2018-19 Pre-Budget Submission
Rather than sitting back and whinging about various issues affecting the retirement outcomes of hard working ordinary Australians, I decided this year to make a formal pre budget submission to the The Hon Michael Sukkar MP, Assistant Minister to the Treasurer.
My budget submission included
- removing the $450 superannuation guarantee threshold at the same time removing the regressive fixed administration and exit fees most superfunds charge.
- Getting rid of the confusion around what income the superannuation guarantee contribution should be made on. Make it simpler – all income subject to pay as you go tax and get rid of this “ordinary time earning” definition
- Increasing the superannuation guarantee rate to 12% ASAP and longer term increasing to 15%.
- The need to focus on infrastructure and jobs development in regional and rural Australia to get more of our population living outside of Sydney and Melbourne, so there is less demand in housing in those two cities.
- Implementing incentives such as GST refund for new affordable housing.
- Start to tax couples as couples rather than as two individuals to combat income splitting
- Change the pension means test as it currently rewards spending over saving.
Not sure whether this will make a difference, but at least I took the time and energy to put my thoughts in front of the policy makers with my budget submission. Hopefully we will get a better retirement outcome for hard working ordinary Australians.
If you want to read the full submission, click here
Or you can visit the Federal Government’s website for a copy of my submission here
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Wayne Wanders
The Wealth Navigator
wayne@thewealthnavigator.com.au
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