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Super tax breaks ‘not required’ for wealthy savers – afr.com
Tax breaks for super are being wasted on people with over $5 million in their accounts who are using super as a “tax minimisation” device, the Callaghan report…
The wealthiest superannuation savers with balances over $5 million have tucked away more than $90 billion in their accounts and are receiving more government support than low-income households.
These concessions deemed not required and a tax minimisation strategy by the governments retirement income review.
The review has suggested the government should reform the billions in concessions flowing to the richest savers, finding that the provision of tax concessions for very large superannuation balances…
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