Smare calls for improvement in superannuation tax

NAMBAWAN Super chairman Anthony Smare has suggested to the Government to improve the way superannuation is taxed.
“We believe that if you can remove taxation on those parts of super being taxed right now, it will give us a tool to create more wealth for our members,” he said.
“We need to encourage more people to put that money into super to build the country and provide a good welfare net for them and their families when they retire.”
Smare said there was also a bigger debate on the high rate of tax workers paid compared to the cost of living.
“That is a debate that cannot be ignored,” he said.
“And it is even a tougher debate now when the government revenue is under pressure. They need payroll tax even more.
“Our members cannot afford more taxes. One of the taxes that’s worrying is talk on capital gains tax.”
Smare said members were taxed when they putting their money in and when taking their money out.
“If you are to make contributions tax exempt, people are likely to put more money into super and build up.”