POWERED BY MOMENTUM MEDIA
Restrict super tax concessions, says CPSA
The Combined Pensioners and Superannuants Association (CPSA) has spoken out in support of the Henry Tax Review and called on both sides of politics to ensure super tax concessions go only to those who need them.
It said superannuation, as a trust, could be used to side-step reasonable tax obligations — as highlighted in the NSW Independent Commission against Corruption (ICAC) recently.
CPSA said retiree numbers would increase dramatically over the next few decades, which required tax and super to be revisited both at accumulation and pension phase.
The association supported recommendations in the Henry Tax Review, including that employer super contributions be taxed at marginal rates and reducing the tax on fund earnings to 7.5 per cent.
CPSA said a flat-rate refundable tax offset should be applied up to an annual cap of $25,000, which increased to $50,000 for people over 50, to give all workers a tax concession on their super contributions.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
