Wed 09 May, 2018
What’s new for Super in the 2018/19 Budget?
On 8th May, the Government laid out the budget, which sets out the economic and fiscal outlook for Australia. As usual, superannuation got a mention, so we’ve picked out the most important points that will be valid for your super or SMSF.
Here’s what’s been mentioned for superannuation:
1. NO change to Franked dividends
The Government will continue to allow tax refunds for excess franking credits.
2. SMSF Audits held every 3 years
3. Increase SMSF members from 4 to 6
4. Work Test exemption for over 65s with less than $300k in super
5. Ban Exit Fees
6. Ban default life insurance for under 25’s
7. ATO superannuation consolidation program
All inactive super accounts with less than $6k will be transferred to the ATO and then linked to the members active account where possible. This is great news for anyone with ‘lost super’!
What did you think of this budget? If you have any questions about SMSFs, contact our team today.