Hume promises no adverse changes to super
Senator Jane Hume has confirmed there will be no adverse changes to superannuation contribution limits or the Government’s contribution flexibility measures.
Hume was contacted by Geoff Wilson, founder of Wilson Asset Management, who wrote a letter to both parties to confirm there would be no changes to super.
In her response on behalf of the Government, Hume said there would be no new or increased taxes on superannuation. There would also be no adverse changes to contribution limits, and no changes to the government's contribution flexibility measures.
There would also not be any adverse changes to:
- The flexibility measures for superannuation contributions that have been implemented, including the carry-forward or catch-up contributions, which disproportionately benefit women who are more likely to have broken work patterns;
- The "work test" arrangements, which the Liberal National Party recently legislated to remove for those up to age 75 making personal superannuation contribution;
- The downsizing contribution rules, whereby the Liberal National Party announced yesterday an extension to those aged 55 and over; or,
- The Division 293 tax threshold.
Wilson said he was still waiting for a response from the Australian Labor Party.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
Introducing a cooling off period in the process of switching super funds or moving money out of the sector could mitigate the potential loss to fraudulent behaviour, the outgoing ASIC Chair said.
Widespread member disengagement is having a detrimental impact on retirement confidence, AMP research has found.
Economists have warned inflation risks remain elevated even as the RBA signals policy is sitting near neutral after its latest hold.
Australia’s superannuation funds are becoming a defining force in shaping the nation’s capital markets, with the corporate watchdog warning that trustees now hold systemic importance on par with banks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
