The Albanese government should do more to rein in excessively generous super tax breaks,so the burden of an ageing population can be shared fairly between young and old.
Only 37 per cent of voters believe super should be used for a deposit on a first home,highlighting a clash on plans to set the purpose of $3.3 trillion in savings.
Labor came under fire for not indexing their superannuation tax threshold,but will use modelling to show the Coalition’s own changes will affect triple the number of Australians.
Treasurer Jim Chalmers has revealed the government’s superannuation changes will hit one in 10 people,but it will take three decades to reach that point.
The point about the Albanese government’s change to superannuation tax was not that it was a shocking move by a radical government. Quite the opposite.
The new estimate will sharpen the political fight over the tax increase and intensify calls to adjust the $3 million threshold for the controversial change.
With super tax changes,Anthony Albanese found a way not to breach voters’ faith. Could it work for the more costly tax benefits of negative gearing?
It’s not just those already sitting on big super balances that should act. High-income couples in their 40s should be making moves now if they want to avoid higher taxes.
Some people will rearrange their finances to stay just short of the proposed $3 million super tax threshold,experts say,while others will make small changes to their retirement savings structures.
Billionaire property magnate John Gandel says the proposed change to super tax will “come down on the middle class”.
The reality is that people with balances above $3 million will have access to financial and tax advice that will allow them to find alternative ways to invest their money.