POWERED BY MOMENTUM MEDIA
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.
AUTHOR
Recommended for you
Treasurer Jim Chalmers delivered the Albanese government’s third federal budget on Tuesday evening, 14 May, touting a balanced approach in an environment of cross currents.
The financial services software company announced it detected unauthorised access of its GitHub user space over the weekend.
Increased regulatory reform and competitive pressures have meant most corporate funds are struggling to meet the scale required to survive, an industry professional says.
The final draft of the $3 million super tax legislation remains unchanged and will include the taxing of unrealised gains and no indexation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
59.27 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
32.82 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
32.44 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.01 3 y p.a(%)
Add new comment