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Open up superannuation guarantee to casual workers: AIST
The Australian Institute of Superannuation Trustees (AIST) has argued for the abolition of the $450 monthly earnings threshold for superannuation guarantee contributions at the Tax Forum in Canberra.
The proposal is one of a number of changes to the taxation system recommended by AIST chief executive Fiona Reynolds at the Tax Forum.
The current $450 threshold discriminates against casual and part-time workers, said Reynolds.
Other measures to boost the superannuation savings of Australians proposed by Reynolds included the introduction of a superannuation component to parental leave payments and the 'baby bonus'; a $2,000 payment to older workers to encourage people to return to work after a break in their career; the opening up of the ability to make pre-tax salary sacrifices to all workers; and the retention of the existing co-contribution scheme on a dollar-for-dollar basis for low and middle-income earners.
Reynolds also reiterated the AIST's commitment to increasing the superannuation guarantee from 9 per cent to 12 per cent, and recommended that the 'bring forward' rule for non-concessional contributions be similarly applied to concessional contributions.
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