Major changes are currently underway for Australia’s superannuation laws. Find out how they will benefit those who have had periods of unemployment and lower incomes. Also discover how this is good news for Gerard Malouf and Partners who often work on behalf of those with broken work patterns due to their disabilities.
Labour party’s new superannuation package
[The Australian Labor Party (ALP) party has proposed making big changes to superannuation laws that will allow for lower-income earners to have greater access to their superannuation funds. They plan to do so by tightening up superannuation concessions and eliminating “loopholes.”
The laws will help people who have broken work patterns by allowing those who don’t reach their $100,000 cap in a given year to access previously unused concessional contribution caps on a rolling five-year basis.
Secondly, the government wants to make it so people up to 75 years old can claim an income tax deduction for superannuation contributions.
Labor states that this will make it easier for Australians to live comfortably when they retire by providing a substitute or supplement to the Age Pension. With more income at their disposal, Australia will be a more fair system for citizens of all income levels.
The Labor party’s website also says that the new superannuation package will encourage Australians to save for retirement.
As for the superannuation companies, Super Review states that they are for the new laws so long as they are put into action quickly.
Making a superannuation claim just got easier
At Gerard Malouf and Partners, we know how insurance companies act to minimise benefits as much as possible. These new laws, however, will make it easier for people to access their superannuation funds, especially those who have had periods of unemployment due to a total and permanent disability or even partial disability.
The government is becoming more attune to the difficulty of working full time when affected by a disability. At Gerard Malouf and Partners, we’ve been aware of this problem for years and have been working with families to help to alleviate the incredible amount of financial pressure and emotional stress that comes with being unable to work.
Our commitment to maximising our clients’ benefits cannot be overstated. Contact our specialised superannuation lawyers today to get more information.