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Treasurer's U-Turn On Super 
The online superannuation newsletter Cuffelinks has published the Treasurer's response to a question on his about-face on superannuation taxation.
(See Article further down home page)

URGENT! - Treasurer advises that SMSFs that entered into asset purchase agreements before 3 May will be able to complete the contract without breaching the $500k non-concessional cap.


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RonBewleyExpert Analysis
Dr Ron Bewley, former Head of the School of Economics at the University of NSW examines super tax policy changes. 
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SMSF Owners’ chairman Bruce Foy calls for members  to rally against retrospective superannuation tax.

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What We Are Telling The Government

Our appeal to Senators and Back-bench MP's to ask for more information before passing the Government's super proposals

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What We Are Telling The Media 

Super band-aide concessions not good enough.

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What We Are Telling Our Members -  see latest newsletter

The anticipated debate on superannuation in the Liberal and Coalition party rooms did not eventuate…the Prime Minister says the Government will proceed with its controversial superannuation policy. SMSF Owners will fight on.

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Leading Opinion on SMSF Issues

27 Aug 2016 - Robert Gottliebsen in The Australian  ... Thanks to what Scott Morrison and his feathered public servant advisers have done to people's super, the family home is being turned into a super fund...another strong housing price rise will follow.

27 Aug 2016 - Grace Collier in The Australian ... People who aim to fund their own retirement are not angry about having to pay more tax. These people are well accustomed to paying for everyone else; they have done it all their lives. They are angry because they have been lied to by Morrision...in my opinion the man is dangerous and not fit to be Treasurer.

24 Aug 2016 - Robert Gottliebsen in The Australian ...The public servants' defined benefit superannuation scheme has become one of the greatest scandals in the nation...

23 Aug 2016 - Judith Sloan in The Australian ... Scott Morrison has embarked on the unusual task of trying to persuade fellow members of his own party in
parliament to support his superannuation proposals announced at budget time.

20 Aug 2016 - Grace Collier in The Australian ... I am told that before the election, Cabinet simply waved the policy through simply because nobody understood it and time constraints were pressing.

20 July 2016 – Janet Albrechtsen in The Australian ...The story of how the Turnbull government stitched up the poorest policy by a Liberal government in decades is told in one short letter to The Australian from a former Treasury official and an explosive email sent to the Liberal Party campaign director by a party donor.

13 July 2016 - Glenda Korporaal in Business Spectator … The proposed changes were not the result of a detailed, thoughtful review of the super system but an overnight election eve attempt to claw back more revenue on the basis that those most affected would be rusted on conservative voters who had nowhere else to go.

13 July 2016 - Professor Judith Sloan in The Australian… It’s hardly surprising that Bill Shorten has agreed to pass most of the government’s budget changes to superannuation, subject to an independent review that assesses whether some of them are retrospective.

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Treasurer's U-Turn On Super

The online superannuation newsletter Cuffelinks has published the Treasurer's response to a question on his about-face on superannuation taxation.

At an industry conference in February this year, the Treasurer said certainty and confidence were important and he would not "change the deal" on superannuation. Three months later, in the May budget, the Treasurer changed the deal.

He was questioned about his U-turn at another industry conference on 25 August by Graham Hand of Cufflinks whose report is here.

The Treasurer justified his new restrictions on super by saying 99% of people were not affected by the $1.6 million cap and fewer than 100,000 have put in more than $500k in after-tax contributions.

The Treasurer was talking about the total superannuation population, most of whom have relatively low account balances. When it comes to self-managed funds, 15% of members have account balances of over $1 million (the ATO stats don't give a breakdown between $1 million and $2 million). That's 150,000 people. Then there's another 500,000 people with account balances between $200k and $1 million who may aspire to reach $1.6 million or more.

Treasurer, regardless of how many people are affected, a bad policy is not made right because it affects only a relative few, pretty much all of them members of self-managed funds who have made the commitment to support themselves in retirement...under the rules.
The lasting damage the budget super changes have done is to erode certainty and confidence in superannuation for everyone - the very values you extolled in your February speech.

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