Superannuation tax reform: The new fairness measures
Source: The Tax Specialist Journal Article
Published Date: 1 Oct 2017
The failure to properly transition from a superannuation system that had permitted unlimited accumulations on introduction of the 2007 changes has necessitated two major reforms. First, to limit the amount of exempt pension income in a superannuation fund, through introduction of the transfer balance caps and, second, to limit the amount of wealth that can be held in the tax referred environment of a superannuation fund, through taxation as Australia moved from an exempt/exempt/taxed basis of taxation to its current position to show the problems being resolved by these two changes. While the methods chosen to resolve these problems have been seen before in superannuation taxation, there are concerns about their complexity, equality of treatment of taxpayers, creating additional tax distortions and the differential treatment of pensions.
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Details
- Published By: Gordon Mackenzie CTA
- Published On:1 Oct 2017
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