As expected the October 2022-23 Federal Budget has focused on families, education, health and aged care, energy and affordable housing. From an SMSF perspective it has been a relatively quiet budget, albeit with some welcome announcements.
The following summary highlights the key changes relevant to the SMSF sector:
- Three Year SMSF Audits Policy Cancelled
- Relaxing of SMSF Residency Deferred
- Penalty Unit Rate Increase
- Expansion of Downsizer Contributions
- Incentivising Pensioners to Downsize
- Lifting the Income Threshold for the Commonwealth Seniors Health Card
- Tax Practitioners Board (TPB)
- Modernising Business Registers
- Managed Investment Schemes
- Digital Currencies Not Taxed as Foreign Currencies
- Fighting Online Scams
At the time of publishing, the contents of this resource were accurate and correct.
Disclaimer: Technical Papers contain factual information only and are prepared without considering particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. The information contained in this document does not constitute advice given by the SMSF Association to you. If you rely on this information yourself or to provide advice to other persons, then you do so at your own risk. The SMSF Association is not licensed to provide financial product advice, legal advice or taxation advice. We recommend that you seek appropriate professional advice before relying upon the information in this technical paper. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this paper is not considered financial advice for the purposes of the Corporations Act 2001. © SMSF Association