Labor is growing increasingly concerned of reports Government changes to superannuation legislation will adversely impact a number of veterans.
Labor has sought an urgent briefing from the Government on the Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017 and its expected impact on veterans.
Whilst the Government advised during Senate estimates there were no military pensioners taking their pension as a lump sum at the time the change was announced, it is clear they have not taken into consideration how this change would impact those veterans’ who have since elected for this tax treatment and the financial circumstances which they now find themselves facing.
Labor has previously expressed its concerns over the lack of clear information made available and the consequences of the Government’s disallowable instrument for veterans and ex-service personnel.
It is clear this issue is causing distress in the veterans and ex-service community, with the government failing to address their concerns.
We do not want to see our veterans left worse off by the Turnbull Government.
It is incumbent on the Government to address these issues and provide clarity and transparency on this issue.
The Government must engage in proper consultation with the veterans and ex-service community to work through these unintended consequences.
This is a joint release with Labor's Shadow Minister for Veterans' Affairs Amanda Rishworth MP.