Australian Super Tax Changes for super plans over $A3 million
For Asian based expatriates planning on repatriating or relocating to Australia next few years, these new tax rules may have an impact on your retirement and tax planning.
As the Australian Financial Review indicated yesterday 1st March:
“On Monday last week, Treasurer Jim Chalmers said was time to end the 'superannuation wars' and begin a 'national conversation' on super tax concessions. Instead he started a war and the so called national conversation lasted a whole eight days. Given voters we still pump primed from Labor’s 2019 election agenda of franking credits, trust, CGT, negative gearing and super, there was a real risk the government was going to lose control of the conversation as punters feared the worst”.
“Thus the decision to tax superannuation balances over $ 3 million at 30%, something that affects a relatively few 80,000 people was rushed through cabinet yesterday and announced earlier than intended, if only to draw a line under the rampant speculation that Chalmers had let rip”.
A summary of the new super rules are attached in a fact sheet issued by the Australian Government Treasury yesterday:
If you would like more detail, please contact me dalehoy@interretire.com or mobile +61 419 364 994 or register a private conversation at your convenience below.
If so, book a time here (15minutes); https://calendly.com/interretire/interretire-meeting
Regards
Dale Hoy
Interretire Pty Ltd
