Latest news with #MattThistlethwaite
Perth Now
5 days ago
- Business
- Perth Now
Real number of Aussies hit by super tax
Politicians have clashed over the number of Australians that will be caught up in Labor's proposed super tax. Labor MP and Assistant Minister for Foreign Affairs and Trade Matt Thistlethwaite was pressed over the Albanese government's proposal to roll back concessions on ultra-high super balances and tax unrealised gains that would penalise younger generations in the future. The plan, one of the government's key economic policies, will hit those with more than $3m in their superannuation accounts with an extra 15 per cent tax – initially forecast to be about 80,000 people by 2025-26 – on top of the 15 per cent all super fund members are taxed on their earnings. That number has now jumped to up to 1.2 million Australians, significantly more than the original figure. '1.2 million Australians in the long run – that's not the small amount you've all been saying,' Sky News' Pete Stefanovic questioned Mr Thistlethwaite on Monday morning. Matt Thistlethwaite said the proposal was to ensure 'fairness and equity' in the Australian taxation system. NCA NewsWire / Martin Ollman Credit: News Corp Australia 'Well, this is a policy … that's aimed at ensuring that we got fairness and equity in our taxation system,' Mr Thistlewaite began, before being cut off swiftly by Stefanovic: 'How's that fair if the PM gets a pass?' The proposal has come under fire for the inclusion of 'special rules' that would exempt Anthony Albanese until after the Prime Minister retires. Mr Thistlewaite continued: 'Everyone who's on a defined benefit scheme will be treated the same. That's the basis of it. 'Regardless of your occupation, where you live, (everyone) will all pay the same … at the moment, some people can divert money from income to avoid paying income taxation into superannuation to get a concessional rate. 'Now the average teacher, the average childcare worker or emergency services worker can't do that, so we just want to make sure that the system is fair and equitable, and everyone pays their fair share of tax.' The $3m figure will not be indexed, leaving about 1.2 million people within 30 years liable for the tax, Assistant Treasurer Daniel Mulino revealed last month. Liberal senator Hollie Hughes accused the government of not considering the 'unintended consequences'. Liberal senator Hollie Hughes accused the government of not considering 'unintended consequences'. NCA NewsWire / Martin Ollman Credit: News Corp Australia 'I had dinner with a small-business owner last week whose office building is part of a superannuation plan, and her message to me was incredibly clear that if this goes ahead she does not know what she can do because this is something that the business is invested in, she's invested in,' Senator Hughes said. 'It's her business, and now, because of the increase in property prices she doesn't know if she can afford to pay a tax on an unrealised gain.' She said the tax would come 'knocking on the doors' of everyday Australians, especially small business owners and farmers. Questioned again about the confirmed number of Australians to be impacted by the tax, Mr Thistlethwaite said: 'Initially, it's a very small it's a very small number of Australians, less than 0.5 per cent of the population. Treasurer Jim Chalmers was accused of writing 'special rules' that exempt Prime Minister Anthony Albanese from Labor's super tax. NewsWire / Martin Ollman Credit: News Corp Australia 'I think we got to realise we're only talking about (balances) above $3m, and we're talking about something that hasn't been legislated yet, but at the moment people have the choice. 'They can pay their income tax or they can divert it into superannuation to get a concession.' He said the Labor government would 'work' with the opposition if it were prepared to be 'fair and reasonable'. The tax is proposed to take effect from the start of the next financial year, July 1.
