Now that the election is over...

It was only two week ago (more or less) that the election was held.  With the Government returned, but with a much reduced majority, will it still proceed with the ScoMo superannuation changes?  Unfortunately, this is likely to be the case.  

However, it seems likely that some “transitional” measures will be introduced to ease the impact of the proposed changes.  In particular, it seems (based upon responses to certain questions raised during the course of the campaign) that transitional measures will be introduced in relation to the lifetime $500,000 non-concessional contribution cap – the $500,000 cap for short.  This is considered in detail in the next article.

Based upon the experience of the Costello super changes it is likely that the draft legislation required to implement the changes will be released later this year – most likely in December - for discussion and review.  The amendment bills will then be introduced in the Autumn 2017 Session of Parliament.