By: buzzanddidj
6/11/2009
1:54 am Yahoo! Profile:
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WAYNE SWAN has endorsed making those on higher incomes pay a higher rate of tax on superannuation contributions as part of the Government's response to the Henry review of taxation, recommendations of which would be implemented over a decade.
The Treasurer suggested yesterday that a sliding tax scale would be applied to super contributions.
Citing fairness as a priority, Mr Swan said the current 15 per cent flat tax on superannuation contributions meant the value of the concession on contributions increased as the person earned more. .
Mr Swan said this worked against the progressive personal income tax scale, which he considered fair. For example, he considered it fair that a person who earns $150,000 has two and a half times the income of somebody on $60,000 but pays almost four times the amount of tax.
http://www.smh.com.au/business/higherwage-earners- to-pay-increased-tax-on-super-20091105-i0al.html
''It's important that we maintain incentives for Australians to save for their retirement through super,'' he said.
''But I know that some have asked the [Henry] review whether aspects of the current taxation of superannuation contributions work against our progressive personal tax scale.''
The Government commissioned the Treasury Secretary, Ken Henry, to conduct the so-called root-and-branch review when it came into office. The draft has been completed and a final report will be handed to Mr Swan next month. The Government will make it public early next year, before the federal election.
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By: bahamian3002
6/11/2009
2:00 am Yahoo! Profile:
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| This shower of sh1t govt are going to tax super, I can feel it in my bones.... |
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By: denrose9
6/11/2009
8:14 am Yahoo! Profile:
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| well if Wendy wants us to save for our retirement then there should be no tax on contributions what so ever, irrespective of what you earn. |
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By: larkhill50
6/11/2009
8:19 am Yahoo! Profile:
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well if Wendy wants us to save for our retirement then there should be no tax on contributions what so ever, irrespective of what you earn.
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So you're saying that Howard / Costello didn't want us to save for our retirement? |
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By: the_light_went_out
6/11/2009
8:22 am Yahoo! Profile:
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So you're saying that Howard / Costello didn't want us to save for our retirement?^^^^
Deflecting again FW. |
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By: larkhill50
6/11/2009
8:24 am Yahoo! Profile:
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Deflecting again FW.
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No, just comparing past with present in the absence of a policy by the current opposition. |
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By: the_light_went_out
6/11/2009
8:27 am Yahoo! Profile:
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Deflecting again FW.
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No, just comparing past with present in the absence of a policy by the current opposition.^^^^
What ever you say FW. |
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By: larkhill50
6/11/2009
8:28 am Yahoo! Profile:
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What ever you say FW.
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Glad you agree. |
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By: denrose9
6/11/2009
8:39 am Yahoo! Profile:
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| So you're saying that Howard / Costello didn't want us to save for our retirement?,,,,,,,and I said that under their government, no tax on contributions. |
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