Andrew Murray (WA, Australian Democrats) Share this | Hansard source

My question is to the Minister for Finance and Administration, Senator Minchin, also representing the Treasurer. Minister, from 1 July, payouts from a superannuation fund will be tax free for those aged 60 and over. Has the minister noted that the three main criticisms being aired in the media are that this policy dangerously narrows the income tax base, disproportionately advantages high-income earners and still allows high-income earners to claim further tax rebates? What is the government’s response to those criticisms? Dealing with the last of those three criticisms, which concerns double-dipping, wouldn’t that problem be solved by simply requiring tax-free super income to be declared on annual tax returns? Minister, will well-off retirees earning $100,000 or $200,000 be able to qualify for the low-income tax offset and, if they will, why should they be able to?