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Industry looks for Budget surprises
Will Federal Treasurer Peter Costello deliver another superannuation surprise when he hands down the Federal Budget this evening?
That is the question confronting superannuation fund executives in circumstances where Costello last year surprised the industry by using the Budget to announce the removal of the superannuation surcharge.
The measure most executives are hoping will be included in tonight’s Budget is the removal of the 15 per cent superannuation contributions tax — something that was flagged by the Minister for Finance, Senator Nick Minchin, earlier this year, but immediately dismissed by Costello.
Next on the industry’s Budget wish list is an extension of the superannuation co-contributions regime to cover a wider range of superannuation fund members.
Both these issues have been supported by the two major industry bodies — the Association of Superannuation Funds of Australia and the Investment and Financial Services Association, which both welcomed Minchin’s comments earlier this year.
Minchin last week confirmed his views on the benefits of removing the 15 per cent contributions tax, but described any move in that area as being a medium to long-term policy issue for the Government.
AUTHOR
Mike Taylor
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