Morrison warns super rebels on backing rich

Original article by Phillip Coorey, Sally Patten
The Australian Financial Review – Page: 4 : 28-Jul-16

Federal Treasurer Scott Morrison says people who have already exceeded the proposed $A500,000 lifetime cap on non-concessional superannuation contributions stand to benefit the most if the reform is scrapped. Morrison has also warned that unless the Government’s super reforms proceed and spending is reduced, the nation will face higher taxes, a bigger Budget deficit and a blowout in public debt. The Government may agree to exempt certain "life events" from the lifetime cap.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, LIBERAL-NATIONAL PARTY OF QUEENSLAND, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Crossbench spurns super tax hike

Original article by David Crowe
The Australian – Page: 4 : 20-Jul-16

Prime Minister Malcolm Turnbull has signalled that the Coalition is open to some changes to its proposed superannuation reforms, amid unrest within its own ranks. Allowing exemptions to the lifetime cap on non-concessional contributions is believed to be under consideration. Meanwhile, the Opposition and the Greens have both indicated that they are open to negotiation regarding the super reforms, although Senator-elect Derryn Hinch says Turnbull must put the election policy reforms to parliament rather than bow to pressure from backbenchers.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, FINANCIAL SERVICES COUNCIL, NICK XENOPHON TEAM

PM bends to revolt over super

Original article by Laura Tingle
The Australian Financial Review – Page: 1 & 4 : 18-Jul-16

Prime Minister Malcolm Turnbull has indicated that he may be open to changes to the Coalition’s superannuation reforms. The proposed changes will be discussed at the Coalition’s party room meeting on 18 July, with some backbenchers seeking a compromise on policies such as the $A500,000 lifetime cap on non-concessional contributions. Senator Nick Xenophon says the government must reconsider the lifetime cap and limiting concessional contributions to $A25,000 a year, arguing that they will not be approved by either the Senate or the Coalition’s own party room.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, NICK XENOPHON TEAM, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Concern rises over proposed super ceiling

Original article by Sally Patten, Joanna Mather
The Australian Financial Review – Page: 4 : 15-Jul-16

The Australian Institute of Superannuation Trustees has warned that the Federal Government’s proposed lifetime cap on non-concessional superannuation contributions could be difficult and costly for the industry to implement. It has suggested that capping annual contributions at $A50,000 would be easier for super funds to administer. The AIST has also expressed concern about the impact that reducing the cap on pre-tax contributions would have on older super fund members.

CORPORATES
AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, FINANCIAL SERVICES COUNCIL, AUSTRALIANSUPER PTY LTD, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, INDUSTRY SUPER AUSTRALIA PTY LTD, SAVE OUR SUPER

PM stares down backbench revolt on super reforms

Original article by David Crowe
The Australian – Page: 1 & 5 : 13-Jul-16

Prime Minister Malcolm Turnbull is resisting a push within the Coalition’s ranks to revise some elements of its superannuation reforms. The issue will be on the agenda of the party-room meeting on 18 July, with the proposed lifetime cap on non-concessional super contributions in particular a focus for Coalition MPs who want changes to the super policy. Meanwhile, the Australian Labor Party has given indications that it may support the lifetime cap if is not applied retrospectively.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, LIBERAL-NATIONAL PARTY OF QUEENSLAND, STANDARD AND POOR’S CORPORATION, MOODY’S INVESTORS SERVICE INCORPORATED

Super changes to hit 1.3m

Original article by Sally Rose, Phillip Coorey, Sally Patten
The Australian Financial Review – Page: 1 & 4 : 3-Jun-16

The Association of Superannuation Funds of Australia has estimated that up to 1.26 million individuals will be affected by the superannuation tax reforms in the Federal Government’s May 2016 Budget. This equates to about nine per cent of super fund members, compared with the Government’s forecast of about four per cent. There is growing dissent within the Liberal Party regarding the proposed changes, but Prime Minister Malcolm Turnbull and Treasurer Scott Morrison have stressed that the reforms will be fully implemented if the Coalition wins the federal election.

CORPORATES
THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA, RICE WARNER ACTUARIES PTY LTD, AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIAN LABOR PARTY, ELSTON PARTNERS PTY LTD

Super limit to hit retirees, Costello says

Original article by Sally Patten, Jonathan Shapiro
The Australian Financial Review – Page: 1 & 6 : 18-May-16

Future Fund chairman and former federal treasurer Peter Costello says the superannuation policies of both the Coalition and the Australian Labor Party are unlikely to be introduced due to opposition from the Greens. He has also warned that the Government’s proposal to limit tax-free super savings to $A1.6m will not provide retirees with the amount of income it expects, as the forecasts are based on a rate of return of 5.5 per cent. In contrast, the yield on 10-year Australian government recently fell to a record low of 2.2 per cent.

CORPORATES
AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Coalition sells policy changes as ‘fair’

Original article by Dennis Shanahan
The Australian – Page: 6 : 13-May-16

The Australian Government has defended its May 2106 Budget measures on the taxation of superannuation, with Cabinet Secretary Arthur Sinodinos and ex-prime minister Tony Abbott stressing that the changes are not retrospective. Sinodinos says the fact that some wealthy people are concerned about the changes demonstrates that the proposed reforms are fair. Abbott describes the reforms as a "gutsy call" by the Government and the right course of action.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, INSTITUTE OF PUBLIC AFFAIRS LIMITED

No changes to super cuts: PM

Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 12-May-16

Prime Minister Malcolm Turnbull has tried to pacify his electoral base by stating categorically that the proposed new limits on superannuation contributions for wealthy investors would not be retrospective. He said on 10 May 2016 that the substance of the new laws would not be changed but the Government is willing to discuss "the technicalities of the drafting." The proposed changes include a lifetime cap of $A500,000 on non-concessional contributions to super and a $A1.6 million limit on total super savings.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, INSTITUTE OF PUBLIC AFFAIRS LIMITED, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

Business lashes PM on super, tax

Original article by Patrick Durkin, Phillip Coorey
The Australian Financial Review – Page: 1 & 5 : 11-May-16

Asciano chairman Malcolm Broomhead has questioned whether the Australian Government will act on its May 2016 Budget commitment to progressively reduce the company tax rate to 25 per cent. He says the Government has already broken its promise to make no changes to the superannuation regime, and criticised the retrospective nature of the super tax reforms. Treasurer Scott Morrison and Foreign Minister Julie Bishop have emphasised that the tax changes will only apply to future rather than past super earnings.

CORPORATES
ASCIANO LIMITED – ASX AIO, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, WHITEHAVEN COAL LIMITED – ASX WHC, BHP BILLITON LIMITED – ASX BHP, HOST-PLUS, INSTITUTE OF PUBLIC AFFAIRS LIMITED, LIBERAL PARTY OF AUSTRALIA