From 1 July 2025, a proposed new tax will apply to future earnings on super balances above $3m.
The additional tax is not yet law, so there is no need to act right now – if enacted, the new tax will impact on earnings from 1 July 2025. However, planning will be essential to risk protect your position.
If you hold significant property or other illiquid assets in your superannuation fund, for example a farm or commercial property, it is the increase in value that is pivotal. The potential tax on these assets will be a key factor in determining whether they remain a viable asset of your superannuation fund (but not the only reason).
For super balances nearing or exceeding $3m, seek advice for your best options in understanding your tax obligations.
Investing in property can be a lucrative venture, especially for small business owners looking to diversify their portfolio or secure a stable source of income.
As a small business owner or employee on wages, planning for your future includes managing your superannuation effectively.
In the ever-evolving landscape of small business ownership, it is imperative to remain vigilant and proactive, especially when it comes to financial management. We delve into key strategies and insights to help small business owners navigate financial challenges effectively.