The Government’s objective will be to raise revenue, but also to limit the superannuation concessions that are available to those on higher incomes and those with large superannuation balances.

Even though Budget night is on 3 May, there is also speculation the Government could announce superannuation changes before the Budget. This has happened before, as recently as 2013, and there are a number of measures on the table:

• Higher tax on concessional contributions for high income earners

• Contributions could be further limited

• Contributions could be restricted or disallowed if in pension mode

• Transition to retirement income streams (TRIS) could be abolished or rules around them could become more restrictive

• Pension payments could lose tax concessions