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ARTICLE · 13 MAY 2023

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2023-2024 Federal Budget Update – $3 million super threshold confirmed

Piper Alderman
Piper Alderman
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A brief summary of the key budget changes relevant to the SMSF sector.

AustraliaGovernment, Public Sector
Rod Jones
Rod Jones
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As expected, the 2023-2024 Federal Budget has placed a strong emphasis on the cost of living.

From an SMSF perspective, we were pleased to see there were no unexpected changes likely to significantly impact the sector or superannuation more broadly. As expected, we saw continued provisions for the Government's proposed $3 million tax threshold for superannuation balances.

The following is a brief summary of the key changes relevant to the SMSF sector.

Better Targeted Superannuation Concessions

The Government will be going ahead with its previously announced measure to reduce the tax concessions available to individuals with a total superannuation balance exceeding $3 million, from 1 July 2025. This follows the release of the Government's Fact Sheet and Consultation Paper on this proposed measure.

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