News

Budget super changes inevitable

Posted 28 July, 2016

The retrospective elements of the Federal Government's superannuation changes are expected to be amended before the Budget bills progress to the Senate, later this year.

While neither the Prime Minister, Malcolm Turnbull nor the Treasurer, Scott Morrison, had formally confirmed their willingness to consider amendments to the Budget superannuation changes, the reality of a fractious back-bench and the attitude of the Senate cross-bench are expected to force such c
hange either before or during the process of introducing the bills to the new Parliament. 

However, both the Australian Labor Party Opposition and the Greens are expected to stymie any attempts by conservative elements of the Coalition back-bench to wind-back the removal of tax concessions to upper income earners.

While the ALP and the Greens have expressed concerns about the retrospectivity contained in the Budget changes, they have backed those elements which removed what they saw as the unfair advantage enjoyed by upper income earners.

The ALP and the Greens have also backed the restoration of the Low Income Superannuation Contribution.

The Prime Minister will announce the make-up of his new Cabinet this afternoon, with little change expected within the Treasury portfolio despite some speculation around the future of the Assistant Treasurer, Kelly O'Dwyer. 

Source: Moneymanagement.com.au