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Restrict super tax concessions, says CPSA
The Combined Pensioners and Superannuants Association (CPSA) has spoken out in support of the Henry Tax Review and called on both sides of politics to ensure super tax concessions go only to those who need them.
It said superannuation, as a trust, could be used to side-step reasonable tax obligations — as highlighted in the NSW Independent Commission against Corruption (ICAC) recently.
CPSA said retiree numbers would increase dramatically over the next few decades, which required tax and super to be revisited both at accumulation and pension phase.
The association supported recommendations in the Henry Tax Review, including that employer super contributions be taxed at marginal rates and reducing the tax on fund earnings to 7.5 per cent.
CPSA said a flat-rate refundable tax offset should be applied up to an annual cap of $25,000, which increased to $50,000 for people over 50, to give all workers a tax concession on their super contributions.
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