Labor lashes out on super budget measures
Opposition leader Bill Shorten has strongly opposed the retrospective superannuation changes introduced in last week’s federal budget.
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."