Seven weeks, no excuses: what the Budget means for your retirement

In response to the 2026 Federal Budget released this evening, retirement wealth specialists Wattle Partners’ Managing Director Jamie Nemtsas said:

“There were no surprises for retirees tonight and that is not a good thing. It means everything that was already coming, Division 296, payday super, the new transfer balance cap is still coming, and in seven weeks.

“Most people are nowhere near ready for it. We have been saying this to clients for months, the Budget did not change the deadline.”

“The Division 296 CGT election is the most important decision an SMSF trustee will make this year, and it did not get a single mention tonight. If your balance is above or close to $3 million, you have one shot at resetting your cost bases before the new tax kicks in on 1 July. You cannot cherry-pick which assets to include, it is all or nothing. If you have not had this conversation with your adviser yet, you are running out of time.”

“On property, the headline is simpler than it sounds. If you already own an investment property, tonight does not change anything for you. The negative gearing and CGT changes only apply to properties bought after Budget night, and they do not take effect until 2027.

What I would say to our clients is, do not let the noise distract you from the planning that actually needs to happen before 30 June.”