The Institute of Public Accountants (IPA) is urging the Federal Government to scrap the 10 per cent rule on personal concessional superannuation contributions.
IPA chief executive, Andrew Conway, hit out at the legislation, describing it as an “inequitable” rule.
“We see no valid reason for the restrictions on members making personal concessional contributions,” he said.
“This prohibition is inequitable for a number of Australians. For example, a person who may have investments that provide passive income and also works part-time to supplement that passive income is limited to the superannuation contributions made by their employer.
“Similarly, small business owners who work part-time will not be able to claim tax deductions for super contributions if their income as an employee exceeds 10 per cent of the contribution.
“The IPA believes the source of the concessional contribution should not matter, and this is one piece of legislation that should be repealed as soon as possible.”
