Archive for May, 2014

Government dodges super elephant

May 9th, 2014 No comments

Government dodges the super elephant.
Superannuation tax breaks described by Australia Institute as the Hindenburg of the federal budget
AM, by James Glenday
Audio: Think tank wants big change to retirees’ benefits (AM)
“Superannuation concessions are unfair … the top 5 per cent of income earners get a third of the benefit, and the bottom 20 per cent get literally nothing.”

The report suggests scrapping concessions entirely, introducing a universal or non-means-tested age pension and upping the current rate by about 7.5 per cent to $26,273 a year for singles and nearly $39,611 for couples.

The Australia Institute says that plan would cost about $52 billion annually, leaving the budget between $13 billion and $22 billion better off. It says more money would flow to women and poor people.

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Categories: General, Pension, Superannuation, Tax Tags: