Tax on super over $100K a year

LABOR will unveil its superannuation reforms this morning with the sector lining up press conferences to respond to a government announcement.

Superannuation Minister Bill Shorten and Treasurer Wayne Swan are due to hold a press conference in parliament house at 9am AEST and reveal the eagerly-awaited reforms.

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“We understand the government is hoping to settle all the speculation on superannuation today,” one source told News Limited.

Mr Shorten was due to fly out to China with the Prime Minister this morning but has delayed his trip until Sunday.

Yesterday cabinet minister Craig Emerson said the reforms would be made public “by the budget”.

Speculation over the government’s planned raid on superannuation hit fever pitch this week. The government is understood to be looking to target tax concessions on superannuation contributions for the top 1 to 2 per cent of income earners.

The reforms were due to be part of next month’s federal budget.

Treasurer Wayne Swan said on Wednesday the superannuation changes would not deliver “significant” savings to the government’s bottom line. However with a major revenue hole they are likely to provide some relief.

A spokesman for Mr Shorten told News Limited this morning: “I have nothing to tell you right now”.

More to come...

Share the anguish of columnist Joe Hildebrand, who painstakingly avoided talking about superannuation... until now.

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