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Superannuation Tax Reform Ruled Out by Liberal Government.

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Senator Nick Sherry Shadow Minister for Superannuation February 10, 2005

Superannuation Tax Reform Ruled Out by Liberal Government

The Liberal Government today ruled out reducing the contributions tax on superannuation.

The response comes more than two years after a unanimous recommendation by the Senate Select Committee on Superannuation.

Shadow Minister for Superannuation Senator Nick Sherry says tax collected on superannuation has skyrocketed under the Liberal Government from $1.6 billion in 1995-96 to a projected $7.2 billion in 2007-08 - a more than four fold increase.

“Instead, the Government highlighted its exclusive tax cut for high incomes earners, the so called surcharge/tax which applies to those Australians on a surchargable income of more than $100,000 a year. A tax the Government introduced itself!” Senator Sherry says.

The Government ruled out most of the unanimous recommendations of the committee.

The very late response came today following the Senate Committee Report of December 12, 2002, into the adequacy of the tax arrangements for superannuation and related policy.

The response was due in March 2003.

For more information contact Nick Sherry 0418 482 807