Login
Rice Warner calls for withdrawal values to be slashed
Rice Warner has called on the government to reduce the current level of minimum withdrawal values by 25 per cent to 50 per cent, in a bid to allow members to defer drawdowns during periods of market downturns.
In its pre-budget submission for 2016, Rice Warner said deferral of withdrawals will assist the retirement benefit to last for a longer period during retirement.
Rice Warner has also called on the government to change the tax rate payable on the death of a pensioner without dependants to be a flat 15 per cent plus Medicare, equalling 17 per cent in total.
“This would eliminate recontribution strategies, which simply avoid tax,” Rice Warner stated.
Rice Warner has also called on the government to consider imposing a lifetime cap on non-concessional contributions of $500,000.
The firm noted this is a “considerable reduction” from the current allowance of $180,000 per year.
The government should also consider re-evaluating the transition to retirement pension structure, Rice Warner added.
“These favour high-income earners even though they were intended to help middle-income Australians ‘catch up’ their superannuation later in their careers,” the company said.
Rice Warner has also reiterated calls to allow employers to pay additional superannuation contributions for their female employees.
Read more:
I'm shocked someone would propose these ideas. Reduced drawdowns favours wealthy, as those with less super have to draw down anyway. TRIS is a good idea being exploited - maybe just have a reduced work test requirement so it works for those who need it. Different super for females misses the point that lower income earning males have the same issues, as do stay at home dads. The gender gap reflects lower lifetime wages, which reflects much more than just gender. Males in regional Aus earn less for exactly the same work as females in a capital city, so get a super gap based on location.
Precisely. Levelling socialism and equality of outcome, rather than equality of opportunity, is the assumed grundnorm of the submission.0- I'm shocked someone would propose these ideas. Reduced drawdowns favours wealthy, as those with less super have to draw down anyway. TRIS is a good idea being exploited - maybe just have a reduced work test requirement so it works for those who need it. Different super for females misses the point that lower income earning males have the same issues, as do stay at home dads. The gender gap reflects lower lifetime wages, which reflects much more than just gender. Males in regional Aus earn less for exactly the same work as females in a capital city, so get a super gap based on location.0
- Mmmm .....not sure I would take their advice on super policy or much else.0
Subscribe to the
BULLETIN
Get the latest news and opinions delivered to your inbox each morning
Subscribe
