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2 August 2025
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With Div. 296 looming, is there a smarter way to tax superannuation? This proposes a fairer, income-linked alternative that respects compounding, ensures predictability, and avoids taxing unrealised capital gains.
In selling the super tax, Labor has repeated Treasury claims of there being $50 billion in super tax concessions annually, mostly flowing to high-income earners. This figure is vastly overstated.
The current net annual cost of superannuation tax subsidies is around $40 billion, growing to more than $110 billion by 2060. These subsidies have always been bad policy, representing a waste of taxpayers' money.
The Government's proposed tax has copped a lot of flack though I think it's a reasonable approach to improve the long-term sustainability of superannuation and the retirement income system. Here’s why.
The costs of super concessions are usually quoted in gross terms, ignoring offsetting behavioural changes and social security savings. The impact of very large balances should be measured in net terms.
The taxation of superannuation in Australia is complex, inequitable and subject to regular change. These features reduce the long-term confidence of Australians in their superannuation system. We should do better.
The superannuation system has led to intergenerational envy about the tax benefits flowing to retirees. That envy wouldn't exist if super had been structured differently at inception, as Paul Keating originally envisaged.
There are two massive changes to super in the Budget: a $1.6 billion cap on the amount that can be held in super tax-free, and a $500,000 lifetime cap on non-concessional contributions.
Treasurer Jim Chalmers aims to tackle tax reform but faces challenges. Previous reviews struggled due to political sensitivities, highlighting the need for comprehensive and politically feasible change.
The Labor government is talking up tax reform to lift Australia’s ailing economic growth. Before any changes are made, it’s important to know who pays tax, who owns assets, and how much people have in their super for retirement.
There are many ways to invest in stocks, but some strategies are more effective than others. Here are nine tried and tested investment approaches - choosing one of these can improve your chances of reaching your financial goals.
Markets have weathered geopolitical turmoil, hitting near record highs. Investors face tough decisions on valuations, asset concentration, and strategic portfolio rebalancing for risk control and future returns.