Hostplus has welcomed the government’s proposed changes to superannuation tax policy announced today, describing them as a meaningful step toward a fairer and more sustainable retirement system for Australians.
Hostplus CEO David Elia said the proposed changes - including indexation, the exclusion of tax on unrealised gains, and an increase to the Low-Income Superannuation Tax Offset (LISTO) threshold - represented a smarter, more considered approach to super tax reform.
“These changes strike a more effective balance between ensuring fairness in the tax system and meeting the nation’s revenue needs,” Hostplus CEO David Elia said.
“Hostplus applauds the government’s decision to revisit the policy and engage in further consultation, which has ultimately delivered a stronger, fairer outcome.
“Today’s announcement is a win for Hostplus members and other hardworking Australians who are trying to save for a dignified retirement.”
Mr Elia said the fund was particularly pleased to see indexation and changes to the LISTO included in the policy, as these measures are expected to deliver the greatest benefit to Hostplus’ 1.9 million members.
“Indexation acts as a safeguard to protect those who were never intended to be captured by the tax measure, ensuring that it remains targeted even as super balances grow over time,” he said.
“The policy now reflects a more targeted and balanced approach to superannuation taxation that ensures high earners contribute fairly, while delivering meaningful relief to low-income Australians.
“Raising the LISTO threshold is something the industry has championed over a long period and will make a real difference for millions of Australians - including many Hostplus members”.