NSL wants tax relief for workers

NAMBAWAN Super Limited (NSL) has called on its members to press the Government for tax relief on their super fund contributions.
Board chairman Anthony Smare said workers contributed 21 per cent of the government revenue which funded public services.
“We shoulder the weight of the Government’s means to provide services,” he said.
“Corporate tax is (only) 18 per cent. So if there is justification to demand tax relief on superannuation on behalf of the people, the workers would have the right to demand tax relief because they provide a significant chunk of the budget to fund services.”
Smare said some countries had tax exemptions for superannuation funds.
“In Papua New Guinea every part of it is taxed. If you go to New Zealand or Australia, one of the components is not taxed. Modeling shows that this provides significant benefit to (people) when they retire,” he said.
“They have more money to provide for their retirement.
“They are able to cater for their health requirements. It’s a significant benefit.
“In those countries, the workers don’t carry as much of the tax load as they do in this country.
“It’s a call on the government, members and workers to take up this demand for tax relief. There has to be some form of tax relief provided to your super.”
Either your contribution, the income you make or when you take your money out should not be taxed.”
Mambawan Super currently has 178,000 members in the public and private sectors.