Latest News from Newealth

Friday Tidbit

• Posted by Dejan Pekic BCom DipFP CFP GAICD

This is tremendously disappointing.

The Federal Labor Government is demanding to tax unrealised capital gains in superannuation for individuals with a superannuation balance exceeding $3 million.

Labor has a majority in the House of Representatives and together with the Greens they have a majority in the Senate which means that Federal Labor Government will be completely and solely to blame for this violation of public trust.

The bill to make Division 296 law has still not been presented which means that we still do not know the details of how it will work. One way it could work is as follows-

Click for chart.

To act on speculation however is almost always a waste of time and so we will wait for the detail and the passing of the legislation.

Once law we will take the necessary steps to help our clients to minimise the impact of taxing unrealised capital gains.

Our business is based on referrals, so if you have family, friends or colleagues that want advice please ask them to contact us.