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Thursday, 17 April 1980
Page: 1546

To the Honourable the President and members of the Senate in Parliament assembled.

The humble petition of the undersigned citizens of Australia respectfully showeth:

That the proportion of pensionable people within our community is increasing at a significant rate. The number of people over 65 years old will rise from approximately 8.5 per cent of the population as it was in 1970 to over l0percentby 1990 and about 16 percent by the year 2020.

That technological change is accelerating the trend towards earlier retirement from the workforce.

That the above factors make incentives for self-provision in retirement years a matter of great urgency if future generations of Australians are to be spared the crippling taxation which would be necessary to fund such provisions from social welfare.

That Australia is in urgent need of locally raised investment capital for national development and that life insurance and superannuation funds are importantmobilisers of such capital.

Your petitioners therefore most humbly pray that the Government will forthwith take the steps necessary to:

(a)   Remove contributions paid by the taxpayer to supperannuation funds from the rebate system and make them a separate deduction from assessable income.

(b)   Allow as such deduction amounts necessary to provide the individual with a reasonable retirement benefit as defined from time to time by the Commissioner of Taxation.

(c)   Remove Life insurance premiums paid from the rebate system and make them a separate deduction from assessable income also.

(d)   Allow such a deduction to take the form of a flat rebate of 20 percent of Life Insurance premiums up to a limit of $2500.

And your petitioners as in duty bound will ever pray. by Senator Withers.

Petition received.

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