ACOSS welcomes the determination of the Albanese Government to make superannuation fairer. We urge the Federal Parliament and all stakeholders to work together to finalise and support the Government's legislation to tax high-wealth superannuation accounts.
"Superannuation was designed to give people a decent retirement – but it is being used by people who are very well-off to accumulate wealth, pass it on to their adult children, and avoid tax," said ACOSS CEO Cassandra Goldie.
"Hugely generous super tax concessions are costing the budget more than $50 billion a year. That cannot go on.
"ACOSS has backed the Government's efforts to make superannuation fairer through the Superannuation Tax Targeting Bill and will continue to do so after the Treasurer's announcement today of changes to the proposal.
"We welcome lifting the low-income super tax offset, which will help people on low incomes, mostly women, save more for retirement.
"We still believe that indexing the higher tax rate threshold at $3 million is unnecessary. $3 million is way above what people need for a decent retirement and indexing the threshold at this level means it won't be aligned with the $2million Transfer Balance Cap.
"Even so, ACOSS urges all stakeholders and the Parliament to get behind this reform. We urgently need reform of taxation to make the superannuation system more equitable and sustainable."
