Super changes ‘not retrospective’
THE government is dismissing claims its super changes are retrospective after an attack by former Abbott government chief of staff Peta Credlin.
THE federal government is dismissing claims its superannuation changes are retrospective.
Former Abbott government chief of staff Peta Credlin has criticised the planned $1.6 million cap on retirement-phase accounts as unfair because of retrospectivity provisions.
“It’s not retrospective — it’s a furphy. We changed the rate of taxation ... there’s nothing retrospective about that,” cabinet minister Steve Ciobo told ABC radio on Tuesday.
Assistant Treasurer Kelly O’Dwyer says the initial $1.6 million in super accounts can continue to grow tax-free.
“The capital itself will remain untaxed,” she wrote in an opinion piece in The Australian.
The change would affect just one per cent of Australians with a super fund account, and the government would consult on the changes to ensure there were no unintended consequences.
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