Albanese Government Delivers 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 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 take home an additional $60,000 at retirement.
Today's announcement means low-income workers will not pay more tax on their super than on their take-home pay and will have thousands more at retirement.
- Low-income workers will benefit from the adjusted LISTO.
- The Government's announcement will further rein in excessive tax concessions on high super balances.
Author's summary: Albanese Government makes superannuation fairer for workers.