ABC News examines the main superannuation changes that the major political parties are proposing.
The majority of them commenced from the start of the 2017-18 financial year.From 1 July 2017, there was a $1.6 million transfer balance cap placed on the total amount of accumulated superannuation an individual can transfer into the tax-free retirement phase.
The cap of $1.6 million is about twice the level of assets at which a single homeowner currently loses entitlement to the Age Pension. In an attempt to tackle incentives that were seen as disproportionately benefiting high income earners with more savings, the government changed the laws. Individuals used to be able to make non-concessional contributions of $180,000 per year, or $540,000 every three years for individuals under 65.
But for low income earners, the 15 per cent tax on superannuation contributions meant they often paid more tax on their superannuation contributions than on their other income.
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