Government’s second and third tranches of proposed superannuation changes
UPDATE:
On 27 September 2016 the Government released for public consultation the second tranche of exposure draft legislation and explanatory material to implement a number of the superannuation changes announced in the 2016-17 Budget.
Details of the Government’s second tranche is available here. Further information can be found on the Treasury website.
On 14 October 2016 the Government released the third tranche. Details of the Government’s third tranche are available here. The Exposure Draft Bill and Explanatory Memorandum are available on the Treasury website. Submissions will close on Friday 21 October 2016.
Government’s second tranche:
For Public Submissions on the second tranche, the Government allowed from 27 September 2016 to 10 October 2016; 13 days to consider 234 pages, 57,600 words of very complex, far-reaching proposed legislation. That makes a mockery of the concept of public consultation. Obviously, the Government wants to rush it through Parliament as soon as possible.
O’Brien’s Hammond QC’s and Save Our Super’s second tranche joint submission to Treasury:
Save Our Super has considered the second tranche of the Government’s superannuation changes. On 10 October 2016, Terrence O’Brien and Jack Hammond QC, on behalf of themselves and Save Our Super lodged with Treasury their joint submission in response to the second tranche. That joint submission is available here.
Tax Institute’s second tranche submission to Treasury:
On 10 October 2016 the Tax Institute lodged its corresponding submission to Treasury. It is available here. It is also publicly available on http://www.taxinstitute.com.au/leadership/advocacy/read-submissions.
Today we wrote to Messrs Gee MP and Buchholz MP in their roles as leaders of the Coalition Backbench Committee on Economics and Finance to convey a copy of Terrence O’Brien’s, Jack Hammond QC’s and Save Our Super’s joint submission and the Tax Institute’s submission, both lodged 10 October 2016 with Treasury on the second tranche of Government superannuation measures.
We also wrote today to all Coalition Senators and Coalition MHRs and sent them copies of those submissions.
Those two independently and separately compiled submissions complement each other. In our opinion, the first demonstrates that the Government’s second tranche proposed superannuation changes are wrong in principle; the second that they will be unworkable in practice.
We are convinced that, if the proposed legislation is passed by the House of Representatives, the Senate should subject it to careful scrutiny. It should refer the whole of the Government’s proposed superannuation package to a Senate Committee. The Senate Committee should invite and consider public submissions and objections. The Government’s and Treasury’s assumptions which underpin the changes should be open to public challenge. On any view, the recently released details of the measures deserve far more detailed scrutiny than has been possible to date in the unreasonably short time made available for consultation. Moreover, the fragmentation of the measures into tranches of drafting has prevented any integrated overview of how the measures fit together.
Save Our Super believes that grandfather clauses must be provided to protect all significantly affected Australians from a number of the remaining Budget 2016 superannuation proposals.
Support our joint submission:
Tell your Coalition Senators and Coalition Members of the House of Representatives that you support Terrence O’Brien’s, Jack Hammond QC’s and Save Our Super’s joint submission in response to the second tranche of the Government’s superannuation changes. Your message can be more effective if you also tell your personal story to your local Federal representatives.
Please send an email, write a letter, phone and/or call in and see your Federal Senators and local MP. Please ensure you include your residential address as they will take more notice of their local constituents. We are sure they’d love to see you!
