Election saga reignites calls for bipartisan support of super
The federal election result has highlighted the fact that many Australians were "unnerved" by the superannuation proposals by both parties and the need for a bipartisan approach, according to the SMSF Association.
SMSF Association chief executive Andrea Slattery said both political parties were seen as moving the goal posts for Australians to build their savings for retirement.
"This is despite the repeated calls from the public and superannuation industry for the ongoing tinkering with superannuation to stop," said Ms Slattery.
"This is why it is critical to have a politically bipartisan framework for superannuation that is removed from both the budgetary and political cycles for the long term."
Ms Slattery said it is especially important during the current period of political uncertainty, such as what has happened with the federal election and Brexit, that people know their retirement savings are secure.
The SMSF Association, she said, believes the proposed reductions to concessional contribution caps are detrimental to the goal of encouraging people to be self-sufficient in retirement and that other budget changes are complex and disruptive to many people’s long-term plans.
"We look forward to working with all parliamentarians to either change or ameliorate the impact of these changes," she said.
"It’s also important to note that there were some positive measures in the budget that were overlooked to some degree, and we will be urging that they get enacted by the new Parliament as quickly as possible," she said.
"Among the positives, which the association has long advocated, were the carry forward of unused concessional contribution caps, allowing people aged between 65 and 74 to contribute to their super without meeting the ‘work test’, and removing the ’10 per cent rule’ that allows all fund members to make deductible contributions to their super."