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

Budget superannuation package been “very well received”: PM

The Prime Minister says the superannuation package announced in the 2016 Budget has been “very well received”, ahead of it being debated in the Coalition party room. “Our super package has been very well received,” the PM said in an interview on ABC’s Insiders. “It’s about a $6 billion package. The only area of controversy relates… Continue reading Budget superannuation package been “very well received”: PM

Labor wrong to oppose abolishing 10% rule and work test

Opinion – Labor has managed to snatch a superannuation policy defeat from the jaws of victory with the announcement that they will oppose removing the 10% rule and the work test. The superannuation industry has long campaigned for the removal of these complicating and confusing restrictions. Labor says Australia “cannot afford” these changes, which are estimated… Continue reading Labor wrong to oppose abolishing 10% rule and work test

A super test for Australia’s political system

In the past week, both major parties have made welcome, albeit tentative, commitments to tackle much-needed budget repair. The Turnbull government has moved quickly to lock in budget savings that Labor supported in the federal election campaign. Now Labor has signalled its support for the bulk of the government’s proposed changes to superannuation tax breaks,… Continue reading A super test for Australia’s political system

Labor position on 2016 Budget super changes a “cause for concern”

The SMSF Association says that Labor’s opposition to superannuation changes in the 2016 Budget which will increase flexibility and reduce complexity and red tape is concerning. Labor has announced that it will oppose removing the ‘work test’, the ‘10% rule’ and allowing the introduction of ‘catch-up’ concessional contributions. “The SMSF Association believes the Labor Party’s suggested… Continue reading Labor position on 2016 Budget super changes a “cause for concern”

Labor to oppose Budget super spending, wants prospective lifetime cap

The Labor party has announced that it will oppose several of the superannuation spending commitments from the 2016 Budget and wants the Div 293 threshold lowered to pay for a prospective lifetime non-concessional contributions cap. Labor has said it will support the Low Income Superannuation Taxation Offset (which replaces the LISC) while opposing broadening access to tax… Continue reading Labor to oppose Budget super spending, wants prospective lifetime 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

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