Finance Your Super Government to rethink super tax breaks

Government to rethink super tax breaks

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A senior Treasury official has confirmed the Turnbull government is looking at superannuation tax concessions.

Paul Tilley, head of the personal and retirement income division, told a parliamentary inquiry into home ownership on Friday Treasury had spent a lot of time looking at capital gains tax exemptions on investment properties.

“The new prime minister and new treasurer have indicated they’re areas, together with superannuation, that we’ll look at,” Mr Tilley said.

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The coalition, under Tony Abbott, ruled out making any adverse changes to superannuation in this term or the next.

Labor has a plan on the table that aims to reduce tax concessions for high-income earners.

Superannuation tax breaks have been consistently criticised in past years by two think tanks, The Australia Institute and Per Capita, as well as by many economists.

Critics focus particularly on generous allowances that permit Australians nearing retirement to claim large tax refunds on super contributions that, in some cases, can be accessed just a year or two later.


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