Some of the key superannuation measures that Scott Morrison proposed in the budget are effectively retrospective changes, and will require trustees who shaped their superannuation under current-day law to restructure their arrangements.
For example, the government proposed introducing a $500,000 lifetime cap for non-concessional contributions. From 7.30pm AEST on 3 May 2016, the cap will take into consideration all non-concessional contributions made since 1 July 2007.
Mr Shorten said he will oppose the government’s crackdown on super tax concession that affects existing accounts, according to reports from SBS.
“This is quite a radical thing, that they have said we’re going to [have] retrospective changes in superannuation,” he said. “It is very undermining of the stability of the superannuation system,” he said.
“When you make a retrospective change to a tax law, you’re not just hitting people with a certain amount in their super, you’re undermining every Australian’s confidence in the superannuation system.”
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