Budget 2016 Proposals and Opposition’s Policies – Update 27 September 2016

Government’s second tranche 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.

The Government also announced it will release the remaining proposed superannuation changes in the coming weeks.

The Government has allowed from 27 September 2016 to 10 October 2016 for Public Submissions; 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.

Save Our Super is considering the second tranche of the Government’s superannuation changes. However, even at this early stage, it is obvious 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. If not, why not? And why are there no grandfathering provisions to protect Australians who have acted on the existing rules and whom will be significantly affected by the changes?

Save Our Super will provide an update shortly. We will also provide a further opportunity for you to bring your concerns to the attention of the Senators and Members of the House of Representatives.

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.

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.