Albanese Government Delivers a Fairer Superannuation System
The Australian Council of Trade Unions (ACTU) welcomes the Albanese Government's changes to superannuation, aiming to make it fairer and address inequities introduced by previous Coalition Governments.
The Low-Income Superannuation Tax Offset (LISTO) was designed to reduce tax on super for low-income workers. However, it hadn't been adjusted to keep pace with the tax system. By lifting it, a part-time aged care worker can expect an additional $60,000 at retirement, according to Super Members' Council modelling.
Today's announcement means low-income workers will not pay more tax on their super than on their take-home pay and will have thousands more at retirement.
- Low-income workers will benefit from the changes, with support going to those who need it most.
- The Government's announcement to rein in excessive tax concessions on high super balances will also contribute to a fairer superannuation system.
Author's summary: Albanese Government reforms superannuation for fairness.