At last, the phoney battle on super is over. Now that the government has spelt out how it intends to reform retirement savings, the real political war will begin.
Opposition Leader Tony Abbott has come out with the opening blast saying reforms are ”shades of Cyprus” and a ”raid on people”.
But putting the political hyperbole to one side, the truth is that new tax imposts announced on Friday will not affect most people. They can go on saving for super in the knowledge that for them, nothing has changed. The reforms are targeted at limiting the tax deductions for those with incomes of more than $300,000 a year and those retirees with superannuation account balances of more than $2 million.
Read more: http://www.smh.com.au/money/super-and-funds/wealthy-take-a-hit-rest-of-us-unscathed-20130405-2hb4v.html#ixzz2PYTA8E5s