Super: A promise that was meant to be broken

In February, the Prime Minister promised the Government would 'never remove tax free superannuation payments for the over-60s'. I thought at the time it was an oddly worded commitment and so it proved last week, when the Government announced it would remove tax-free superannuation earnings for the over-60s (by imposing a 15pc tax on annual incomes above $100,000).The Government has cottoned on to a fair point but they are struggling to articulate it. An unlimited tax exemption on superannuation in retirement is inconsistent with our progressive tax system and was never likely to remain financially viable long term. Done fairly,...

In February, the Prime Minister promised the Government would 'never remove tax free superannuation payments for the over-60s'. I thought at the time it was an oddly worded commitment and so it proved last week, when the Government announced it would remove tax-free superannuation earnings for the over-60s (by imposing a 15pc tax on annual incomes above $100,000).

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