Posts tagged "Australian superannuation system"

It's estimated workers were owed $3.4 billion worth of super in the 2019/20 financial year, according to the tax office.

Raising the tax rate on superannuation balances above $3 million will affect "many mum-and-dad businesses" which hoped to sell up for retirement, National Party leader David Littleproud says, as accountants warn of significant tax implications for successful entrepreneurs nearing the end of their professional lives.

While all workers benefit from the 9% superannuation guarantee, those on middle incomes benefit significantly less than lower and upper incomes.