Labor to create Council of Super Custodians, after enacting policies

Should Labor win the Federal election it will seek to introduce a Council of Super Custodians, a policy first announced in 2013. But the Council will only start work after Labor enacts the superannuation policies already announced. “Labor will create a Council of Superannuation Custodians to guide changes to the superannuation system,” says a Labor… Continue reading Labor to create Council of Super Custodians, after enacting policies

Labor superannuation policies for the 2019 Federal election

What are Labor’s superannuation policies heading into the 2019 Federal election? No new or higher taxes on superannuation Labor leader Bill Shorten has joined Scott Morrison in promising no new or higher taxes on superannuation. Though he later qualified this to mean in addition to already announced policies, and argued that reducing tax concessions was… Continue reading Labor superannuation policies for the 2019 Federal election

Liberals and Labor promise no new or higher taxes on superannuation

Both the Liberals and Labor have promised no new or higher taxes on superannuation. “Under my government there will be no higher taxes or new taxes on superannuation. Not now, not ever. Not now, not ever,” said Prime Minister Scott Morrison. After Morrison made his announcement, Opposition Leader Bill Shorten was asked to rule out… Continue reading Liberals and Labor promise no new or higher taxes on superannuation

Labor wants non-concessional cap lowered to $75,000

The ALP has announced it’s latest superannuation policy, which includes lowering the annual non-concessional contributions cap to $75,000, but hasn’t said it will vote against the Government’s Bills. “Today Labor proposes a superannuation reform package that is fairer than the Government’s and delivers more substantial budget repair,” said a statement by Shadow Treasurer Chris Bowen.… Continue reading Labor wants non-concessional cap lowered to $75,000

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”

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

“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

Labor adopts Coalition timetable for Super Guarantee rate increases

Labor has seemingly dropped support for faster increases to the Superannuation Guarantee rate, in a week which also saw the adoption of savings from super changes in the 2016 Budget but not the policies. The ALP has frequently criticised the Government for freezing the SG rate at 9.5% and slowing the increase to 12%. However… Continue reading Labor adopts Coalition timetable for Super Guarantee rate increases

Labor books billions in savings from Budget super measures

Labor has booked over $3 billion in net savings from changes to superannuation included in the 2016 Budget, despite voicing opposition to some of the measures. The 2016 Budget included $5.99 billion in revenue raised from the changes to superannuation over the forward estimates, along with $2.79 billion of new spending measures, for a net… Continue reading Labor books billions in savings from Budget super measures

Labor would review 2016 Budget superannuation changes

The ALP would, should they win the upcoming election, conduct an inquiry into the changes to superannuation announced by the Coalition in the 2016 Budget. “A Shorten Labor Government will review the Turnbull Government’s proposed changes to superannuation contained in this year’s federal Budget,” said a statement by Shadow Minister for Financial Services and Superannuation,… Continue reading Labor would review 2016 Budget superannuation changes