ACOSS welcomes the passage of the superannuation legislation to tax high-wealth superannuation accounts, as it is a significant step toward a fairer and more sustainable tax system.
"Superannuation is a tool to allow people to have a decent retirement and it is not right that people who are very wealthy pay close to zero tax on their returns," said ACOSS CEO Cassandra Goldie.
"The new law lifts taxes on the investment income of super accounts above $3 million from near zero up to 15-40 per cent, which improves fairness and integrity in Australia's superannuation system.
"This is a sensible and long-overdue correction to a system that has overwhelmingly rewarded those who need it least.
"We also welcome the increase in the Low Income Superannuation Tax Offset, which will make a real difference to the retirement savings of many women working part-time in essential jobs like care work and cleaning.
"These are the workers who genuinely need support to build retirement security, not people who are extremely wealthy, sitting on $3 million in super."
"ACOSS commends the government and all parliamentarians who supported the reform and calls on policymakers to continue the work of building a system that serves everyone, not just the few who are the wealthiest." Dr Goldie said.
"While there is more to do, this sensible and modest next step marks meaningful progress toward a tax system that better reflects the values and expectations of all people in Australia."
