The Government should not isolated specific tax levers when considering super tax changes, a super body believes.
The Association of Superannuation Funds of Australia (ASFA) has urged the Government to take a holistic approach.
ASFA chief executive, Pauline Vamos, said there were opportunities to look at the level of tax in the super system but it was vital to consider the objectives of equity, sustainability, and the delivery of adequate incomes throughout retirement.
"Reducing the threshold for a higher rate of tax on contributions to $180,000 in income a year could well be an option that the government is considering," Vamos said.
"People's incomes change over their lifetime — a level of income today may not necessarily be an accurate indicator of retirement savings — and we need to ensure that people have the ability to save for a comfortable retirement.
"The impact of any tax change on future expenditure on the Age Pension also needs to be taken into account."
Previously, ASFA suggested the super system should stop providing taxpayer support for accumulating retirement savings at an account balance of $2.5 million.
ASFA has also called for the retention of the Low Income Superannuation Contribution (LISC) scheme to improve the equity of the system.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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