Tag: Submissions

This is a submission to the Senate inquiry into the Bill to set a legislated objective for superannuation.

Thank you for the opportunity to make a submission in relation to the Superannuation (Objective) Bill 2016.

This submission will deal with three issues: the need for broad support for the objective before it is set in legislation, long-term reporting on meeting the objective for superannuation and that both the primary and subsidiary objectives for superannuation should be set in legislation.

A legislated objective for superannuation could be a useful tool setting the direction of policy to achieve retirement goals, or it could be an empty phrase – either ignored or changed to suit the whims of the day. Based on the development of the objective so far it appears the latter is much more likely. Read more...

Submission to Inquiry into Superannuation (Excess Transfer Balance Tax) Bill 2016 [Provisions] and Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 [Provisions]

Thank you for the opportunity to make a submission to the inquiry into these Bills. This submission will deal with:

• 1.0 Insufficient time for consultation
• 2.0 The overly complicated nature of the changes
• 3.0 Indexing LISTO to increases in Super Guarantee rate
• 4.0 Welcome extension of time for Transfer Balance Cap transitional relief

1.0 Insufficient time for consultation

I am concerned that insufficient time has been allowed for public consultation on some 500 pages of legislation and explanatory materials. By my count, the time allowed for public consultation on the draft superannuation Bill tranches is as follows (including weekends): Read more...

Thank you for the opportunity to make a submission in relation to the third tranche of superannuation reform package draft legislation. This submission will deal with two main issues: the insufficient time allowed for consultation and the overly complicated nature of the changes.

Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016

Insufficient time for consultation

More time should be allowed for consultation on the changes to the non-concessional contributions cap due to the recent announcement of the new measures, the substantial reduction in the contribution cap and the complicated nature of the changes – both separately and when combined with changes in the rest of the legislation. Read more...

Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill 2016

I strongly object to increasing the tax on backpackers claiming a Departing Australia Superannuation Payment (DASP) to, in many cases, 95%. The Government should not seek to tax superannuation at such an excessive rate as an alternative to taxing other income, seemingly in the hopes that backpackers will not notice or care. Taxes should, where possible, be imposed in a clear and efficient manner.

The Explanatory Materials (EM) to the Bills say:

Increasing the rate of tax on departing Australia superannuation payments for working holiday makers is consistent with the objective of superannuation which is to support Australians in their retirement. Read more...

Thank you for the opportunity to make a submission in relation to the second tranche of draft superannuation reform package Bills and regulations. This submission will deal with several issues: the insufficient time allowed for consultation on these complicated changes, how the transitional rules for the Transfer Balance Cap should be extended for SMSFs and the need for reporting of the Transfer Balance Cap for individuals given proportional indexation.

Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 Read more...