Government drops $500,000 lifetime non-concessional contributions cap

The Government has dropped the policy of a $500,000 lifetime non-concessional contributions cap, which was announced in the 2016 Budget. Update: the Government has released the third tranche of draft superannuation legislation, which includes the lower non-concessional contributions cap of $100,000, preventing non-concessional contributions once super balances reach the Transfer Balance Cap and changes to… Continue reading Government drops $500,000 lifetime non-concessional contributions cap

Labor accuses Government of “superannuation policy by PowerPoint”

Labor has criticised Treasurer Scott Morrison, after he reportedly distributed a briefing paper to Coalition MPs advocating for the superannuation changes announced in the 2016 Budget. Update: the Government has released the first tranche of superannuation legislation for the changes announced in the 2016 Budget. “Treasurer Scott Morrison’s humiliation at the hands of his backbench… Continue reading Labor accuses Government of “superannuation policy by PowerPoint”

Budget superannuation changes a ‘slippery slope’, says Coalition Senator

Liberal Senator for Tasmania Eric Abetz says the superannuation changes included in the 2016 Budget represent a slippery slope leading to the Government increasing taxes on more superannuants in the future. Michelle Grattan, from The Conversation, asked the Senator why he had taken such a strong stand on superannuation, given Tasmania would have fewer people… Continue reading Budget superannuation changes a ‘slippery slope’, says Coalition Senator

Raising lifetime non-concessional cap would cost Budget

The Greens say increasing the lifetime non-concessional cap above what was announced could mean the policy costs money instead of improving the Budget bottom line. The Government may be considering increasing the proposed lifetime non-concessional contributions cap from $500,000 to $750,000. Setting the lifetime cap at $500,000 is estimated to save the Budget $550 million over… Continue reading Raising lifetime non-concessional cap would cost Budget

Morrison rejects call for $1 million lifetime non-concessional cap

Treasurer Scott Morrison has rejected a call for the proposed $500,000 lifetime non-concessional contributions cap to be increased to $1 million. Coalition MP George Christensen said that doubling the cap to $1 million would satisfy most concerns about the policy. Mr Christensen has threatened to cross the floor and vote against the superannuation measures if changes… Continue reading Morrison rejects call for $1 million lifetime non-concessional cap

Divorce likely to be an exemption from lifetime non-concessional cap

Treasurer Scott Morrison has indicated that divorce is likely to be a ‘life event’ eligible for an exemption from the $500,000 lifetime non-concessional contribution cap, while rejecting reports that lottery winnings and inheritances would receive the same treatment. “We said before the election, well before the election actually that one of those events was a… Continue reading Divorce likely to be an exemption from lifetime non-concessional cap

“Some prospect” of deal on Budget super changes, says Jim Chalmers

The Government and the Labor party may come to an agreement on the superannuation changes announced in the 2016 Budget. Speaking about the superannuation changes with The Guardian, Shadow Minister for Finance, Jim Chalmers, said: “There is some prospect of agreement with the Government”. ‘We’ve flagged what we’re concerned about, which is really the retrospective… Continue reading “Some prospect” of deal on Budget super changes, says Jim Chalmers

Super contributions exemption for lottery winnings “farcical”: SMSFOA

Indications that lottery winnings will be exempted from the $500,000 lifetime non-concessional cap have been labelled “farcical” by the SMSF Owners’ Alliance. “Reports that the Turnbull Government is contemplating an exemption to superannuation contributions from lottery wins are farcical and, if true, deeply unfair,” says a statement by the organisation. The Treasurer has indicated that there… Continue reading Super contributions exemption for lottery winnings “farcical”: SMSFOA

Treasurer flags more changes to lifetime non-concessional contribution cap

Treasurer Scott Morrison has flagged further changes to the $500,000 lifetime non-concessional contributions cap policy announced in the 2016 Budget. The Treasurer has already set out some exclusions from the lifetime cap. In a radio interview on 2GB he said there would be more included in the draft legislation to be released shortly. “I have… Continue reading Treasurer flags more changes to lifetime non-concessional contribution cap

Superannuation changes an issue for Coalition party room

Superannuation has been an issue for the Government ahead of the first Coalition party room meeting since the election. The Liberal Party held a party room meeting on Monday, followed by a Coalition party room meeting. Afterwards the PM announced some changes to ministerial positions, including in the Treasury portfolios. Kelly O’Dwyer’s title of Assistant Treasurer changes… Continue reading Superannuation changes an issue for Coalition party room