Australia. Call to cut tax breaks for rich retirees
The government should look to trim generous tax concessions for wealthy superannuation savers, worth more than $36bn a year, rather than aim to include the family home in the pension assets test, according to the Combined Pensioners and Superannuants Association.
CPSA policy manager Paul Versteege said the family home should not be included in the asset test because “the vast majority of people live in a modest house”.
The Australian on Monday revealed more than 250,000 retirees living in $1m-plus homes are receiving more than $6.3bn a year in Age Pension payments. While Josh Frydenberg has ruled out including the family home in the assets test for the Age Pension, the first review of the nation’s retirement income system is soon set to collate a “fact base” that could serve as fertile ground for economic reform.
Read more @The Australian
