Super concessions on the chopping block

One national accountancy network believes it is unlikely that superannuation tax concessions will be left untouched in the government’s mission to reform Australia’s tax system.

When compared with other areas of the tax system, superannuation is one of the “biggest and most easily reformable”, director of tax communications at H&R Block, Mark Chapman, told nestegg.com.au's sister publication SMSF Adviser. 

“Of all the various pots of money that the government could raid to reduce the deficit, superannuation seems to be one of the biggest,” said Mr Chapman.

He has also called for certainty around the future of super tax concessions to provide stability for taxpayers.

“This reform process has dragged on a lot longer than the government suggested that it would. I think the whole thing was basically supposed to be done by now and it’s nowhere near that stage,” Mr Chapman said.

“It would be good to get some certainty around the government’s intention."

The government released its tax discussion paper in March last yearafter several months’ delay.

At the moment, the final white paper is expected to be delivered in the first half of this year.

 

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