Next government to reconsider super taxes: Grattan InstBY ALEX DUNNIN | WEDNESDAY, 5 JUN 2013 11:15AMBringing the commonwealth budget into structural surplus will require the next government to be very different to the Rudd-Gillard and Howard governments, and this will inevitably force a review of superannuation taxes, argued the Grattan Institute yesterday. |
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The aim of the Cooper review was to provide recommendations that would in the long term reduce the cost structure of superannuation. Epic Fail. All of the recommendations implemented to date have just added an additional level of complexity (and therefore cost) to the superannuation system.
There clearly needs to be some taxation reform of superannuation benefits and the taxation of superannuation contributions. Lump sum payments should be discouraged and pensions should be encouraged (or perhaps even mandatory). The tax concessions cannot continue at the same level particularly as a larger proportion of the Australian population will be at retirement age with the next decade.