The SMSF Owners’ Alliance has urged the federal government to take a thoughtful approach when considering any changes to the taxation of superannuation.
The lobby group’s call comes in response to the recent meeting between Prime Minister Malcolm Turnbull and business, unions and community groups where the subject of the taxation of retirement incomes was raised as an area of review.
“The tax white paper process provides a mechanism for taking a considered view of the role of taxation in encouraging Australians to save for the future and helping them to achieve financial independence in retirement,” the SMSF Owners’ Alliance said in a statement.
“Our submissions to the Tax White Paper Taskforce have put the debate over the fairness of superannuation tax concessions into proper perspective and challenged the basis on which claims of unfairness are made.”
The group did not deny the superannuation tax concessions gave high-income earners the greatest benefit, but said the fact those individuals also paid the greater share of income tax needed to be considered as well.
In its tax white paper submissions, it has attempted to illustrate how the superannuation system could be fine-tuned to allow better outcomes for people in retirement while still providing enough government revenue.
“The objective of any change to superannuation must be to make the system work better for all,” it said.
