UPDATE: On Thursday 15 September 2016, the Government announced it had abandoned its proposal for a life-time non-concessional contributions cap of $500,000 on all non-concessional contributions made since 1 July 2007. The Government also made other changes to the Budget 2016 superannuation proposals.
Save Our Super is presently reviewing the implications of those changes and will provide an update shortly.
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.