Government to target superannuation nest eggs, but over 60s are safe
Friday 8 February 2013 @ 9.16 a.m. | Taxation
An article in smartcompany.com.au reports that the tax industry has welcomed a clarification from the federal government that it won't begin taxing super holders aged over 60, but says it requires clarification over what exactly Labor has planned in order to save more for the May budget.
Prime Minister Julia Gillard confirmed with Parliament yesterday the government:
"will never remove tax-free superannuation payments for the over-60s"
including super lump sums and pensions.
The statement was a rare clarification of what Gillard actually plans to do as part
of a campaign to rein in tax concessions. Having thrown away its promise of a surplus,
Labor is attempting to shrink the deficit as much as possible.
CPA Australia policy head Paul Drum said that while the clarification is welcome,
more information is needed about the government's plans – early reports suggest it
will focus on curbing tax concessions for the wealthy.
To read more, click here.
TimeBase’s LawOne Service guarantees reliable, accurate and convenient access to Australian Legislation from all 9 jurisdictions. Contact TimeBase for a free trial today.
