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Budget super changes inevitable
The retrospective elements of the Federal Government's superannuation changes are expected to be amended before the Budget bills progress to the Senate, later this year.
While neither the Prime Minister, Malcolm Turnbull nor the Treasurer, Scott Morrison, had formally confirmed their willingness to consider amendments to the Budget superannuation changes, the reality of a fractious back-bench and the attitude of the Senate cross-bench are expected to force such change either before or during the process of introducing the bills to the new Parliament.
However, both the Australian Labor Party Opposition and the Greens are expected to stymie any attempts by conservative elements of the Coalition back-bench to wind-back the removal of tax concessions to upper income earners.
While the ALP and the Greens have expressed concerns about the retrospectivity contained in the Budget changes, they have backed those elements which removed what they saw as the unfair advantage enjoyed by upper income earners.
The ALP and the Greens have also backed the restoration of the Low Income Superannuation Contribution.
The Prime Minister will announce the make-up of his new Cabinet this afternoon, with little change expected within the Treasury portfolio despite some speculation around the future of the Assistant Treasurer, Kelly O'Dwyer.
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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