Super tax subs worth $30bn in 2014BY ALEX DUNNIN | TUESDAY, 3 FEB 2015 11:15AMTreasury has released its Tax Expenditures statement showing that superannuation tax subsidies are still one of the most expensive areas of the Budget. Related News |
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Featured Profile
Judith Fiander
CHIEF EXECUTIVE OFFICER
AUSTRALIAN PHILANTHROPIC SERVICES
AUSTRALIAN PHILANTHROPIC SERVICES
When Judith Fiander first walked in the doors of Australian Philanthropic Services her intention was to volunteer for a few months. Fast forward 14 years and she is the chief executive. Eliza Bavin writes.
Watch the Greens and labor jump on the headline "30bn for the rich" many people in middle and lower incomes benefit from the reduced tax on Salary Sacrifice and tax free pensions as well.
Super tax concessions are pretty generous and so it should be you give up funds for up to 40 years and you should be encouraged to take responsibility for your retirement, not to mention the benefits of people who have super and dont get a Centrelink payment. That's $33K per year a couple don't get and $23K for a single person. There has to be some carrot to get people to save.
Labor takes away incentive reducing the co-contribution from $1500 to $500 and then puts the responsibility of employers to pay workers super at 12% with no mutual requirement for the worker to do anything.
If there is a problem it's the people who cash out super and then claim the age pension effectively double dipping - Solution, partly gate the money and tax excessive lump sum withdrawals.
Look out when Labor gets in next time: higher contributions tax rates, taxation of income streams, SGC of 12% for employers to pay, elimination of franking credits.
Socialism at work take from those that have and give to those who don't and trust the government to take care of you.
Mercer completed a study some 6 years ago that suggested the breakeven cost for super concessions vs centrelink liabilities was around $500,000. Therefore the only ones that "benefit" from these subsidies are those with more than $500k in super. Given this is way way above the average then few people actually have more than a "fair benefit". Given people with this much in super generally pay a truckload of personal income tax, it is hardly unfair or unreasonable.
This country seems to be obsessed with all these rich people rorting the system. There just aren't that many of them. Given the 2% income tax surcharge on incomes above $180k assessable income covers only 25% of the increase in only the health and welfare budget, I know where the budget is being destroyed and it is not the superannuation tax concessions.