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Showing 51 - 60 of 214 results for "Super tax"

Super tax break changes open for consultation

KARREN VERGARA  |  TUESDAY, 3 OCT 2023
Treasury's clampdown on tax concessions for superannuation balances greater than $3 million has been laid out in its draft legislation and is now opened for consultation. From 2025-26, the proposed law states that for members with total superannuation ...

Super tax concessions cost less than future Age Pension savings: Mercer

ANDREW MCKEAN  |  TUESDAY, 22 AUG 2023
... concessions for median income earners costs less than the future Age Pension savings from super. The Mercer Rethinking super tax concessions report shows under a model where individuals benefit from superannuation tax concessions, they end up drawing ...

Super funds lobby for super tax reform

KARREN VERGARA  |  WEDNESDAY, 16 AUG 2023
Twelve industry super funds have called on the federal government to urgently reform a superannuation tax offset to prevent low-income workers from being penalised. The group of funds, which include Aware Super, Cbus, HESTA, and AustralianSuper, together ...

Women in Super appoints chair

JAMIE WILLIAMSON  |  FRIDAY, 9 JUN 2023
... retire on average with one third the super of men." She said the immediate focus for the group is fixing the Low Income Super Tax Offset inequality.

Another round of consultation for veteran super taxation

JAMIE WILLIAMSON  |  TUESDAY, 9 MAY 2023
The government has commenced consultation on new draft regulations related to the Douglas decision, adding to the regulations introduced to parliament late last year. In November 2022, the government introduced legislation aimed at ensuring no veteran ...

Ad hoc changes to super scare self-funded retirees: ASA

CHLOE WALKER  |  MONDAY, 24 APR 2023
The Australian Shareholders' Association (ASA) has noted several issues it has with the government's super tax concessions proposals, including the taxing of unrealised profits on asset movements and lack of transition period. In its submission, the ...

Cut spending and raise taxes, super preservation age: Grattan

JAMIE WILLIAMSON  |  WEDNESDAY, 12 APR 2023
... capped at $20,000 a year, and earnings on balances of over $2 million taxed at 30%. "These changes would better target super tax concessions to their policy purpose, would not change savings behaviour, and would help make the system fairer," Grattan ...

Grattan finds $14bn savings in super tax break overhaul

KARREN VERGARA  |  MONDAY, 3 APR 2023
... adding that it is currently set up as a "a taxpayer-funded inheritance scheme". Grattan calculates that nearly 90% of super tax breaks are enjoyed by the top 20% wealthiest retirees. Super tax breaks amount to about $45 billion per year. The modelling ...

Curbing super tax breaks for the wealthy: Consultation opens

ANDREW MCKEAN  |  MONDAY, 3 APR 2023
The government has opened consultation on its proposal to increase the concessional tax rate for superannuation balances over $3 million. Under the proposal, individuals with super balances over $3 million would see their tax rates on earnings double ...

Chalmers' promise to end super wars foiled by criticism

ANDREW MCKEAN  |  THURSDAY, 2 MAR 2023
Last month, Treasurer Jim Chalmers pledged to end the super wars, but opposition to proposed super tax changes suggest a resolution is unlikely. Opposition leader Peter Dutton stated that he's "dead against" the government's proposed tax changes ...