Have you noticed more money in your bank account? You may not be alone, with around 10,000 Australians receiving cash back from the Australian Taxation Office (ATO) in recent weeks.
Superannuation has always been a tax-friendly environment and, as such, over the years legislations have systematically reduced the amount one can contribute to super.
The Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019, received assent on 14th March 2019 and the legislative changes contained therein will take effect from 1st July 2019.
Here are some of the key changes that you may be affected by:
“Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple. But it’s worth it in the end because once you get there, you can move mountains.” Steve Jobs
With an election year coming up, the media is rife with speculation around proposed changes to tax law and superannuation. The Federal Government is planning to announce their policy in the May Budget. Certainly superannuation is in the sights of both parties, and as you would know Capital Gains Tax on property is part of the opposition’s policy.
