I'm frustrated by the proposed changes. I don't object to the principal, but depending on the implementation, it may be very punitive. It's yet to be seen how it will be implemented, and if this will be treated like company taxation, with an equivalent to franking, or indeed if it will be more than a thought bubble.
I'm alert, and prepared to be alarmed. However, I'm yet to see what the actual impacts are. In accumulation, it would have made minimal difference to me, as I was streaming most income to a company at a similar tax rate. In drawdown, we will see what it means.
It probably means that I'll be streaming to the company as I have been, then drawing a franked dividend. It buggers the income smoothing between a couple with variable incomes though. Very frustrating.