Turnbull promises no further changes to superannuation in next term

Prime Minster, PM, Malcolm Turnbull, no further changes to superannuation in next term of governmentMalcolm Turnbull has said the Coalition will not make any changes to superannuation beyond what was announced in the Budget, should the they win the election.

The Prime Minster told the National Press Club: “We will not be making any further changes to superannuation in the next term of Government if we are re-elected.  Mr Shorten cannot match that claim.”

Former PM Tony Abbott promised no changes to superannuation in this term of Government on several occasions.

“Our superannuation goes to the heart of economic security,” said Mr Turnbull in his speech.

“In the Budget we announced as you know, the most comprehensive changes to the taxation of superannuation in a decade.”

“Now not all of these policies have been popular, but they make the system fairer and more flexible.”

“We had the courage to put them in the Budget and take them to an election.”

The Treasurer has recently said there would be ‘transitional arrangements’ for some SMSFs adversely impacted by the $500,000 non-concessional contributions cap.

The PM also criticised the Labor party for adopting savings from changes to superannuation in the 2016 Budget without saying if they would implement the measures.

“A superannuation policy which extraordinarily banks all of the revenue that the Government’s policies will raise – but which – adopts none of the Government’s policies.  The refusal by Labor to identify the policy measures to support these savings defies all of the rules and rigours of public finance. For all we know, Labor could adopt the Greens’ superannuation policies.  Sixteen million Australians planning for retirement are left with not a clue about how Labor would change the superannuation system.  How is this acceptable?”

Want to be kept up-to-date with SMSF and Superannuation changes, why not subscribe to our Newsletter?

This article, as with all content on this site, is for informational purposes only, and is not legal, financial, tax or other advice. Please read our Terms and Conditions of Use.

Leave a Reply

Your email address will not be published. Required fields are marked *