An independent office within the department has ordered a “post-implementation review” of the $3 million super cap within two years of it taking effect.
on Friday that the government had completed “thorough analysis of the policy” despite the Office of Impact Analysis’ finding.
This included “the work which shows that 99.5 per cent of Australians won’t be impacted when this policy comes in”.The spokesman said the formal impact analysis statement of the “modest” changes would be completed in time to accompany the relevant legislation, “in line with the usual processes”.Michael Quelch
Treasury analysis revealed by Finance Minister Katy Gallagher in Senate question time this week found that about 10 per cent of Australians would have super balances above $3 million in 30 years’ time.Tony Negline, superannuation leader at Chartered Accountants ANZ, said it was not unusual for the government to propose technical tax reforms without canvassing the consequences.
“The various ministers call the shots – if they want to proceed with something, that’s what gets done,” he said.“This isn’t the first time that we’ve had a major superannuation announcement that has a lot of unintended consequences that later pop out ... They do things from a helicopter view and it’s only when you get down into the weeds that this stuff starts to emerge and we have to deal with it.
But he welcomed the government’s commitment to “do a full on consultation” on the $3 million balance cap, flagging as key issues the
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