What the super tax debate means for government budget repair

The uncomfortable truth is that the super concessions — now costing a monumental $48 billion a year — are social welfare payments the nation can no longer afford. The greater your wealth, the more benefits you derive. The mooted changes — which will kick into gear after the next election — are simple enough. If you … See more

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What The Super Tax Debate Means For Government Budget Repair

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How Super Tax Breaks Should Be Reformed - Grattan Institute

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Apr 4, 2023 · As debate rages over the government’s plan to limit tax breaks for earnings on superannuation balances larger than $3m, a big question remains unanswered: why offer …

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What The Super Tax Debate Means For Government Budget Repair

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Dec 3, 2023 · The uncomfortable truth is that the super concessions — costing a monumental $48 billion a year — are social welfare payments the nation can no longer afford, writes business …

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Republicans’ $4 Trillion Question: Should They Pay For Extending …

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May 28, 2024 · Next year’s tax debate will happen against a very different fiscal backdrop than existed in 2017 when the tax law was enacted. Then, the budget deficit was 3.4% of gross …

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What The Super Tax Debate Means For Government Budget Repair

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Mar 14, 2023 · What the super tax debate means for government budget repair,The uncomfortable truth is that the super concessions — costing a monumental $48 billion a year …

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The 2025 Tax Debate: All About That Base(line)

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Jan 15, 2025 · An example: Congress passes a tax cut valued at $10 billion per year starting in 2025, and schedules it to expire in 2030. Under a current law baseline, the tax cut would be …

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How Extending The 2017 Tax Cuts Would Affect Regular Americans

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1 day ago · And the super-rich, top 0.1% would enjoy an average annual tax savings of more than $275,000. Advertisement Estimates from the Urban-Brookings Tax Policy Center’s …

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FAQs about What the super tax debate means for government budget repair Coupon?

Why did the government announce a super change?

The super announcement was made on the same day the government released a Tax Expenditure Statement, which clocks up the growing cost of all sorts of concessions, including the Capital Gains Tax exemption for the family home. The idea was to ground the super change in some factual basis. ...

How should tax breaks be reformed?

The answer tells us how they should be reformed. These tax breaks mean less tax is paid on super savings than other forms of income. And they cost the budget a lot – up to $45bn a year, or 2 per cent of GDP – and soon they will cost more than the age pension. ...

Are superannuation tax concessions back in the firing line?

Superannuation tax concessions are back in the firing line. Speaking at The Australian Financial Review Super & Wealth Summit last week, Financial Services Minister Stephen Jones revealed Labor was gearing up for a debate on concessions once it had defined the purpose of super in legislation. ...

How much will Australia's super tax breaks cost?

Past estimates by Treasury showed that Australia’s super tax breaks cost $11bn more in forgone tax revenue in 2013 (and would cost more today) than if Australia taxed super contributions at full marginal rates of personal income tax, but exempted earnings and withdrawals from tax. ...

Should superannuation be taxed at 30 per cent?

Third, earnings on super accounts larger than $2m – rather than $3m as proposed by the Albanese government – should be taxed at 30 per cent. This would save about $3bn a year, compared to about $2bn a year under the government’s plan. These three simple steps would make the taxation of superannuation fairer and support a stronger federal budget. ...

What are superannuation tax concessions?

The superannuation tax concessions were created as an incentive to encourage people to put money away instead of relying on the aged pension. It means that if you are still working and earning under $250,000, you can make a voluntary contribution to your super before tax at a rate of 15 per cent. ...