Original article by Phillip Coorey, Joanna Mather
The Australian Financial Review – Page: 1 & 8 : 24-Nov-16
Federal Treasurer Scott Morrison has ruled out further changes to superannuation after the Senate passed tax reforms that had been announced in the May 2016 Budget. The changes that take effect on 1 July 2017 include restricting annual concessional contributions to no more than $A25,000 and imposing a $A1.6m cap on super retirement accounts. The reforms are expected to generate total savings of $A3bn over four years. However, the Government has stressed the need for a further $A20bn of Budget repair measures if the nation is to retain its "AAA" credit rating.
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, S&P GLOBAL RATINGS