Like so many others, I was surprised at the announcement of changes to the superannuation regime just before the recent Federal election was called. The regime has nuances and details, which many people do not fully understand, so any change is going to be hard to sell and will lessen “trust” in the system. Even if there is scope for change – and there probably is – to announce proposed substantive changes without warning or “softening up” and without a proper “sales pitch” for use during the election campaign (for example, drawing attention to the greater flexibility to spread contributions over a person’s working life and beyond) must surely rank as a “strange” approach, to say the least.
The sudden imposition of a “lifetime cap” on non-concessional contributions directly affected me. No matter what changes eventuate, the opportunity I would otherwise have had to make such a contribution between budget night and 30 June 2016 can’t be reinstated. The best that could be hoped for is that the abolition of “work test” could be brought forward to 1 July 2016 (current proposal is 1 July 2017).
Enough of my mutterings (there’s quite a lot more that I could say, but won’t), except to say that as I went to lodge my pre-poll vote, Ms O’Dwyer was there. And yes, she was informed of my views on this subject!