ALP Super and Tax Proposals

In light of the recent Federal Budget and upcoming Federal Election below is a summary of the key super and tax proposals the Labor Party have announced if elected to Government

Super Proposals

Reducing the non-concessional contributions cap to $75,000
Abolishing the concessional contributions cap carry forward
Re-establishing the 10% test for personal tax-deductible contributions

Tax Proposals

Excess imputation credits to be non-refundable
Limiting negative gearing to new housing investments
Halving the 50% capital gains tax discount
Setting a 30% minimum tax rate on discretionary trust distributions

Please see the attached paper from Colonial First State which covers these announcements in more detail.

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