Wilson seeks super clarification from parties

Wilson Asset Management founder, Geoff Wilson, has written to both political parties to seek understanding there will be no changes to superannuation rules.

Wilson had written to the Liberal National Party and Australian Labor Party, on behalf of Wilson shareholders and supporters, to determine the parties’ views on superannuation and that there would be no changes.

This included ensuring there were no plans to:

  • Make any changes to carry-forward, or catch-up, contributions;
  • Alter the ability of retirees up to the age of 74 to make contributions without meeting the 'work test'';
  • Make any adverse changes to the $300,000 downsizing contribution; and
  • Lower the Division 293 tax threshold below $250,000.
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Changing these areas would make it more difficult for people to save for retirement, offer less flexibility and erode potential tax benefits.

Wilson said: “I strongly believe any changes to superannuation rules would disproportionately impact women and self-funded retirees, and compound uncertainty for Australians, who are already facing unpredictability in the economy and trying to plan for their retirement”.

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Does Wilson include admonishing the Liberal Party for letting people withdraw from their superannuation funds before reaching their retirement age?

Lesson in Conflicts of Interest 101.

Should a client.....

a) Allow Union Super to control their money as Union Super know best and are not conflicted to sell more product?
b) Be allowed to use their own money to put a roof over the heads of their young family?

Any other options Hedware?

If you took notice of the Liberal Party's announcement on superannuation funds being used for property purchases, it did include retail superannuation funds. So you need to rewrite your point a).

It's rather infantile to keep referring to industry superannuation funds as union Super particularly when the directors on the boards on industry superannuation funds are nominated by employer groups as well as by employee groups. But you never let facts get in way of your polemic.

Considering a Mr Tim Wilson, relative and investor of Geoff Wilson and WAM is a sitting LNP member, I'd say not.

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