Albanese Government Reforms Superannuation System
The Australian Council of Trade Unions (ACTU) has welcomed the Albanese Government's changes to the superannuation system, aimed at making it fairer and addressing existing inequities.
The changes include adjustments to the Low-Income Superannuation Tax Offset (LISTO), which ensures low-income workers pay less tax on their super than on their take-home pay. According to the Super Members' Council, a part-time aged care worker will take home an additional $60,000 at retirement as a result of these changes.
Low-income workers will not pay more tax on their super than they do on their take-home pay and will have thousands more at retirement.
- The reforms will provide support to those who need it most.
- The Government's announcement to limit excessive tax concessions on high super balances will further contribute to a fairer superannuation system.
Author's summary: Albanese Government reforms superannuation for fairness.