Opposition Leader Bill Shorten has proposed doubling the tax rate applied to high-income earners' superannuation contributions, as part of negotiations with the Government over its own super changes.
The Turnbull Government wants to introduce a $500,000 lifetime cap on after-tax superannuationcontributions, backdated to 2007.
Addressing the National Press Club in Canberra, Mr Shorten said Labor would back the Coalition's plans to change that limit — currently set at $180,000 a year — but wants the measure to take effect from budget night, rather than backdated to 2007.
To make up the extra revenue, Labor wants to lower the so-called high-income super contribution threshold so that anyone earning over $200,000 a year will pay 30 per cent tax on their contributions, rather than 15 per cent.
Mr Shorten also outlined eight pre-election Labor commitments he said the Turnbull Government should adopt, including a severe curbing ofnegative gearing tax deductions and the capital gains tax discount — measures the Coalition fiercely rejected during the election campaign.
The Opposition's savings package also includes:
- Introducing a $8,000 a year cap on government loans for private vocational education
- Pausing indexation on Medicare levy surcharge and private health insurance rebate tiers for another five years
- Opposing a new payment of $1,000 a year for families with children under the age of one
When Parliament returns next week the Government has pledged to quickly introduce a bill containing $6.5 billion in budget measures it said Labor had indicated it could support.
Mr Shorten today said Labor needed to see the detail before supporting the bill.
He also criticised Prime Minister Malcolm Turnbull over the lack of consultation.
"They don't give us the detail," he said.
"Have you ever heard of someone negotiating by getting a megaphone and just saying 'trust us'?"
.
No comments:
Post a Comment