Lobby group the SMSF Owners’ Alliance has called for superannuation policy to be debated in the Coalition party room meeting on Monday.
“When Coalition MPs and Senators meet next Monday in the party room they should insist on a debate about the Government’s superannuation policy, a debate they were not given the chance to have before the budget and the election,” said the SMSFOA in a statement.
There were reports that the super changes did not go to the party room prior to the Budget.
“Media reports since the election reveal that many Coalition MPs and Senators are deeply concerned about the effect of the superannuation changes on their vote with reports that traditional Liberal voters turned their backs on the party in anger and disillusion,” said the SMSFOA.
“When the Coalition party room meets backbenchers should challenge senior ministers who seem determined to press ahead with the policy in spite of the election result and the concerns of Coalition members.”
“Even the Cabinet appears to be split with reports that Julie Bishop, Chris Pyne, Peter Dutton and Barnaby Joyce have expressed concerns about the voter backlash but have been rebuffed by Malcolm Turnbull, Scott Morrison and George Brandis.”
The SMSFOA says Government backbenchers should insist on a review of the superannuation changes proposed in the 2016 Budget before legislation is introduced.
The SMSFOA is also calling on Labor to refuse to vote for legislation implementing the measures pending a independent review.
“Labor should also stick to its guns on opposing retrospective tax measures.”
“So far, there has been no genuine consultation with the superannuation sector, including the one million owners of self-managed funds. The Tax White Paper process was stopped in its tracks and the review of the objective of superannuation just went through the motions to justify decisions made in the budget.”
“At a minimum, a review of the fairness and workability of the Budget measures should be undertaken. There are many unanswered questions about how they will work in practice.”
“A better option would be to complete the White Paper process with a thorough analysis of the many thoughtful submissions made, but so far ignored, on the purpose, efficiency and adequacy of superannuation and appropriate taxation of retirement savings.”
“Superannuation is too important to the lives of most Australians to be subject to piecemeal change according to the government of the day.”