Liberal George Christensen To Cross Floor On Super Changes, page-22

The master of the half truth in operation - yet again.

"An arrangement that the Productivity Commission concluded last year was mostly used by wealthy households, “transition to retirement” provisions allow anyone over the age of 56 to "churn" their wages through their superannuation accounts so they pay tax of 15¢ in the dollar rather than the marginal rate on up to $35,000 of annual income.
The system is particularly attractive to workers over the age of 60 because they can put extra money into super and pay no tax on the earnings or withdrawals.
The scheme was introduced to allow people who have reached the so-called preservation age to reduce the number of hours they work but maintain the same level of income by drawing down some of their super.

A person's preservation age is the age at which they can start accessing super savings, and it varies from 56 to 60 depending on the date of birth.

Although the policy was designed to allow people to reduce their hours of work while minimising the loss of income, the government does not test whether workers cut back their hours.
The latest Australian Tax Office figures show the payment of transition-to-retirement benefits from self-managed super funds more than doubled to $3.8 billion in 2014 from $1.7 billion in 2010. There are no figures for drawdowns from regular super funds."

http://www.copyright link/news/policy/tax/call-to-end-38b-transition-to-retirement-loophole-20160119-gm8u9q#ixzz4EwB0GvrG
​