Treasurer Scott Morrison handed down his second Federal Budget in Canberra overnight. He spoke of this Budget being about fairness, security and opportunity with the Government focusing on guaranteeing essential services, tackling the cost of living and ensuring the Government lives within its means.
Following extensive changes to superannuation in the 2016 Federal Budget, there was only a handful of new measures for superannuation this time around. As anticipated, two of the super measures linked in to the Government’s housing affordability policy with the only sting being for SMSF members whose fund has limited recourse borrowing arrangements.
The Budget update looks broadly at the measures announced that may affect you. It is important to understand that most of these measures will need to be passed by Parliament before they become law. If you think that these changes may affect your retirement or investment plan, it is important to speak with your adviser before acting.