Treasurer Scott Morrison has today introduced three superannuation-related bills to Parliament – the Superannuation (Objective) Bill, Fair and Sustainable Superannuation Bill and Excess Transfer Balance Tax Bill – which contain improved transition measures.
Morrison said the government’s changes to superannuation outlined in the 2016 budget in May were about making the superannuation system better.
“By contrast, our opponents see superannuation as just a tax lemon to squeeze,” he said.
“That's not our view. We are trying to make a fairer, more sustainable superannuation system.
“Since the election, exposure draft legislation has been released in a series of tranches since September and we've had over 150 submissions in response to that consultation and received very good feedback, technical feedback, on the construction of these bills.
“And in a number of cases you'll see in the bill we've improved the transition measures to provide more time for transition in particular cases, extending some of those interim time frames for people to make the adjustments when it all comes into place next year.”
The bills summarise the government’s changes to super and the measures outlined earlier this year.
“Over the course of the period of time that has elapsed since the budget, people have expressed their views on that package,” Morrison said.
“While, overwhelmingly, the package has been supported, to the extent that changes were necessary to that package ... we have worked with our government team to ensure that we introduced changes to those measures that now form the complete package that we are bringing into the Parliament."