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Turnbull mulls over cuts to superannuation tax breaks

Prime Minister Malcolm Turnbull
Prime Minister Malcolm Turnbull LUKAS COCH

THE Turnbull Government may cut superannuation contribution tax breaks and the work expense deduction system to make way for minor income tax cuts.

After Prime Minister Malcolm Turnbull on Sunday rejected the prospect of an increase in the GST, attention has turned to how he will deliver on promises to deliver lower taxes ahead of the coming election.

Mr Turnbull told parliament on Tuesday that instead of the GST rise, the government was now looking at a "tax mix switch", but did not detail what that "switch" would involve.

Fairfax reported Tuesday the government was considering cutting superannuation contribution tax breaks, and possibly negative gearing.

That report also referenced tax systems in the United Kingdom and elsewhere, where complex employee tax deduction systems were abolished in favour of lower marginal income taxes.

But, just three months out from the government's final budget before the election, no specifics have been released.

Topics:  superannuation


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