Speaking to SMSF Adviser, SuperConcepts executive manager of SMSF technical and private wealth Graeme Colley said that the Coalition government has already announced that it will be handing down its budget on 2 April next year, with the election expected to be soon after, either in April or May.
“If there is a change in government, we may see a second budget handed down a few months later around May or June. That could cause some confusion for professionals trying to work out what’s going on,” Mr Colley said.
The second budget might be when Labor introduces its measures for franking credits and some of the other superannuation changes they’ve mentioned such as changes to the ability to claim deductions for personal super contributions, he said.
“There will be quite a few changes to think about if that does happen,” the executive manager said.
In the meantime, the SMSF industry is still waiting to see what happens to a range of measures that were announced by the Coalition Party, he said, including the three-year audit measure and the proposal to extend the total number of members allowed in an SMSF.
“Those are some examples of legislation that may or may not come in because, for two of those changes, we haven’t seen any movement in that area, we haven’t even seen bills for those,” Mr Colley said.
“changes to the ability to claim deductions for personal super contributions”. I hadn’t seen this previously. Does it apply only to employees or everyone (sole traders etc)?