Around 115 thousand people aged between 55 and 64 who are taking advantage of transition-to-retirement rules will be affected by the Turnbull government's planned changes to superannuation tax concessions.
From July next year, the earnings from their super accounts will be taxed at 15 per cent, removing the tax-free status that now applies
The government is facing internal pressure from some of its own M-Ps and supporters over budget measures aimed at limiting the tax-free status of retirement accounts over $1.6 million and transition-to-retirement arrangements.
Speaking in Sydney Malcolm Turnbull defended his superannuation proposals, saying it remains a very generous tax advantage system.
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