As we outlined on 3 April, the Government’s 2019 Federal Budget had a few proposed superannuation changes focused mainly on those aged over 65 years – with some benefits for members planning for retirement.
The Opposition leader delivered his Budget reply on Thursday 4 April, with no substantial superannuation statements. What is known, or on the public record, is a statement published on 1 February 2019 in Labor’s 48th ALP National Platform. The document outlines Labor’s key policy priorities for this election year including its stated intent to reduce the annual non-concessional contributions cap – currently $100,00 – down to $75,000 (see pages 18-20 for superannuation policies). The ALP has also stated that it plans to remove catch-up concessional contributions and tax deductibility for personal superannuation contributions introduced by the Coalition.
Once again we stress that both the Government Budget measures and stated Opposition policies are only proposals at this stage and subject to change as we head into an imminent Federal election.