Morrison stresses super tax breaks ‘under the microscope’
Treasurer Scott Morrison has reiterated that superannuation will be on the government’s hit list when it looks to reform Australia’s tax system.
Addressing an economic summit in Melbourne, Mr Morrison said Prime Minister Malcolm Turnbull has made it clear that Commonwealth taxes such as “generous” superannuation concessions will be “under the microscope”.
“There has been no serious reform of our tax system since the Howard and Costello changes 15 years ago. All other so-called reforms since then have been a failure,” said Mr Morrison.
“We have no intention to rush to failure in this critical area as we lay out the case for a better tax system,” he added.
Recently, Treasury indicated that support for cutting existing superannuation tax concessions is high.
Treasury official Roger Brake said superannuation was one of the top issues mentioned in submissions to the government’s Tax White Paper.
Others included the GST, income tax and capital gains tax.