Govt's superannuation tinkering based on old data
The Government has no reasons based on equity to alter the taxation arrangements applying to superannuation, according to the Association of Superannuation Funds of Australia (ASFA).
Reacting to suggestions that the Government intended altering the concessional tax settings around superannuation in the forthcoming Federal Budget, ASFA released the results of research showing that the distribution of tax concessions with respect to super was "largely equitable".
"Misconceptions that higher income earners are the greatest beneficiaries of tax concessions in super are based on old data," the ASFA analysis said.
It said that since 2005/06, tighter contribution caps had been introduced and the level of assistance flowing to high income earners had reduced considerably.
ASFA's analysis said recently legislated Government measures, including lifting the superannuation guarantee to 12 per cent and introducing a low-income superannuation contribution payment, would further increase the proportion of assistance flowing to low and middle-income earners.
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