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Collins Hume Update Autumn 2023

"Surround yourself with people that push you to do better" — Warren Buffet

At Collins Hume, March is always a special month that reminds us of our beginnings and our purpose as we celebrate our business birthday each 1 March. Communities across the Northern Rivers mark one year since devastating floods in our region and, with hindsight, some remarkable stats and facts have been published. Take a look at the ABC's coverage here » The Government announced that from 2025‑26, the 15% concessional tax rate applied to future earnings for super balances above $3 million will increase to 30%. The announcement doesn't propose any changes to the transfer balance cap or the amount that a member can have in the tax-free retirement phase. And, if you have an SMSF with a total balance of less than $1 million, from 1 July 2023 you will need to report quarterly to the ATO instead of annually. Privacy and data have had a shakeup as Australia commences forging its own path in the wake of some big breaches in 2022, which means more talks about updating the legislation to allow the government's security agencies to intervene when hackers are impacting business operations. We're also keeping an eye on this.

Our purpose is to inspire business owners to achieve success in powerful and meaningful ways. Let us know if any topics covered here are of particular interest to you. Read our Autumn Strategist newsletter here »


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