Increased tax on Super income

Increased tax on Super income

Earnings from superannuation accounts for retirees in the pension phase are currently taxfree.
In April 2015 the Federal Opposition (Labor’s Bill Shorten) proposed that Super earnings $75,001 and above be taxed at 15 per cent. The Labor Party estimates that would affect about 60,000 people and raise $9.2 billion over 10 years.
I predict that the Government will introduce a threshold above which extra rates of income tax will apply to Super income. Whether that threshold is $75,000 or $150,000 or some other number, I don’t know. But I’d be willing to bet that it’s too big a honey-pot for governments to resist for much longer.

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Author: Rod Genders

https://www.genders.com.au/

Rod Genders is a senior Australian lawyer specialising in Wills and Estate Planning, Probate and Estate Administration, Trusts and Guardianship and Inheritance Claims and Contested Estates in South Australia. His boutique specialist law firm, which was founded on 1848, is one of the oldest and most respected in Australia. Rod is an international author and speaker. Rod is the 3rd generation of Genders in the law and has been practising specialised law since the mid 80’s. For over 10 years he served on the Council of the Law Society of South Australia and is a senior member of its Succession Law Committee. For 8 years Rod was a founding committee member of the South Australian branch of the London-based Society of Trusts and Estate Practitioners (STEP) and was the founding Chair of the international STEP Digital Assets Special Interest Group. For over 25 years Rod has chaired a private committee enquiring into the affairs of protected persons. He is a member of the Law Council of Australia, a member of the Notaries Society of South Australia and an associate member of the American Bar Association.