General
Super tax breaks not needed for wealthy, they should tap into their home equity, retirement income review
The almost $42 billion annual cost of superannuation tax concessions is largely benefiting wealthy savers, according to the Federal Government’s retirement income review, which suggests they should instead tap into the equity of their homes to help fund their retirement.
Key points:
- The 650-page Retirement Income Review by former IMF director and senior Treasury bureaucrat Michael Callaghan has been released
- It says a rise in the rate of compulsory superannuation could come at an expense of lower wages, and suggests ending super tax breaks for the wealthy
- Treasurer Josh Frydenberg has hinted there could be a delay but a decision will not be made until the May budget
The 650-page report, by former IMF director and senior Treasury bureaucrat…
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