Superannuation might look very different after 6 October 2020 when the Government hands down Its delayed Budget.
Share your thoughts on what you think might change or things that should not change.
I suspect superannuation will not survive in its current form as the Government makes desperate moves to increase tax revenue.
I expect there could be reductions to contribution limits, the $1.6m transfer balance cap could be reduced, allocated pension accounts could lose their tax free status, allocated pension payments could become partially taxed, and/or the tax on superannuation account earnings could be increased.
If the Government does attack superannuation in the 6 October 2020 Budget it will be very negative for the future success of the superannuation sector.
Fortunately there is time to plan and take action ahead of the October Budget to attempt to pre-empt some possible changes to superannuation.
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