Albanese Government Reforms Superannuation System
The Australian Council of Trade Unions (ACTU) welcomes the Albanese Government's changes to the superannuation system, aiming to make it fairer and address existing inequities.
The Low-Income Superannuation Tax Offset (LISTO) has been adjusted to ensure 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 receive an additional $60,000 at retirement.
- Low-income workers will no longer pay more tax on their super than on their take-home pay.
- They will have thousands more at retirement.
Today's announcement means support will go to those who need it most.
This reform, combined with the Government's plan to limit excessive tax concessions on high super balances, will make the superannuation system fairer.
Author's summary: Albanese Government reforms superannuation for fairness.
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