Australian Government Eyes Wealthy Retirees as It Considers Super Tax Concession Cuts

[Epoch-Times-Bot]

Australian Government Eyes Wealthy Retirees as It Considers Super Tax Concession Cuts

The Australian centre-left Labor government is considering cutting superannuation tax concessions for Australians with high retirement savings as it looks for avenues to improve the budget’s bottom line.
Speaking at The Australian Financial Review Super & Wealth Summit on Nov. 8, Financial Services Minister Stephen Jones said the federal government would bring up a debate about tax concessions after it legislated an objective for the superannuation system.
“We’re starting from the proposition about what is right, not what is a fight,” he said, as reported by the Australian Financial Review.
While noting that tax concessions on super funds reduced federal tax revenue and were used to amass wealth, the minister said the government had not determined how much superannuation was too much....

Source: Australian Government Eyes Wealthy Retirees as It Considers Super Tax Concession Cuts

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