Federal Government’s proposed tax concessions on super need a rethink
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Federal Government’s proposed tax concessions on super need a rethink
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About this listen
Phil is joined by Chris Murphy, Visiting Fellow in Economic Modelling at the Australian National University, who argues that the Federal Government’s proposed tax on superannuation earnings over $3 million—known as the Division 296 tax—needs a rethink.
Murphy says the current debate has become overly politicised, missing the core issues first outlined in the 2009 Henry Review.
That review identified three key problems with the super tax system: concessions favour high-income earners, the tax-free retirement phase is unsustainable as the population ages, and the system is too complex for most Australians to understand.
With $4.1 trillion now held in super, Murphy believes an updated version of the Henry Review’s recommendations would offer a fairer and more effective solution than the proposed tax.
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