Daniel Mulino (Fraser, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

The government opposes the proposed amendment. The legislation is about making the superannuation system fairer from top to bottom. The amendment would effectively mean that pre-existing interests would not be subject to the policy, which is inconsistent with the policy intent. This bill is already designed to apply only to future earnings, including by providing capital gains tax adjustments for APRA funds and self-managed super funds, or SMSFs, for pre-commencement capital gains. This is just another attempt by the opposition to undermine a stronger and fairer superannuation system.

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