Has the Government crimped super savings?
Most superannuation fund trustees and executives believe the Government’s Budget changes to superannuation will act as an inhibitor to Australians attaining a comfortable retirement.
A survey conducted by Money Management’s sister publication, Super Review, during the recent Association of Superannuation Funds of Australia national conference in Sydney has revealed a deep level of negativity about the long-run implications of the Budget changes, including the $1.6 million transfer balance cap.
The results of the survey coincide with the Australian Taxation Office granting self-managed superannuation fund (SMSF) trustees an extension on their annual returns to deal with the issue.
The Super Review survey, sponsored by EISS Super, noted that the Government had restricted the amount of money members could contribute to superannuation, and asked what effect respondents believed it would have on balances.
Nearly 90 per cent of respondents believed it would have an effect, with 46.16 per cent stating it would have a significant effect.
The survey also comes as pre-Budget submissions being lodged with the Treasury argue for a speed up in the time-frames for lifting the superannuation guarantee to 12 per cent.
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