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On Wednesday 6 November 2013, the Treasurer, the Hon Joe Hockey MP, and the Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, announced the Government’s decision to abandon some of the previous Government’s tax and superannuation proposals. The announcement also indicated which of the former Government’s unlegislated proposals the new Coalition Government would proceed with.
Reforms to Australia’s superannuation system have been announced that will be tabled before Parliament if the current Government is re-elected.
These reforms are outlined in joint press releases issued by Wayne Swan and Bill Shorten, titled:
· Reforms to make the superannuation system fairer
· Tax Treatment of Earnings on Superannuation Assets Supporting Income Streams
· Council of Superannuation Custodians Charter of Superannuation Adequacy and Sustainability
Legislation to implement these proposals will not be tabled before Parliament until after the election in September and will require the return of the current Government.
If legislated as announced, the proposals will have implications for the superannuation system in Australia and will impact people in both the accumulation and pension phase.
Here is an article that summarises the key reforms.
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