Government holds firm on concessional contribution caps
The Minister for Financial Services, Bill Shorten, used last week's first meeting of the Government's Superannuation Roundtable to reiterate its commitment to its changes to concessional contribution caps.
Amid speculation that the May Budget might contain some amendments to the contribution, Shorten said the Roundtable had involved "productive discussions about the administration of concessional caps for over 50s".
In doing so, he reinforced that from 1 July this year Australians over 50 with superannuation balances of less than $500,000 would benefit from $50,000 concessional caps.
On the eve of the first Roundtable meeting, the Australian Institute of Superannuation Trustees (AIST) had urged that the Government hold firm to its 1 July commitment.
Discussing the work of the first meeting of the roundtable, Shorten said there had been agreement that a priority in the future would be getting better information around the current distribution of tax concessions.
He said the participants had also agreed the roundtable would further discuss ways to provide a better deal for women in regards to superannuation.
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