Albanese Government Delivers a Fairer Superannuation System
The Australian Council of Trade Unions (ACTU) welcomes the Albanese Government's changes to superannuation, making it fairer and addressing inequities introduced by previous Coalition Governments.
The Low-Income Superannuation Tax Offset (LISTO) has been adjusted to ensure workers on low income 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 take home an additional $60,000 at retirement.
Today's announcement means that low-income workers will not pay more tax on their super than they do on their take-home pay and will have thousands more at retirement.
This change, along with the Government's plan to reduce excessive tax concessions on the highest super balances, will make the superannuation system fairer, providing support to those who need it most.
Author's summary: Albanese Government reforms superannuation for fairness.