Upper income earners identified as Budget targets
Most superannuation executives and trustees are expecting the Federal Government to target high income earners when it introduces superannuation tax changes in the May Budget.
A survey conducted by Money Management's sister publication, Super Review during the recent Conference of Major Superannuation Funds (CMSF) asked respondents what they believed ought to be the Government's superannuation policy priorities in the May Budget.
Nearly half of all respondents (47.1 per cent), the majority of whom were superannuation fund trustees or executives, nominated reducing tax concessions for upper income earners as being the Government's foremost Budget priority.
Importantly, however, 41.5 per cent of respondents also nominated the need for the Government to restore the original time-table for lifting the superannuation guarantee.
Only 26.4 per cent of respondents believed that introducing life-time concessional contribution caps should be a priority in the upcoming Budget.
The survey, sponsored by Pillar Administration, also identified maintenance of the Low Income Superannuation Contribution as being the factor most capable of removing disadvantage in the superannuation system.
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