News

Don't panic just yet ... your super's still sound

COUNTING THE COST: Brad Bulow from Sammut Bulow Accountants urges people to wait until the Budget is released.
COUNTING THE COST: Brad Bulow from Sammut Bulow Accountants urges people to wait until the Budget is released. Claudia Baxter

LEADING Ipswich accountant Brad Bulow has urged the public "not to panic" over speculation about impending changes to the way superannuation might be taxed.

Reports have indicated the Federal Government intends to target the superannuation of high income earners in next month's Budget. Prime Minister Julia Gillard indicated yesterday that the government's changes to superannuation would possibly only impact those earning over $300,000.

She did however refuse to rule out retrospective amendments to the way retirement savings would be taxed.

Mr Bulow, a partner at Sammut Bulow Accountants, said that for most people superannuation was the second most valuable asset they would own outside of their home.

"It is something they need to monitor, look after and make sure it is invested in the right type of fund, whether it be a corporate fund, industry fund or self managed fund," he said.

"It is still a low rate tax environment and an important asset to all Australians. People shouldn't panic at the moment. We've got to wait to see what is in the Budget."

Meanwhile Blair MP Shayne Neumann said the main concern should not be the impact of possible super changes on the rich. He said 24,000 workers in Ipswich and the Somerset Region were at risk of an additional $500 slug on their superannuation under a Tony Abbott-led Coalition Government. Mr Neumann said Mr Abbott's policy would target those earning under $37,000 a year, who would face a 15% tax on their superannuation.

"Tony Abbott is going to take $500 a year off low and middle income earners in our local area. It is a tax grab and class warfare pure and simple," he said.

"At the same time they have opposed 43,000 people locally getting an increase from nine to 12 per cent in superannuation in the next few years."

LNP candidate for Blair Teresa Harding said her party would "restore stability and certainty in superannuation so people can plan for their retirement in confidence...and Labor will say anything to try and hide that they're planning a raid on people's savings to pay for their own waste".

"Over the past five years Labor has cut super benefits for low income earners by more than $3.3 billion, despite promising they wouldn't."

Mr Neumann said Ms Harding "stands up for very wealthy people and is silent when defending local middle to low income earners".

Are you worried about having enough superannuation when you retire?

This poll ended on 11 April 2013.

Yes - 72%

No - 28%

This is not a scientific poll. The results reflect only the opinions of those who chose to participate.

Topics:  federal budget 2013 julia gillard shayne neumann superannuation teresa harding



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