On 31 July 2013, the Government issued a Press Release stating that no major changes would be made to superannuation tax policy for five years. This will be legislated if the Labor Government is re-elected.
It is clear that confidence in the superannuation system has been impacted by regular changes. This proposal is designed to encourage confidence in investment decisions knowing that the rules will not continually change.
The Government has also highlighted that certain measures will be retained, such as:
•gradual rise of the Superannuation Guarantee to 12% by 1 July 2019
•increase in concessional contribution caps for older Australians to $35,000, and
•low income superannuation contribution.
Legislation will be brought forward to establish a Super Council to ensure future changes are consistent with the agreed charter. This Council would also undertake a review of issues to be addressed which will include discussion and consultation papers.
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