Inside this month
Last night, the government handed down its Federal Budget for 2023-24.As expected, Labor’s second Budget was filled with measures aimed at easing the cost of living over the coming years, addressing the challenges of a slowing economy, and bolstering the healthcare system.For super, announcements were focused on aligning employer Superannuation Guarantee payments with pay cycles and the introduction of the previously announced tax on earnings attributable to balances in excess of $3 million.There were no announcements extending the halving of superannuation pension minimums for another year or to freeze the Superannuation Transfer Balance Cap at its current level. There was also no announcement to change legislated ‘stage 3’ tax cuts, although a number of tax strategies were proposed to support small businesses and increase the number of dwellings available on the rental market.
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