Day 1 of Senate Economics Estimates Shows Labor’s New Tax on Super Fails on Consistency and Transparency

It has been revealed that Labor intends to legislate their new tax on super without the bill itself directly applying to Mr Anthony Albanese and Senator Penny Wong. Under questioning, the Treasury told the Senate Economics Committee that the bill to enact the new tax on $3m balances will not directly apply to politicians.

Instead the Government has chosen to give itself a regulation making power. This means the Parliament will not be able to see the detail of how the scheme would apply to the Prime Minister’s own superannuation fund.

The Bill appears to allow a defined benefit scheme to defer a tax liability - flexibility not available to other Australians. It was further admitted that there was no timetable to publish the necessary regulations.

Labor has devised a new tax on super which will not apply to the head of the government at the time Parliament is reviewing the legislation.

This is a new low in transparency and integrity. Australians expect their politicians to devise rules which apply to all people equally and are available for public inspection.

Labor should publish the regulations alongside the bill before the Senate inquiry into the legislation is complete.

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