In May 2017, opposition leader Bill Shorten announced that, if elected, Labor would cap the amount that individuals can deduct for the management of their tax affairs at $3,000.
Read more at the SMSF Adviser.
Labor’s $3k tax affairs cap tipped to hit SMSF trustees
With Labor’s proposed $3,000 limit on deductions for managing tax affairs also expected to apply to SMSF trustees, the IPA is concerned this may restrict the ability of trustees to obtain private binding rulings and more complex tax advice.
