Discussion on super lifetime caps welcome: Greens

Greens Treasury spokesperson Adam Bandt MP today said the Greens are up for a discussion about tackling unfair tax breaks by putting a cap on voluntary superannuation contributions over a person’s lifetime and called on the government to put a costed superannuation policy on the table.

“We welcome any discussion about making sure superannuation looks after people in their retirement and isn’t used as a vehicle for tax minimisation, which it was never intended to be,” Mr Bandt said.

“A small number of very wealthy individuals have been using superannuation at the end of their working life as a way of minimising the amount of tax that they pay.”

“People on very high incomes are making large contributions to superannuation when they near the end of their working life and then enjoying the tax-free status that comes from it.”

“People earning over $180,000 are the largest group making personal contributions to super.”

“The Greens have previously put on the table a proposal that would save the government more than $10 billion over four years by taxing superannuation contributions on a progressive scale, instead of a flat rate.”

“We are pleased that the government and others are picking up and running with this idea.”

“However it’s becoming hard to have a conversation about super without the government putting some numbers on the table.”

“The Greens have a fully costed proposal on the table and it’s time for the government to do the same.’

The Greens have proposed progressive taxation for superannuation that would raise $10.16 billion dollars over four years. Read the full proposal here.

Media contact: Adam Pulford, 0429 109 054