Peter Burgess, chief executive of the SMSF Association, said that with the Better Targeted Superannuation Bill failing to pass the Senate before the calling of the election this morning, it has now lapsed.
“Given the bill has not been passed, it means we do not need to rely on a Coalition government to repeal this legislation if they win the election,” Burgess said.
“It also means a re-elected Albanese government will need to start the process again, presumably with a more hostile lower house. So, we may well have dodged a bullet.”
Burgess added that given the government has chosen to retain the budgeted revenue from this measure in full it means they will now need to take the notion of taxing unrealised capital gains to the election, despite growing community concerns about the dangerous precedent this will set in the face of a growing budget deficit.
Prime Minister Anthony Albanese called on the Governor-General early this morning to ask for permission to dissolve parliament, bringing an end to the 47th parliament.
The election is to be held on 3 May.
VW, there would be no chance of getting an apology from anybody in the Labor Government as they have no conscience or humility.
A fantastic result in the upcoming election would be for Albanese and Chalmers to both lose their seats!
many thanks Peter!
We Boomers must remain vigilant to the attacks of
Labour and the Greens on “their Super honey pot” also known as our hard earned retirement savings.
If Labor does not make it clear that a revised s296 will not include “unrealised gains” it is highly likely that this will generate enough “protest votes” to at least create a hostile Senate if not a new Conservative Government.
Great news!
296 is gone but absolutely not forgotten.
Sadly, I feel that you are correct. But surely not in its current form. Surely not!
Unfortunately, we still can’t plan too much going forwards, until we know the Labor party’s intentions, and whether or not they get in and whether or not they can be trusted not to lie again if they say they are not bringing it back.
I just wish that we had clarify as my SMSF is suffering financially as we have had to be poised to change our structure at short notice.
Our business is sold now, so that we could start retirement from 1st July 2025 to get funds out of the smsf if required – which is not something that we regret. So some good came out of this for my partner and myself.
Enjoy your retirement! Great comments showing the angst caused.
Thank you again Peter and thanks to your team for keeping up the fight to see this through to its bitter end.
All that Chalmers and Albanese managed to do was waste thousands of hours of Treasury and politicians time, including time in parliament, and many more so for financial planners, lawyers, accountants, and institutions such as yourselves. That was goodness how much in financial terms above the loss in productivity and a formula that had massive flaws in it and which should never have made the public arena.
It clearly just showed the contempt with which these two (Albanese and Chalmers) hold the Australian tax-payers, especially those deemed to have been too successful in their aspirations.
I guess there is no chance that we get a heart-felt apology for the angst of the last 25 months that this has caused – hundreds of hours wasted by probably many of these individuals, plus the sleepless nights and fear of how to unravel everything in order to be able to pay tax on paper profits or get everything out of superannuation ASAP. No sympathy shown to farmers caught up in this, small business owners, and hard working, sacrificing Australians, including those not part of the 80000, but steadfastly working towards being in that cohort of success (which is obviously frowned upon by the current Labor party – it is certainly not the Labor party of the 1980s).
They both lied to get into power 3 years ago and they broke major election promises in promoting this bill.
I applaud and sincerely thank also, the supporting senators that ensured that this Bill never made it to the light of day.
This bill, dreamt up by Treasury and spruiked by Chalmers was unjust, unfair, and to be frank, embarrassing to have come from Treasury. They should be ashamed of themselves.
Peter and SMSFA – Thank You!!!!