This article criticizes Australia's superannuation system, arguing that it disproportionately benefits the wealthy while leaving many retirees in poverty. It highlights the significant tax breaks enjoyed by high-income earners through superannuation, contrasting this with the low level of the age pension and the high percentage of retirees living below the poverty line.
‘We have a system that pretends even people as wealthy as Gina Rinehart need tax breaks to help them save for retirement,’ writes Greg Jericho.‘We have a system that pretends even people as wealthy as Gina Rinehart need tax breaks to help them save for retirement,’ writes Greg Jericho.
Australians should be angry about another year of climate inaction. But don’t let your anger turn into despair | Greg Jericho The ATO only provides data for the number of people with super balance above $2m, but even at this amount we’re talking a very small number of people:$3m and they would still be taxed less than the 45% that would be paid if it was just normal income.
And yet despite talking about just 0.5% of Australians, apparently they are “middle-income grandparents”. We have a system which pretends even people as wealthy as Gina Rinehart need tax breaks to help them save for retirement.that the tax concessions on superannuation contributions and earnings cost the government $55.
Social Issues Superannuation Tax Breaks Retirement Poverty Age Pension
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