Superannuation decisions welcome but too slow
The Federal Government’s announcements on superannuation changes in response to the Henry Tax Review are welcome but too limited in some areas and will come into effect too slowly says Australian seniors organisation.
Council on the Ageing (COTA) Australia chief executive, Ian Yates, said the increase in the superannuation guarantee levy to 12% is an important step to ensuring more people in future will have adequate retirement incomes.
COTA would prefer to see the increase brought on faster, commencing with the 2010/11 financial year so the 12% rate is achieved earlier than 2020 – a decade away.
The introduction of a low income earners contribution is an important step in assisting lower income earners have an improved retirement income and reducing total reliance on government income support payments.
Again, implementation of this earlier than July 2012 would have been welcome.
