Imposition Bill News Today

The governments proposed tax on superannuation balances exceeding $3 million could adversely impact up to 50,000 self-managed super fund members (SMSF), including posing liquidity challenges.

The Federal Government has released exposure draft legislation towards doubling the concessional tax rate for super balances exceeding $3 million.

Treasurys clampdown on tax concessions for superannuation balances greater than $3 million has been laid out in its draft legislation and is now opened for consultation.