Improving our superannuation regime : a post-Henry review look at superannuation taxation, raising superannuation balances and longevity insurance

Hanegbi, Rami 2010, Improving our superannuation regime : a post-Henry review look at superannuation taxation, raising superannuation balances and longevity insurance, Australian tax forum, vol. 25, no. 3, pp. 425-457.

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Title Improving our superannuation regime : a post-Henry review look at superannuation taxation, raising superannuation balances and longevity insurance
Author(s) Hanegbi, Rami
Journal name Australian tax forum
Volume number 25
Issue number 3
Start page 425
End page 457
Total pages 33
Publisher Taxation Institute of Australia
Place of publication Sydney, N.S.W.
Publication date 2010
ISSN 0812-695X
Summary This paper examines what, if any changes should be made regarding certain aspects of the superannuation system. Specifically, it looks at possible changes to the superannuation tax regime, measures intended at increasing superannuation balances, as well as policies aimed at improving the price and availability of retirement income streams. The recommendations of the final report of the Henry Review on these issues are also critically evaluated. The paper finds that a greater targeting of superannuation tax concessions towards middle and lower income earners would make the system more equitable and achieve other desirable goals such as increasing voluntary savings. Furthermore, the available evidence suggests that the current mandatory contributions rate of 9% is adequate, and a higher contributions rate is likely to have more costs than benefits. On the issue of superannuation income streams, the article finds that whilst taxpayers should continue to be allowed to take their superannuation as a lump sum, policies should be implemented to make lifetime annuities more readily available and better value for money. The Henry Review's recommendations on these issues, with some exceptions, are for the most part sound and based on logic.
Language eng
Field of Research 180125 Taxation Law
Socio Economic Objective 910110 Taxation
HERDC Research category C1 Refereed article in a scholarly journal
HERDC collection year 2010
Copyright notice ©2010, Taxation Institute of Australia
Persistent URL http://hdl.handle.net/10536/DRO/DU:30031365

Document type: Journal Article
Collections: Faculty of Business and Law
School of Law
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