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.