SMSF Association Budget Update 2016-17: The most significant changes to superannuation since 2007 | May 2016

Knowledge Test

Knowledge Topics

SMSF Association Budget Update 2016-17: The most significant changes to superannuation since 2007

Last night, the Government delivered the 2016-17 Federal Budget, its last before a looming double dissolution election. Superannuation was a key focus of the Budget with the Government’s superannuation package being the most significant changes to superannuation since Peter Costello’s Simpler Super package was announced in the 2006-07 Budget, netting it approximately $2.9 billion over the forward estimate period. Substantial changes were made to contributions, transition to retirement and the retirement phase.

Going forward, the Government is predicting a Budget deficit of $37.1 billion in 2016-17 (2.2% of GDP) with no surplus predicted in the Government's medium term projections but with the Budget deficit reduced to $6.0 billion by 2019-20. As with other recent Budgets, the improvement in the Government’s bottom line has a greater reliance on tax revenues recovering (predicated on a return to 3% per annum GDP) growth rather than spending restraint.

Download the full report

Want access to the latest news on SMSF’s sourced from hundreds of national broadcast and industry publications – sign up for membership to receive a weekly news digest delivered straight to your email inbox

2017-12-18T22:31:30+00:00