Design of a sustainable superannuation system
Source: Taxation In Australia Journal Article
Published Date: 1 Jul 2022
This chapter of the Case for Change paper considers the fundamental design of the superannuation system, and the best reform options to our tax system to: (1) support a sustainable superannuation and retirement system; (2) reduce unnecessary complexity and ensure greater consistency in the various superannuation caps and thresholds; and (3) encourage improved compliance by employers with the mandatory superannuation guarantee regime. There are a number of aspects of Australia's superannuation system which are inefficient and complex. Many of these issues are interrelated. Even parliamentary committees have observed that the tax treatment is complex: contributions, earnings and benefits are partially taxed and partially deductible, the result of a pragmatic attempt to reduce tax expenditures, especially those benefiting higher-income individuals, while encouraging compliance.
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- Published By: The Tax Institute
- Published On:1 Jul 2022
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