Shorten announces Superannuation Changes

Bill Shorten has this morning announced Labor’s Superannuation changes. The measures include:

– Introduction of council of superannuation custodians to assess future changes
– Changes are prospective not retrospective

– Tax free of earnings in the fund remain up to $100,000 pa – future earnings above $100k from 1 July 2014 will be taxed at 15%
– Funds that have assets with existing capital gains will only be affected in 10 years time – time to plan

– Concessional caps – people aged over 60 from 1 July 2013 increase from $25,000 to $35,000 and this increase will apply to people over age 50 and over from 1 July 2014

– Excess contributions tax – allow individuals to withdraw excess contributions and taxed at personal marginal tax rate

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