Altering the current shape of Australia's superannuation tax concessions has been identified as a key element in addressing the nation's structural deficit.
Major consultancy, KPMG has issued a report on solving the structural deficit in which its head of wealth management advisory and former senior union official, Paul Howes, claims superannuation tax concession represent "a classic example of how we have gone astray".
He suggested this was principally because their purpose was never defined.
"We now have no choice but to reel them back in," he said
The major recommendations made by KPMG on super include:
KPMG tax partner for superannuation, Damian Ryan said equity had to be a cornerstone of any good tax system.
"We believe our super tax proposals, together with changes to the age pension, will raise nearly $5 billion towards the deficit and meet the test of fairness," he said.
A “concerning” number of Aussies don’t know what they pay in super fees, a young super fund has said.
The corporate regulator has shared some ‘disappointing’ findings upon reviewing the public communications of more than 20 trustees with regards to death benefits.
According to the industry body, funds should have an obligation to transfer members in failing products to better-performing products in a timely way.
The $9 billion fund is backing agriculture investor GO.FARM, with its capital already directed towards enhancing two key assets.
Add new comment