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Superannuation Taxation Arrangements

By on June 26, 2015 in Hints & Tips, Interesting Articles

Superannuation Taxation Arrangements 

Superannuation taxation arrangements should be reformed to place policy settings on a more sustainable footing over the long term. Superannuation taxation arrangements should be targeted to achieve the objectives of the superannuation system, reduce the cost of the retirement income system to Government, better position Australia to meet the fiscal challenges of an ageing population and reduce funding distortions in the economy.
The Coalition has announced that, if elected, it will implement changes to the following tax and superannuation policies :-
  • Reduce the company tax rate by 1.5% to a new rate of 28.5%;
  • Expand the paid parental leave scheme to provide working women their full salary for six months (Editor: Note that they intend to partly fund this by a 1.5% levy to be imposed on businesses with taxable income exceeding $5 million, so their tax rate will effectively remain at 30%);
  • Reject Labor’s $1.8 billion FBT “hit on cars” (see page 2 of this edition of Voice)
  • Defer by two years the increase in compulsory employer-funded superannuation;
  • Protect the rights of independent contractors and the self-employed, and will not change current laws relating to the treatment of personal services income; and (of course)
  • Abolish the carbon tax and mining tax.
The Coalition is also against the proposal to impose a $2,000 per year cap on tax deductions for self-education.
Editor: Incidentally, the Australian Greens have proposed changes to the Tax and superannuation policies by reducing the company tax rate for small businesses from 30% to 28% from 1 July 2014.

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