Albanese Government Reforms Superannuation System
The Australian Council of Trade Unions (ACTU) commends the Albanese Government for introducing changes to the superannuation system, aiming to create a fairer system for workers.
The reforms address inequities established by previous Coalition Governments, particularly the Low-Income Superannuation Tax Offset (LISTO). This offset ensures low-income workers pay less tax on their superannuation than on their take-home pay.
- By adjusting the LISTO, a part-time aged care worker can expect an additional $60,000 at retirement, according to Super Members' Council modelling.
- Low-income workers will no longer pay more tax on their superannuation than on their take-home pay, resulting in thousands more at retirement.
Today's announcement means support will be directed to those who need it most.
In conjunction with the Government's plan to limit excessive tax concessions on high superannuation balances, these reforms will contribute to a fairer superannuation system.
Author's summary: Albanese Government reforms superannuation for fairness.