Albanese Government Reforms Superannuation System
The Australian Council of Trade Unions (ACTU) has welcomed the Albanese Government's changes to the superannuation system, aiming to make it fairer and address existing inequities.
The reforms include adjustments to the Low-Income Superannuation Tax Offset (LISTO), which ensures low-income workers pay less tax on their superannuation than on their take-home pay.
- Part-time aged care workers will take home an additional $60,000 at retirement, according to Super Members' Council modelling.
- Low-income workers will no longer pay more tax on their superannuation than on their take-home pay, resulting in thousands more at retirement.
Today's announcement means support will go to those who need it most.
These changes, combined with the Government's plan to limit excessive tax concessions on high superannuation balances, will make the superannuation system fairer.
Author's summary: Albanese Government reforms superannuation for fairness.
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