Coalition MP George Christensen has threatened to cross the floor over the government’s proposed superannuation changes, saying the measures would “punish people for funding their own retirement”.
Mr Christensen says the proposed super policies – particularly the $500,000 non-concessional cap, to be applied retrospectively, and the $1.6 million pension fund transfer cap – need to be changed.
“These policies are Labor-style policies which hit those people who have worked hard all of their lives; those who have scrimped and saved and done the right thing,” he said in a Facebook post on Wednesday.
“These policies penalise success. Principally, these policies hit small business owners and farmers who have retired, sold their assets and transferred their wealth into superannuation.”
Mr Christensen said he is opposed to the government fiddling with superannuation, adding that if the plans for super are not changed, he will cross the floor and vote against the measures.
“[The] superannuation changes would punish people for funding their own retirement,” Mr Christensen said.
“[A] man who contacted my office this morning […] gave away his superannuation fund in a property settlement to avoid a fire sale of houses in a terrible property market. He planned to liquidate the real estate in a better market and put the proceeds back into superannuation before his impending retirement.
“Proposed changes would unfairly punish him for making what was a good decision at the time and would erode people’s confidence in the system.”
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 21 Aug 2016Risks flagged with real estate appraisal valuesBy Miranda Brownlee
- 21 Aug 2016Lawyer challenges ATO view on two fund strategiesBy Miranda Brownlee
- 18 Aug 2017ATO locks in details, addresses panic on real-time reportingBy Katarina Taurian
- 18 Aug 2017Data feeds unreliable for new reporting, says mid-tierBy Miranda Brownlee
- 18 Aug 2017Tax component confusion spurs potential tax liabilitiesBy Miranda Brownlee
- 18 Aug 2017Contributions triple in June quarter, survey showsBy Staff Reporter
- view all
- ATO locks in details, addresses panic on real-time reporting
The tax office has addressed several points of confusion with the new events-based reporting regime, locked in key deadlines, and outlined w...read more
- Data feeds unreliable for new reporting, says mid-tier
With an estimated 20 per cent of SMSFs still encountering errors from data feeds, one mid-tier firm believes the ATO should allow SMSF pract...read more
- view all