practical opportunities for the simplification of the superannuation system.
In the absence of any notable SMSF-specific policy announcements, the following is a brief summary of announcements that may be of interest to SMSF trustees.
Please note, aside from the previously legislated tax cuts, the following announcements are not yet law.
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