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NewsWhat 20,000 older Australians think tax reform should look like
What 20,000 older Australians think tax reform should look like

What 20,000 older Australians think tax reform should look like

Tags: Consumer Action Cost of Living FiftyUp Club Sticking Up for FiftyUps
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A survey into cost of living pressures for older Australians provides the Treasurer and Prime Minister with all the answers they need on tax reform.
 

Nick Rakis, 57, from Sylvania is just one of 20,000 over 50s who have joined a campaign to highlight the cost of living pressures, including the tax system, older Australians face as they retire. Like many older Australians he is open to tax reform and he believes the base for the GST should be broadened.

“Tax reform to create a simpler taxation system for people who are working and for businesses is long overdue,” Mr Rakis said.

It is these ordinary and hard-working Australians, facing retirement, who should be invited to the discussions on tax reform.

The campaign has revealed that older Australians would like a fairer tax system as they enter retirement, given saving for retirement was not compulsory in their day.

The fact is, older Australians are open to reform; Of the 20,000 older Australians who joined the campaign;

·            almost half were open to changes to the GST either by broadening the base, increasing the rate or both;

·            another 45% think tax concessions for people with large super balances should be wound back;

·            almost 4 in 5 expect to depend in some way on the age pension.

In another recent poll of 1,906 over-50s by the Club, 89% think retirees should have the option to sell the family home and downsize without affecting their pension.

“In this campaign we’ve sought to take the cost of living away from the pundits and politicians and give it to the people,” FiftyUp Club spokesperson Christopher Zinn said.

What do you think Treasurer Scott Morrison should concentrate most on when it comes to the tax reform agenda? Leave your comments below.

 

 

Originally posted on .

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What 20,000 older Australians think tax reform should look like

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Ed
Ed from NSW commented:

Have the same rules for politicians as they impose on the rest of us. Retirement is final no getting massive pensions at 50 and then getting another job, no golden handshakes and free travel arrangements. 

Phil
Phil from QLD commented:

Bring in a higher Rate of GST and reduce PAYG rates, and leave Super as it is and encourage contributions :) at no tax !!!! And leave Super Funds alone to manage our money and not be forced into Public/Partnerships !!!! 

Michael
Michael from NSW commented:

I agree with the consensus to broaden the GST tax base but leave it at 10%. Cut back further on wasteful and unnecessary expenditure in government but dont run departments down ( like centrelink) to the incompetent level they currrently are at. Trim back on negative gearing (maybe exclude depn on repairs and buildings) and restrict its benefits to persons owing a maximum of three homes. 

Imagrumpy
Imagrumpy from QLD commented:

Taxation is too complex, too UN-fair & has too many loopholes, but the biggest issue is spending. We need to cut wasteful spending federal, state, territory & local. Don't raise the GST, but broaden & simplify it. Go back over the Henry review again & DO it. 

Rod
Rod from NSW commented:

Raise the GST and lower the tax rates for all levels of income. With lower tax rates remove or limit the no of family tax benefits so that families & individuals can take more responsibility for their expenditure & again contribute to the total tax $ available to the government. Older Australians should pay lower tax rates thereby encouraging them to spend more which will help build the economy &, via GST, provide more tax $ to the government 

Gabrielle
Gabrielle from NSW commented:

Stop wasting money, ie taxpayers money, bring back the carbon tax (not cyclone tax) and bring back the mining tax. Scale back or get rid of the CGT and the land tax this will generate jobs & investments. Perhaps a flat rate for tax, for example, 10% so if you earn 50,000 pa you'll $5,000 if you earn $1,000,000.00 you pay $100,000. Leave the pensioners & self funded retirees ALONE !!! we have already paid. Oh and no pension for any parliamentarians, politicians etc when they retire. 

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