Mr TURNBULL (Wentworth—Prime Minister) (15:03): The honourable member would be well aware that a retrospective change to the tax laws is one which has the result that a transaction in a past tax year, which was not taxed or which incurred a particular rate of tax, is—because of the retrospective law—subject to a different, and typically a higher, rate of tax. There is no retrospectivity in the proposed changes to the non-concessional cap whatsoever.