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Caution urged on super tax changes
There is no purpose in the Federal Government introducing a tax on super earnings in post-retirement if this simply creates an un-even playing field in favour of non-super investments, according to Australian Institute of Superannuation Trustees (AIST) chief executive, Tom Garcia.
In a position paper published this month ahead of the Federal Budget, Garcia also warned against creating changes which would have the effect of giving rise to arbitrage.
He said that in looking at the taxation of superannuation, the Government needed to consider that any changes should ideally reduce the complexity of the system.
"It's not enough for a policy change to work on paper – it must also work for fund administrators and back-office systems," Garcia said.
He said the question of grandfathering was also very important in circumstances where older workers might have "busted a gut" to make extra contributions to super only to find they could be adversely affected by a totally unexpected change.
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