Albanese Government Introduces Fairer Superannuation System
The Australian Council of Trade Unions (ACTU) has welcomed the Albanese Government's changes to the superannuation system, aimed at addressing inequities introduced by previous Coalition Governments.
The changes include adjustments to the Low-Income Superannuation Tax Offset (LISTO), ensuring low-income workers pay less tax on their super than on their take-home pay. According to Super Members' Council modelling, a part-time aged care worker will take home an additional $60,000 at retirement.
Today's announcement means that low-income workers will not pay more tax on their super than they do on their take-home pay and will have thousands more at retirement.
The announcement is part of a broader effort to make the superannuation system fairer, alongside plans to limit excessive tax concessions on high super balances.
Author's summary: Fairer superannuation system for workers.
- Low-income workers benefit from adjusted tax offset
- Additional $60,000 at retirement for part-time aged care workers
- Excessive tax concessions on high super balances to be limited