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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Thursday, 04 June 2020

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Sweeping changes to income tax cop more backlash

By Cameron Micallef · June 28 2019

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Sweeping changes to income tax cop more backlash

By Cameron Micallef
June 28 2019

Reading:

Sweeping changes to income tax cop more backlash

By Cameron Micallef · June 28 2019

Reading:

A new analysis piece by the Australian Institute raises serious questions about the basis of the Morrison government’s sweeping changes to income tax.

Bracket creep naturally occurs as inflation pushes wages and salaries into higher tax brackets, which economists believe leads to fiscal drag.

Fiscal drag occurs when the government’s net fiscal position fails to cover the net savings desires of the private economy.

The Morrison government has previously suggested that bracket creep is a key reason as to why the income tax changes need to occur.

Senior economist at the Australian Institute Matt Grudnoff believes these claims are not supported by the data.

“There is no compelling case for an income tax cut to reduce the impact of bracket creep,” said Mr Grudnoff.

“The government’s income tax plan gives most of the tax cut benefit to the highest tax brackets. These high-income individuals are already the most overcompensated,” continued Mr Grudnoff.

Key findings

The report analysed the impact of bracket creep from 00-01 to 24-25 to create a bracket creep baseline that is a hypothetical tax rate if bracket creep had been removed and compared that to the current rate of tax.
Comparing the proposed income tax rates in 2024-25 to the bracket creep baseline shows all income levels are overcompensated for bracket creep.
If the government’s proposed stage 3a tax cuts are implemented, overcompensation would rapidly rise for those earning more than $95,000 per annum.
Someone earning $60,000 a year is $1,919 a year better off when compared to the bracket creep baseline. Someone on $200,000 is $19,785 better off than the bracket creep baseline.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.