Westpac's wealth chief calls for annual super earnings above $150,000 to be taxed

The Australian Financial Review is reporting that today Brad Cooper, the chief executive of BT Financial Group, will call for “retirees to start paying income tax on annual superannuation earnings of more than $150,000 in a push to secure changes so the system can meet the retirement and budgetary needs of an ageing Australia.” It is reported that Mr Cooper said "Super is meant to be used to generate replacement income in retirement. Beyond this, I do not think it's appropriate for people to use its tax-free status to build incredibly high levels of wealth or serve as a proxy estate planning tool." Cooper wants the Abbott government to restore the Low Income Superannuation Contribution and purpose lower concessional tax rates for women to compensate for them being paid less. Full article via The Australian Financial Review (paywall) (VIEW LINK)


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