|
AUSTRALIANS’ RETIREMENT SAVINGS ENCOURAGED BY ABOLITION OF SUPER SURCHARGE
Sydney, 10 May, 2005: The Australian Bankers’ Association (ABA) welcomes the abolition of the superannuation surcharge announced in tonight’s Budget.
David Bell, Chief Executive of the ABA, said: “This sound policy reform will encourage higher voluntary savings to increase retirement incomes and improve Australians’ standard of living in retirement.”
“This initiative is important because there are concerns that Australians are not saving enough for their retirement and any reform which encourages this will have a long-term national benefit.”
Notes for editors
The superannuation surcharge is a tax imposed on superannuation contributions, once income reaches certain thresholds.
The 15% surcharge was introduced in the budget in 1996. It was reduced to 12-and-a-half percent and is set to fall to 10% from July this year.
The Federal Government announced tonight that the surcharge will be abolished from contributions and termination payments made or received from 1 July 2005.
For further information:
Heather Wellard
Director, ABA Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439
ENDS
| |
|