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AIST backs tax preference
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| Fiona Reynolds
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The Australian Institute of Superannuation Trustees (AIST) has called for superannuation to retain its preferential tax treatment to ensure it remains the retirement savings vehicle of choice.
AIST chief executive Fiona Reynolds said Australia was not a nation of savers, which meant measures to build a national savings culture were welcome.
“But so is the Government’s acknowledgement that super continues to receive favourable tax concessions relative to other forms of savings,” she said.
“Even when we get to 12 per cent [superannuation guarantee], many workers, particularly those now approaching retirement, will still need to make voluntary contributions," Reynolds said.
“Super must have preferential tax treatment as you are asking people to lock away their money until retirement,” she said.
AUTHOR
Mike Taylor
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