Employers will be required to pay superannuation on fortnightly cycles instead of every three months in the latest crackdown on pension underpayments. The changes will apply to businesses of all sizes across the country from July 1, 2026. The Labor government said the policy would allow an average 25-year-old income earner to get an extra…
Think Tank Call for Super Tax Breaks to Be Whittled Away
The Australian government must make radical changes to superannuation to deal with future budget shortfalls in defence, aged care, and the National Disability Insurance Scheme. A move Prime Minister Anthony Albanese has refused to commit to. Grattan Institute Economic Policy Program Director Brendan Coates says superannuation tax breaks cost the federal budget $45 billion (US$29.9 billion) a…
Think Tank Calls for Super Tax Breaks to Be Whittled Away
The Australian government must make radical changes to superannuation to deal with future budget shortfalls in defence, aged care, and the National Disability Insurance Scheme, a think tank has said. This is despite Prime Minister Anthony Albanese’s refusal to commit to anything of this nature. Grattan Institute Economic Policy Program Director Brendan Coates says superannuation tax…
Labor’s Super Tax Will Capture 1 in 10 Australians in 30 Years, Treasure’s New Estimate Shows
Labor’s superannuation tax change would hit one in 10 Australians who are retiring in 30 years and will be calculated based on unrealised capital gain, the Finance Minister has revealed. The centre-left government previously described its decision to double the tax on super accounts over $3 million, from 15 percent to 30 percent, as a “modest”…
When Government Plays With Politics of Envy, the People Lose
Commentary Envy. It’s one of the seven deadly sins according to the Christian faith. Irrespective of one’s faith, most of us, if not all, would be agreed that envy is a destructive sentiment. It corrodes and divides. Being resentful about another person’s success or good fortune doesn’t improve one’s lot in life. Class warfare, destructive…
Labor’s $3 Million Super Threshold Could Affect Over 500,000 Australians: Liberal Senator
A Liberal senator has warned that Labor’s planned taxes on high superannuation balances could eventually impact over 500,000 Australians—a number impacting six times more individuals than what the government has claimed. Prime Minister Anthony Albanese this week unveiled his plan to double taxes on super accounts with more than $3 million (US$2.03 million) from 15…
Government Should Control Spending, Not Dip Into Our Retirement Nest Eggs
March 3, 2023
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anthony albaneseAustraliaBusiness & Marketseconomic policiesInternationalJim ChalmersOpinionpension fundpersonal financeSuperannuationViewpointsWorld
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Commentary The announcement by the federal government that it intends to change the tax structure on superannuation (pension funds) should be of concern to all Australians. Indeed, it should be concerning to all Australians as it is arguably retrospective. We are once again seeing a federal treasurer targeting a soft target (superannuation) in an attempt…
Australian Treasurer Walk Backs Comments Following PM Intervention
Australian Treasurer Jim Chalmers has admitted that he should have promised Australians that Labor had no plans to change or touch the Capital Gains Tax (CGT) exemption on the family home. The CGT is the tax paid when Australians sell their investments, such as stocks, bonds, or real estate. Homeowners in Australia, however, are exempted…
Tax Rates Doubled for Pension Fund Accounts With Over $3 Million
February 28, 2023
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anthony albaneseAustraliaBusiness & Marketseconomic policiesInternationalJim Chalmerspension fundspersonal financeSuperannuationWorld
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Australians with more than $3 million (US$2.02 million) stowed away in their pension funds (superannuation) will see tax breaks reduced for money over that benchmark under a new Labor government policy announced on Feb. 28. Prime Minister Anthony Albanese and Treasurer Jim Chalmers say the move will affect 0.5 percent of the population—around 80,000 individuals—while…
Think Twice Before Tinkering With Peoples’ Retirement Savings
February 26, 2023
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AustraliaBusiness & Marketseconomic policiesInternationalJim ChalmersOpinionSuperannuationViewpointsWorld
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Commentary Honey pots attract bees as well as wasps. So it would seem the $3.3 trillion (US$2.3 trillion) sitting in various super funds for the retirement benefit of Australian workers attracts interested parties. Such a huge sum of money can be very influential. Those administering such eye-watering amounts have a huge impact on investment for…
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