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Taxation Institute of Australia welcomes super taxes onto the agenda

Publication date: 31 Oct 01 | Source: THE TAX INSTITUTE

'The Taxation Institute of Australia is pleased the ALP has adopted the recommendation put forward by the Institute to ensure that superannuation taxes will not erode the expectations of Australians for a respectable, financially stress-free retirement,' said President of the Taxation Institute, Ms Alice McCleary.

'As Australia is the only country to tax superannuation upon entry, earnings and exit from funds, plus the additional surcharge on high income earners, a review of the superannuation policy to make it a simpler, safer and more realistic savings alternative is vital for Australians.'

The elimination or reduction of the contributions tax will provide are an effective increase to Australia's level of super savings. Over a period of time, this will result in a bigger tax base on which to levy the exit tax take, without increasing the rate.