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The government has proposed targeted changes to superannuation tax concessions, particularly for individuals with very high super balances. These proposed measures are aimed at improving the long term sustainability of the superannuation system while ensuring tax concessions are distributed more fairly. As superannuation continues to grow as a key retirement savings vehicle for Australians, policy changes in this area may have important implications for individuals, self managed super funds (SMSFs) and long term retirement planning strategies.
Speak to one of our accountants if you have any questions about the changes in tax for 2023.
