The federal government plans to move quickly to lock in laws defining a purpose for superannuation. It comes as Opposition Leader Peter Dutton said anyone with superannuation should be worried by Labor.
The federal government will move quickly to lock in laws defining a purpose for superannuation before making any changes to retirement nest eggs as new figures show two-thirds of working Australians have less than $100,000 in their superannuation accounts.can reveal the government hopes to get through parliament before the end of this financial year a formal objective of super, before pushing ahead with any other reforms.
Then-treasurer Scott Morrison introduced laws in 2016 to set an objective for superannuation, but they were abandoned as the Coalition announced policies that enabled first home buyers to access their super to get into the property market. But 2019-2020 financial year figures from the Australian Tax Office show few have enjoyed such substantial windfalls, with about two-thirds of Australians or 11.3 million people holding less than $100,000 in superannuation. Their balances are worth a combined $321 billion. This cohort is dominated by young people, women and part-time workers.
Grattan Institute’s economic policy program director Brendan Coates said the easiest change to superannuation tax concessions would be adding a higher super surcharge to balances of more than $2 million. “People are welcome to have $2, $3, $4, or $5 million in super, they just shouldn’t be getting concessions that come at the cost of other taxpayers,” he said.
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