The 2020-21 Federal Budget is all about jobs, jobs and jobs. COVID-19 has resulted in the most severe global economic crisis since the Great Depression.This Budget provides an additional $98 billion of response and recovery support under the COVID-19 Response Package and the JobMaker Plan.
With the budget focussed on supporting small business and tax cuts, it meant SMSFs were left untouched for the first time in a long while. However, superannuation as a whole, is rarely left untouched and this year’s Budget was no exception with some structural reform focussed on large superannuation fund performance and costs being annoucned.
The big question now is, what impact, if any, will these structural changes to superannuation, the personal income tax cuts and the small business support measures have on SMSFs now and into the future?
Firstly, what are the measures to be aware of?
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