Call to extend super opportunity

Peter Bobbin

A leading financial services lawyer is lobbying various industry bodies to convince the Government to extend the timeframe over which members of the public can contribute $1 million into their superannuation funds as the legal framework governing the super changes will not be in place before the nominated deadline.

The Argyle Partnership financial services partner Peter Bobbin said: “People talk about a $1 million opportunity but it isn’t. It is in fact a limitation.”

“And it’s a limitation where the tax office is only coming out with some of the regulations that affect the factors of people contributing after 1 July,” he added.

Bobbin feels that the time limit for the $1 million contributions should be delayed until all of the tax benefit measures can be properly implemented.

“There are so many layers and levels of complication, and the tax office itself has not kept up with it. They’ve said we’re going to come out with this statement and that statement and some of these are scheduled to come out after 1 July. Now what a ridiculous set of circumstances that is,” he said.

Bobbin also believes the narrow timeframe people have to take advantage of the new rules will end up preventing sound financial advice being given to those who need it the most.

“It’s unfair particularly for the blue collar worker. The poor buggers are working Monday to Saturday. When can they get advice?” he asked.

“To my mind, it’s the middle management and the blue collar worker that are the ones most affected by this,” Bobbin concluded.