Stop raising revenue from super: Vision Super
Vision Super has called on the Government to target revenue-raising measures towards sectors that do not pay their fair share of tax, and not people's superannuation.
The super fund said there had been 25 major changes surrounding super tax since 1983 and that it undermined people's faith in the system.
Vision Super chief executive, Stephen Rowe, said the Government's assertion that super taxation concessions are a gift, demonstrated the different treatment that super receives in the tax systems compared to other forms of tax concessions.
"Capital gains, negative gearing, company tax, and family trust tax concessions have remained completely untouched or become more generous in the last few decades," Rowe said.
"Combined these are worth far more than super tax concessions — and are not viewed by the Government in the way that people's super is.
"The objectives of super have always been very clear — they are to supplement the Age Pension and raise standards of living in retirement, increase national savings and to reduce dependence on future pension outlays."
Rowe said the suggestion to reduce the super guarantee payment to $15,000 to $20,000 was irresponsible.
"It will hit many middle income households, particularly if they make additional contributions to their super," he said.
"It's extremely irresponsible to gouge budget savings from middle income Australians who are the very people we encourage to nurture their super in order to reduce dependence on aged pension outlays in the future."
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
