News

Business News

Super changes flip election votes

More than half of trustees have said the federal government’s proposed changes to superannuation will greatly influence their vote at the upcoming election, according to a member association survey.

“We’ve surveyed 350 of our members and 58 per cent of them said these budget changes to super will actually impact their vote,” SMSF Members Association chairman Grant Abbott told the association’s post-budget breakfast briefing in Sydney last week.

“So that just shows you the depth [of the impact].

“I think it’s going to be a pretty close one.

“But I can’t believe that this government has come out with this, particularly when [Tony] Abbott originally came out at the last election and said there wouldn’t be any detrimental impact on super, but suddenly they’ve come out and made these sweeping changes.”

Abbott urged SMSF trustees to be on the front foot, as the changes would impact on them directly and personally.

“From this day onwards, you’ve got to start thinking about your fund because even if these changes don’t come into law, there’s still nothing wrong with being on the front foot and making adjustments now,” he said.

“By the time it does come into law, it would be post-election, so the government comes back around September, and we won’t have laws out until about April next year, to give you an idea.

“They would still apply, but it’s a good time to recalibrate.

“The things that I would look at doing is firstly getting my head around [the proposed legislation], how you’re going to fund aged care, definitely putting in documentation in your governing rules about bloodline limitations, working out your estate planning and determining who’s going to run your fund if you become mentally incapacitated, along with who’s your enduring power of attorney.”

Copyright © SMS Magazine 2022

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital