[WOW, Abbott wont want to set this cat among the pigeons!] Treasury submission to the financial systems inquiry raises the prospect of taxing superannuation contributions more heavily as Treasury identifies super as one of the most “lightly taxed” form of savings, superannuation tax concessions to cost $32 billion this year and $45 billion by 2016, Grattan Institute calls for a reduction in the threshold at which concessional before-tax contributions apply as well as the removal of the tax-free status on investment earnings for people aged over 60, Grattan says that the changes will deliver $9 billion in savings while predominantly having no impact on low-income earners, ACOSS also calls for annual cap on concessional superannuation contributions to be reduced, ACTU assistant secretary Tim Lyons says that the existing super rules introduce by former treasurer Peter Costello were “not sustainable and were always going to be pared back at some point”, Association of Superannuation Funds of Australia argues that reducing the threshold would discourage savings and encourage people to shift their investments into negatively geared investments instead...
Posted on: Tue, 08 Apr 2014 07:20:46 +0000
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