Powered by MOMENTUM MEDIA
subscribe to our newsletter
Liberals lash out at Labor superannuation proposals

Liberals lash out at Labor superannuation proposals

Reporter
26 August 2016 — 1 minute read

The Coalition government has criticised Labor’s superannuation proposals, claiming the opposition’s plans are more representative of the 1970s than a modern economy.

Minister for Revenue and Financial Services Kelly O’Dwyer says the ALP’s failure to back Coalition policies – which include a catch-up to concessional super contributions, harmonisation of contribution rules and an extension deductions for personal tax contributions – displays “a lack of understanding of the real changes in working patterns that have been occurring in our economy and our communities”.

“Labors policy is bad for women, its bad for carers, its bad for contractors, bad for small businesses and the people who work for them, bad for parents juggling the work-life balance who want to provide for their retirement and bad for older Australians,” Ms O’Dwyer said in a joint statement with Treasurer Scott Morrison.

Ms O’Dwyer said while the Coalition has been intent on developing a fairer and more flexible superannuation system, Labor’s super outlook is not representative of a modern economy.

“Their changes are more suited to the economy of the 1970s than a 21st century economy where people have flexible work patterns, shared responsibilities in their families and different sources of income over the course of their life.”

“Labors urge to axe the governments catch-up contributions provision, which would benefit around 220,000 individuals with balances less than $500,000 are denied the flexibility to boost their super savings.”

Ms O’Dwyer also heavily criticised Labor’s opposition to the government’s tax deduction measures, which would reportedly prevent 800,000 contractors and non-unionised workers from “getting the same deductions as everyone else”.

“There was no justification or explanation for this superannuation raid other than an oblique reference to closing loopholes for high-income earners,” she said in her statement with Mr Morrison.

“Labor wants to keep super in the past by denying Australians the fairness and flexibility they need to become more independent in retirement.”

Liberals lash out at Labor superannuation proposals
smsfadviser logo
join the discussion

Do you think the government should reinstate the accountants’ exemption for SMSF advice?

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