News.com.au
5 days ago
- Business
- News.com.au
Matt Thistlethwaite questioned over the number of Aussies impacted by Labor government's proposed super tax
Politicians have clashed over the number of Australians that will be caught up in Labor's proposed super tax. Labor MP and Assistant Minister for Foreign Affairs and Trade Matt Thistlethwaite was pressed over the Albanese government's proposal to roll back concessions on ultra-high super balances and tax unrealised gains that would penalise younger generations in the future. The plan, one of the government's key economic policies, will hit those with more than $3m in their superannuation accounts with an extra 15 per cent tax – initially forecast to be about 80,000 people by 2025-26 – on top of the 15 per cent all super fund members are taxed on their earnings. That number has now jumped to up to 1.2 million Australians, significantly more than the original figure. '1.2 million Australians in the long run – that's not the small amount you've all been saying,' Sky News' Pete Stefanovic questioned Mr Thistlethwaite on Monday morning. 'Well, this is a policy … that's aimed at ensuring that we got fairness and equity in our taxation system,' Mr Thistlewaite began, before being cut off swiftly by Stefanovic: 'How's that fair if the PM gets a pass?' The proposal has come under fire for the inclusion of 'special rules' that would exempt Anthony Albanese until after the Prime Minister retires. Mr Thistlewaite continued: 'Everyone who's on a defined benefit scheme will be treated the same. That's the basis of it. 'Regardless of your occupation, where you live, (everyone) will all pay the same … at the moment, some people can divert money from income to avoid paying income taxation into superannuation to get a concessional rate. 'Now the average teacher, the average childcare worker or emergency services worker can't do that, so we just want to make sure that the system is fair and equitable, and everyone pays their fair share of tax.' The $3m figure will not be indexed, leaving about 1.2 million people within 30 years liable for the tax, Assistant Treasurer Daniel Mulino revealed last month. Liberal senator Hollie Hughes accused the government of not considering the 'unintended consequences'. 'I had dinner with a small-business owner last week whose office building is part of a superannuation plan, and her message to me was incredibly clear that if this goes ahead she does not know what she can do because this is something that the business is invested in, she's invested in,' Senator Hughes said. 'It's her business, and now, because of the increase in property prices she doesn't know if she can afford to pay a tax on an unrealised gain.' She said the tax would come 'knocking on the doors' of everyday Australians, especially small business owners and farmers. Questioned again about the confirmed number of Australians to be impacted by the tax, Mr Thistlethwaite said: 'Initially, it's a very small it's a very small number of Australians, less than 0.5 per cent of the population. 'I think we got to realise we're only talking about (balances) above $3m, and we're talking about something that hasn't been legislated yet, but at the moment people have the choice. 'They can pay their income tax or they can divert it into superannuation to get a concession.' He said the Labor government would 'work' with the opposition if it were prepared to be 'fair and reasonable'. The tax is proposed to take effect from the start of the next financial year, July 1.
Sky News AU
26-05-2025
- Business
- Sky News AU
‘Under the socialism umbrella': Labor torched over ‘pie in the sky' super reform
Assistant Foreign Minister Matt Thistlethwaite has been forced to defend the Albanese government's proposed superannuation reforms, which seek to tax unrealised gains and apply an additional tax on balances over $3 million. The proposed legislation will apply a 30 per cent tax rate to super balances of more than $3 million, including unrealised capital gains. Sky News First Edition host Peter Stefanovic pressed the Labor MP on the policy and said it seemed 'unreasonable' and 'totally bizarre' to tax an unrealised gain. 'Essentially, it's an equality argument. We're saying that people shouldn't be able to shift income into superannuation to avoid paying their fair share,' Mr Thistlethwaite told Sky News Australia. 'Now, if you don't tax it in that manner, then it means that people will simply shift all of their assets into property.'
ABC News
23-05-2025
- Politics
- ABC News
Australia's foreign minister wraps up Pacific tour
Over the past week, Australia's Foreign Minister Penny Wong has been on a three-nation Pacific tour visiting Fiji, Tonga, and Vanuatu. Her trip comes just two weeks after the Australian federal election, which saw the Labor party sweep back into power for a second back-to-back term. As part of her visits, Senator Wong has re-emphasised Australia's commitment to climate action in Fiji, funding health reform in Tonga and reviving a bilateral partnership with Vanuatu. Dr Tess Newton Cain, adjunct Associate Professor at the Griffith Asia Institute, said there's no denying the amount of work that's gone into building relations with the Pacific, including listening to regional concerns. 'I think it's a process, not a product. You can't kind of tick he box and say, "Okay, we've done the listening now," said Dr Cain. She said the key now is whether the Australian government can sustain the pace it set in the first term. Dr Newton Cain also expects the face representing Australia in the region to change, with Assistant Minister Matt Thistlethwaite taking up a more prominent role. 'Given everything else that's going on in the world, we may not see uh Senator Wong in the region very often.' 'So, it's good for him (Assistant Minister Thistlethwaite) to get a chance to get his feet on the ground and meet some of the people that he's going to be dealing with,' said Dr Newton Cain.
Sky News AU
05-05-2025
- Politics
- Sky News AU
Albanese's campaign ‘reflected' the needs of the Australian people
Assistant Immigration Minister Matt Thistlethwaite discusses Labor's goals for their second term following the Australian federal election which saw Prime Minister Anthony Albanese re-elected. 'Anthony Albanese's steady, stable leadership really shone through in this campaign, and the policies and the plan that we put together really reflected what the Australian people wanted,' Mr Thistlethwaite said. 'I think the other factor was Anthony Albanese's experience and leadership; there's no one in the parliament who has the campaign prominence and ability of the Prime Minister.'
