The new Labor Federal Government handed down its first budget last night. As expected, there was a focus on measures to deal with inflation and the cost of living. The upcoming 1 July 2024 legislated personal income tax cuts have been left alone (for now) and there was an array of savings announced. Whilst there was speculation on changes to superannuation, including a potential $5 million cap on the amount a person can have inside superannuation, there were no new superannuation measures announced.
The budget focused on many areas, including cost of living relief, housing, education and training, cost savings, health, aged-care and the National Disability Insurance Scheme (NDIS), however, superannuation was a small player, with only a couple of already known measures being included. Now, that’s not necessarily a bad thing, we can all do with a break from dealing with new legislative changes, however, there remains unresolved superannuation issues that await the Government’s attention and action.
To find out more about five superannuation measures the budget did address, and two unresolved issues which were not addressed, visit Accurium’s 2022-23 Budget Report here: Federal Budget 2022-23 (Oct)