“Your Future, Your Super” - “Reforms to make your super work harder for you”
The Government has stated that the Federal Budget Superannuation measures will save Australians $17.9 billion over 10 years with the focus on consolidating multiple super accounts, lowering fees, measuring fund performance, and making funds more accountable to members.
This is good news for the superannuation industry which has taken a hit in public confidence in recent years due to ever increasing complexity and frequent changes to legislation.
The good news for SMSFs is that there are no changes to contribution limits, franking credit rebates or taxes and Corporate trustees will formally be able to conduct virtual meetings and sign documents electronically.
Measures to increase accountability and transparency will affect all superannuation trustees.
From 1 July 2021 there will be a new trustee duty to act in the best financial interests of members, and trustees must demonstrate this in their actions and decision making.
Source: Your Future, Your Super Budget.gov.au
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