taxation, government, australiaWith the introduction of the mining tax the Australian Federal Government is aiming to gradually increase compulsory contributions into superannuation by employers from 9% to 12% over a number of years.
The Government plans to use part of the takings from the mining tax to give businesses a reduction in the company tax rates as part compensation for the increase in contributions they will need to start paying into their employee’s superannuation funds.
The Government’s motive in doing this is to increase the retirement savings of the workforce so they are less reliant on the Government Pension when they retire. Is there a better way for the Government to achieve this goal?
There were no answers to this question.
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