John Brogden

“The Government is returning certainty and stability to superannuation policy,” John Brogden, CEO of the Financial Services Council said today in response to the announcement by Joe Hockey and Arthur Sinodinos that the proposed 15% tax on superannuation earnings above $100,000 would be abolished.

“The former government’s $100,000 earnings tax on superannuation was rushed, complex and frankly, unworkable,” Mr Brogden said.

“Today’s announcement delivers on the Government’s pre-election commitment of no negative changes to superannuation.”

“It also clears the deck of a series of other unworkable and unnecessary tax measures.”

“Australians must be able to grow their superannuation to provide an adequate retirement and the government has supported this.”

“The anticipated revenue from the tax would not have been realised due to the flexibility in managing earnings in the SMSF sector.”

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