Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

Superannuation is taxed at very concessional rates. I think honourable members will understand that the earnings of funds receive a concessional tax treatment, which is 15 per cent, during the accumulation phase and benefits are tax-free when they are drawn down. The one-third capital gains tax discount to which he refers—on capital gains for super funds—reduces it to 10 per cent, so it is from 15 per cent to 10 per cent for assets held for longer than 12 months. So the tax on superannuation funds earnings in the accumulation phase, whether it is regarded as income or capital, is remarkably low. It is very concessional. That is part of the scheme.

What we are looking at is the entire superannuation system, as you would expect in any responsible review of taxation.

Opposition members interjecting—

Unlike the Labor Party, we are not rushing into snap decisions—to reckless decisions—which are going to undermine property prices.

Opposition members interjecting—

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