subscribe to our newsletter
Changes to tax on super ‘daft’, says Hockey

Changes to tax on super ‘daft’, says Hockey

Katarina Taurian
16 July 2015

Treasurer Joe Hockey has justified the government’s moratorium on tax changes to super by labelling it “daft” to lay additional changes on those planning for their retirement.

In an address to PwC’s tax reform forum in Melbourne, Mr Hockey said the government continues to reject the view that the “solution to the nation's ills is to slug those who are taking responsibility for their retirement with higher taxes on superannuation”.

He reiterated the government’s pre-election promise to not make any adverse or unexpected changes to superannuation in its first term.

In addition, Mr Hockey suggested that tinkering with superannuation during a period of low interest rates worldwide could have a detrimental effect on superannuation savings.

“In the last six years of Labor there were 12 adverse and unexpected changes to superannuation. This followed Kevin Rudd's 2007 pledge not to change superannuation one jot or one tittle,” Mr Hockey said.

“Stability in tax policy is important, and even more important where individuals rely on the long-term stability of the rules around retirement savings.

“What self-funded retirees and part-pensioners need now, more than ever, is stability, not more tinkering with the system.”

Changes to tax on super ‘daft’, says Hockey
smsfadviser logo
  • 23
    Days
  • 07
    Hours
  • 54
    Minutes
  • 01
    Seconds

SMSF Summit is nearly here!
Have you got your ticket?

join the discussion

What do you plan to do in response to the new adviser education standards?

SUBSCRIBE TO THE
SMSF ADVISER BULLETIN

Get the latest news and opinions delivered to your inbox each morning

In this month's issue:

  • Time wrap
  • The tech bull run
  • From hobby to passion
  • Golden Years
  • An untimely reminder
  • Why change is so difficult
  • Key Strategies for equalising super