The Combined Pensioners and Superannuants Association (CPSA) has spoken out in support of the Henry Tax Review and called on both sides of politics to ensure super tax concessions go only to those who need them.
It said superannuation, as a trust, could be used to side-step reasonable tax obligations — as highlighted in the NSW Independent Commission against Corruption (ICAC) recently.
CPSA said retiree numbers would increase dramatically over the next few decades, which required tax and super to be revisited both at accumulation and pension phase.
The association supported recommendations in the Henry Tax Review, including that employer super contributions be taxed at marginal rates and reducing the tax on fund earnings to 7.5 per cent.
CPSA said a flat-rate refundable tax offset should be applied up to an annual cap of $25,000, which increased to $50,000 for people over 50, to give all workers a tax concession on their super contributions.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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