Key crossbenchers look set to sign on to tax changes for retirement accounts with balances of more than $3 million, but the Greens could push the government to go harder.
Labor is on track to win crossbench approval for curbing tax concessions for Australians with more than $3 million in superannuation, after Tasmanian Senators Jacqui Lambie and Tammy Tyrrell joined a growing bloc signalling support.might not go far enough for the Greens, who could push the Albanese government to lower the cut-off for concessions to $2 million.Alex Ellinghausen
Monique Ryan, whose inner Melbourne electorate of Kooyong has the country’s highest average super balance of $321,593, said she needed more detail before deciding. She flagged the possibility of grandfathering any changes to protect people who already have large super balances, and warned against moving the goalposts for hardworking Australians.Dr Ryan said she would examine closely any Labor proposal and discuss changes with constituents in her electorate.
“I’m all in favour of appropriate discussion and where possible for arrangements to be grandfathered.” “Super is all about giving people some dignity to live how they want to live in retirement. We tax it less to make it appealing to put money in. That’s got a cost to the budget, but that’s okay, when it helps people who need help.
“Many people have invested in good faith in their superannuation and I worry for those who are in the latter stages of working or indeed are retired ... it does feel like a bit of a testing the water exercise by the government to see what people will tolerate.” The national average was $147,425, almost five times higher than Blaxland, the Labor-held south-western Sydney electorate with the lowest average balance at $66,610.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Support for Indigenous Voice falls, voters call for more detail: PollWhether backing Labor, the Greens or the Coalition, most survey respondents wanted to know more about the proposed Voice to parliament.
Read more »
Labor won’t block new fossil fuel developments. Here are some options for a climate deal | Adam MortonWith the Coalition opting out of an adult discussion on climate policy, tough decisions lie ahead for Labor, the Greens and independents on what they are willing to accept
Read more »
Senator demands Labor ensures Alice investment is not wastedSouth Australian Liberal Senator Kerrynne Liddle has raised concerns over the $250 million investment into Central Australia warning the Commonwealth and Territory Governments against politicising the growing crisis in the region.
Read more »
Labor hints at $3m super cap, but no other changesCapping superannuation balances at $3 million looks as the most likely change at the May budget.
Read more »