The Australian Institute of Superannuation Trustees (AIST) has welcomed the release of Treasury’s discussion paper on Australia’s tax and transfer system as an opportunity to “achieve the lift in compulsory super that has been long advocated by industry”.
AIST chief executive Fiona Reynolds described the review by Treasury secretary Ken Henry, which proposes long-term reform of the country’s tax and welfare system, as a “step forward in improving the retirement outcomes of all Australians”.
Reynolds said the review’s examination of the adequacy of pensions and retirement incomes would be a “valuable opportunity to address worrying gaps in Australia’s retirement incomes policy, which is set to leave many low income earners and older people without adequate retirement savings”.
It would “provide the means to examine a broad range of options” to achieve the lift in compulsory super as well a removal of the 15 per cent contributions tax and modest increases to the super guarantee, she said.
She added that AIST would be making submissions to the review in accordance with the review panel’s invitation yesterday (details at www.taxreview.treasury.gov.au).
