Julie Collins (Franklin, Australian Labor Party, Minister for Small Business) Share this | Hansard source

I thank the member opposite for that question. As the member knows, the government is targeting tax breaks in superannuation to make them fairer, particularly for individuals with super balances of more than $3 million. All Australians will continue to receive their tax concessions to help them save for retirement. All superannuation funds, including self-managed funds, are required to have sufficient liquidity. That's already a principle and requirement of our current superannuation system. Under existing superannuation law, funds are required to have some liquid assets to meet any existing and prospective liabilities, cashflow requirements and expected tax concessions and consequences of their investments. Individuals can choose how they pay their tax, either out of their superannuation account or from their own pocket. This is similar to other parts of the superannuation system.

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