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Senate Inquiry into Government’s superannuation package

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Monday, November 14, 2016

Sign the Petition

 

Email our parliamentarians now, to Save Our Super

Grandfather certain Government Super Proposals

Dear Malcolm, Bill, Scott, Mathias, Kelly and Michael,

I/we support Save Our Super's Call For Action.

Save Our Super is an apolitical community-based group which makes the public aware of the implications of the superannuation proposals in Budget 2016 and the Opposition’s superannuation policies.
Labor dumped their election superannuation policies and made an increased tax grab on 26 June 2016 despite saying, just over a year ago, "If elected, these are the final and only changes Labor will make to the tax treatment of superannuation". Labor has not announced any replacement superannuation policies.

Some of our supporters vote Liberal/National; some vote Labor; others vote for other parties or independents. But we are united in our call for action by the Federal Parliament.

PETITION
Save Our Super's Call For Action:

Save Our Super petitions and calls for bi-partisan superannuation policies from Australia’s major political parties:

which will grandfather the following Budget 2016 superannuation proposals:

  • the introduction of a transfer balance cap of $1.6 million on amounts into the tax-free retirement (pension) phase from 1 July 2017.
  • after commencement, if individuals already in retirement as at 1 July 2017 retain balances in excess of the $1.6 million cap and do not transfer the excess out of the retirement phase account, an excess transfer balance tax will be payable;
  • for a person who has not previously been liable to pay excess transfer balance tax—15% of the person’s annualised notional earnings on excess transfer balance for the financial year; or
  • for a person who has previously been liable to pay excess transfer balance tax—30% of the person’s annualised notional earnings on excess transfer balance for the financial year.
  • introduction of commensurate measures to defined benefit arrangements;
  • removal of the tax exemption on earnings which support Transition to Retirement Income (pension) streams.

    which will grandfather the Opposition’s superannuation policies:

    • Labor dumped their election superannuation policies and made an increased tax grab on 26 June 2016 despite saying, just over a year ago, "If elected, these are the final and only changes Labor will make to the tax treatment of superannuation". Labor has not announced any replacement superannuation policies;

    and which will protect all Australians against any legislation which changes the rules of the game for existing superannuation savings and actions taken in reliance on those rules and savings, by including appropriate grandfather clauses.

    **your signature**

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    Email our parliamentarians now, to Save Our Super

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    • Assistant Treasurer responds to Retirementgate (aka Age Pension debacle)

      November 21, 2017 by Trish Power

      Copyright Trish Power.

      Earlier in 2017, SuperGuide published a series of articles on the financial hit that many retired Australians experienced when the harsh changes to the Age Pension assets test took effect from 1 January 2017. The articles were published, with the assistance of advocacy group, Save Our Super, and with financial modelling conducted by Sean Corbett.

      click here for more…

      See relevant articles below

    • Retirementgate: Government’s Age Pension debacle hits middle Australia

      August 22, 2017 by Trish Power

      Copyright Trish Power.

      In the past few months, SuperGuide, with the assistance of advocacy group Save Our Super, has reported on the ridiculous state of affairs now facing existing and future retirees. The January 2017 Age Pension changes, namely the harsh regressive effect of the Age Pension assets test, have made it financially more attractive for middle Australia to spend more, rather than save more for retirement.

      click here for more…

    • Retirees lose savings due to 2017 Age Pension changes

      August 22, 2017 by Sean Corbett

      Copyright Trish Power.

      Note: During the past few months, with the assistance of advocacy group Save Our Super (and using financial modelling provided by Sean Corbett), SuperGuide has highlighted the inequities and disincentives created by the January 2017 changes to the Age Pension assets test. SuperGuide has named this policy debacle, Retirementgate, and many other members of the community have also now adopted this term.

      click here for more…

    • Excess concessional contributions charge

      12 February, 2018

      Joseph Cheung (jcheung@dbalawyers.com.au), Lawyer and Daniel Butler (dbutler@dbalawyers.com.au), Director, DBA Lawyers


      Introduction

      Contributions made in excess of an individual’s concessional contributions (‘CC’) cap can give rise to extra tax payable and a liability to excess CC (‘ECC’) charge for the individual. This article highlights how the ECC charge operates. Note that the law in this area is complex and a detailed and careful analysis is required to properly understand how the ECC system operates.

      click here for more…

    • Payments above Accont-Based Pension minimum — Could be a trap

      24 October, 2017

      Joseph Cheung (jcheung@dbalawyers.com.au), Lawyer and Bryce Figot (bfigot@dbalawyers.com.au), Special Counsel, DBA Lawyers


      Introduction

      Payments above the account-based pension (‘ABP’) minimum annual payment have the potential to become a trap. The June 2017 SMSF Benchmark Report by Class Super states that ‘the average SMSF pensioner withdraws about $74,000 annually on their pension over a series of 12 transactions and overdraws $24,000 above their minimum’. This means that the average pensioner is withdrawing more than 32% above their relevant ABP minimum and could miss out on significant opportunities unless timely action is undertaken! This article summarises the trap and examines the main reasons to prospectively document a strategy as soon as possible.

      click here for more…

    • Draft law aims to shut down a gap in the salary sacrifice regime

      5 October, 2017

      By Gary Chau (gchau@dbalawyers.com.au), Lawyer, and Bryce Figot (bfigot@dbalawyers.com.au), Special Counsel, DBA Lawyers


      Introduction

      A salary sacrifice arrangement is still worthwhile post-30 June 2017 since some employees find it both administratively easier and tax effective for their employer to contribute more into superannuation in lieu of their future salary and wages. Unfortunately, some employees will be let down by a gap in the way our salary sacrifice regime operates, which allows employers to meet their mandated superannuation guarantee (‘SG’) obligation and overall contribute less money to an employee’s superannuation fund. However, a draft law aims to close this gap.

      click here for more…

    • Reversionary transition to retirement income streams

      5 October, 2017


      By William Fettes (wfettes@dbalawyers.com.au), Senior Associate, Daniel Butler (dbutler@dbalawyers.com.au), Director, DBA Lawyers


      The new rules that govern when a transition to retirement income stream (‘TRIS’) enters retirement phase give rise to a number of complex issues in the context of reversionary nominations and death. This article examines the retirement phase rules and reversionary TRISs in detail, based on the law and the latest ATO view.

      click here for more…

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