SMSF Association Submission
The SMSF Association welcomes the opportunity to put forward our 2023-2024 Pre-Budget submission.
We thank the Government and Treasury for the consideration given to our pre-budget submissions. While not a Budget pronouncement, we acknowledge the exposure draft consultation regarding the Superannuation Auditor Registration Imposition Regulations 2022 in November. We welcome the proposed reduction of the SMSF auditor cancellation fee from $899 to $193. We have long advocated that a fee should not be a barrier to exit.
We also welcome the passage of the Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Bill 2021. This the Bill contained several important superannuation measures, including decreasing the age at which downsizer contributions can be made from 65 to 60 and removal of the work test for members aged less than 75 making non-concessional contributions and the extension of the bring forward rule for non-concessional contributions.