Delivering a fairer superannuation system for older Australians is one of the aims of Treasurer Scott Morrison’s Budget 2016/17. Here’s why he thinks it’s so important.
Extract from Treasurer Scott Morrison’s Budget 2016/17 speech
Together with raising your children and owning your own home, becoming financially independent in retirement, free of welfare support, is one of life’s great challenges and achievements.
We need to ensure that our superannuation system is focused on sustainably supporting those most at risk of being dependent on an Age Pension in their retirement, which is the purpose of these concessions.
While protecting the overall architecture of our superannuation system, including retaining the tax-free status of retirement accounts, from 1 July 2017 we will be reducing access to generous superannuation tax concessions for the most wealthy.
Ninety-six per cent of Australians with super will be unaffected by or be better off as a result of the superannuation changes we have announced tonight.
The net impact of changes to superannuation announced in these measures will be a net gain of $2.9 billion over the next four years.
Find out more about the changes to superannuation.