Budget 2017: ‘Positive concessions’ best bet for superannuation

The super industry already has enough on its plate with major reforms set to start on 1 July, and logic suggests any additional Budget measures would need to be positive concessions.

As is the case with any reforms, refinements are often necessary to address unanticipated consequences. Indeed, the ATO and Treasury have been quick to respond to emerging issues with recent announcements concerning pension commutation requests to stay within the $1.6m pension cap and integrity measures for SMSF borrowings.

So don’t be surprised to see some further super details on Budget night, such as clarification on how the Age Pension means tests will apply to the proposed new category of innovative retirement income products, including deferred annuities.

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