The Greens will use their Senate balance of power to hold up proposed changes to the tax treatment of large superannuation accounts until the government puts superannuation on paid parental leave. The Greens support for that reform will be contingent on passage of legislation to put super on Paid Parental Leave (PPL).<\/p>\n\n\n\n
The Government announced in their 2023-24 Budget that from 2025\u201126 the tax rate on earnings of superannuation balances above $3 million will be lifted from 15% to 30%. This is expected to affect around 80,000 people in 2025-26 and in the first full year of collection (2027-28) is expected to increase receipts by $2.3 billion.<\/p>\n\n\n\n
Paying superannuation on PPL would cost the Government less than ten percent of that, an estimated $200m per annum according to the Association of Superannuation Funds of Australia (AFSA).1<\/sup><\/p>\n\n\n\n Greens leader in the Senate and spokesperson on Women, Larissa Waters<\/strong> said:<\/p>\n\n\n\n \u201cThe Greens will use our balance of power in the Senate to ensure the government makes superannuation on Paid Parental Leave a priority reform, as part of its changes to super. <\/p>\n\n\n\n \u201cThis is such a timid proposed change to the tax concessions the obscenely wealthy receive. If Labor is not going to improve it, the least they can do is put it to good use.<\/p>\n\n\n\n \u201cPaying superannuation on Paid Parental Leave would cost $200m each year, less than ten percent of the $2.3 billion expected to be raised from the government\u2019s proposed changes to superannuation tax concessions.<\/p>\n\n\n\n \u201cWe will use our balance of power in the Senate to get outcomes for women and young families who are struggling with the cost of living crisis. <\/p>\n\n\n\n \u201cWe know Australian women are retiring with significantly less superannuation savings than men, with the gender retirement gap currently sitting at 23 per cent2<\/sup>. Women deserve fairer Paid Parental Leave, and it\u2019s only fair if it includes super. <\/p>\n\n\n\n \u201cIt\u2019s been almost a year since business groups and unions came together at Labor\u2019s Jobs and Skills Summit to call for 26 weeks paid parental leave and super to be paid on it; and three months since they ignored the Women\u2019s Economic Equality Taskforce calls for super on paid parental leave – a key recommendation of its interim report.<\/p>\n\n\n\n \u201cLabor is dragging out the increase to 26 weeks, making women wait while it\u2019s introduced gradually over the next two years. And they rejected a Greens amendment in May to pay super on PPL. <\/p>\n\n\n\n \u201cThey are drip-feeding the \u2018idea\u2019 of paying super on PPL until a date that suits them politically. <\/p>\n\n\n\n \u201cWhile we wait for the Government to come up with a campaign plan, the gender superannuation gap continues to grow, and a comfortable retirement feels more out of reach for more women and young people.<\/p>\n\n\n\n \u201cLabor agreed to a binding resolution at national conference to \u2018work to implement payment of superannuation on government Paid Parental Leave as a priority reform\u2019. Now\u2019s their chance.\u201d<\/p>\n\n\n\n 1.<\/sup>https:\/\/www.superannuation.asn.au\/media\/media-releases\/2023\/media-release-7-march-2023<\/u><\/a> The Greens will use their Senate balance of power to hold up proposed changes to the tax treatment of large superannuation accounts until the government puts superannuation on paid parental leave. The Greens support for that reform will be contingent on passage of legislation to put super on Paid Parental Leave (PPL). The Government announced … Continue reading “PAY FOR SUPER ON PPL WITH PROPOSED SUPER TAX”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-22636","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/22636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=22636"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/22636\/revisions"}],"predecessor-version":[{"id":22637,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/22636\/revisions\/22637"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=22636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=22636"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=22636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
2.<\/sup>60-64 age bracket: Towards gender equity in retirement (kpmg.com)<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"