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.
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”.