Menu“The breadth of this Federal Budget, and the aims of Treasurer Jim Chalmers, are complex and wide-ranging, and its impact on Australians is likely to be substantial. There is no doubt that Australians who have access to quality, professional financial advice will be significantly better placed to navigate these changes than unadvised Australians.
“We welcome the exclusion of superannuation from CGT changes and the commitment to strengthen regulatory oversight and governance of Managed Investment Schemes, however, the multiplicity of changes to taxes, the NDIS, aged care and health insurance rebates will require careful analysis and planning.
“In particular, the changes to the capital gains tax (CGT) discount and inclusion of pre-1985 assets, limits on negative gearing, and the introduction of a minimum tax on discretionary trusts, will all impact long-standing financial plans and create additional complexity.
“Australians will need access to professional financial advice to navigate these changes. We are concerned that unadvised Australians will be more vulnerable to scams, fraud and unlicensed “finfluencers” as they seek to navigate the most wide-ranging reforms in over a decade.
“Our Pre-Budget submission outlined measures that will increase access to advice and improve affordability and we will closely examine Budget measures aimed at improving access to widely held ATO data.
“While we welcome the Government’s commitment to streamlining regulatory requirements including finance sector regulation, we encourage it to broaden its focus by reducing the red tape faced by financial advice businesses, which is a significant burden particularly for small business practices, and drives up the cost of advice for consumers.
“We urge the Government to act decisively and urgently to implement further changes to make it cheaper and easier to provide professional advice, which ultimately leaves Australians better off and more resilient.”