Superannuation changes: be advised.
Superannuation changes will affect you more than Trump
Earlier this week, First Samuel sent out Wealth Intelligence, its irregular deeper observation publication. That issue was on the new superannuation changes.
If you missed it, click here.
The message was, essentially, the superannuation changes will be complex. And you will be more affected by the changes than by Trump's presidency. So, until you have taken personal financial advice from us, do nothing.
But wait. There's more! More changes proposed. By Labor.
W&D thought that the tax-the-life-out-of-superannuation-trend was dead.
Just when you thought it was safe, the Federal Labor Opposition, having gone to the last election without a superannuation policy, but banking the government's budget savings as their own, have now announced that their new policy is to further increase superannuation tax.
Labor is proposing, amongst other things, to increase the Contributions Tax to 30% for people earning more than $200,000 (the proposed threshold is $250,000) and to reduce the annual non-concessional contribution cap to $75,000.
Good grief! When will this end?
How complicated do these bozos want superannuation to be? The current proposed changes are extraordinarily complex (but will probably be passed by parliament).
Australian's do not need any more change.