Latest news with #Thistlethwaite
West Australian
3 days ago
- Business
- West Australian
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
Sky News' Peter Stefanovic accuses Labor's super tax reform of falling under 'socialism umbrella' as MP cornered over the bill's long-term effects
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 more than $3 million, including unrealised capital gains. The $3 million threshold has not been indexed, meaning it will gradually drag more taxpayers into the tax net over time. The measure has been projected to raise $2.3 billion in the first year and $40 billion over a decade. 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. Mr Thistlethwaite said the proposed legislation would only affect a 'very, very small proportion' of people, but was then held to the fact more would be affected by the framework over time as wages increase. '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. Now, if you don't tax it in that manner, then it means that people will simply shift all of their assets into property,' Mr Thistlethwaite said. Asked why the tax was being put on unrealised gains instead of other kinds of revenue, such as businesses investments, Mr Thistlethwaite repeated it was based on an 'equality argument'. 'The average Australian worker, a nurse, a teacher, a childcare worker, they can't shift much of their income into superannuation to avoid paying their fair share of tax,' he said. 'But that less than one per cent of the population can because they're high-income earners. We don't believe that that's fair. We think that everyone should pay their fair share.' Mr Thistlethwaite's response attracted scepticism from Stefanovic, who pounced on the 'one per cent' argument. 'I think a lot of economists agree that there's opportunity in super - there is opportunity in super - it's just the idea of taxing something that hasn't happened yet, that's under the socialism umbrella,' Stefanovic said. Mr Thistlethwaite said if the legislation was not set up in such a way, there was a risk of 'undermining the actual purpose' of why the framework was being put in place. He said people could simply shift their money into other assets and avoid paying the tax. Asked who would be affected by the taxable threshold of $3 million in 20 years, Mr Thistlethwaite said 'at the moment, it's less than one per cent of the population'. Stefanovic repeated the question, to which the Labor Assistant Minister said the government could 'always adjust policies into the future'. ' We did take it to the election, so it's not like we're springing it on people. And it's essentially an equality argument,' he said. Outgoing Liberal Senator for NSW Hollie Hughes, who joined the panel, said it was 'just unbelievable' the Labor government was coming down on unrealised gains. 'We've now got such a high proportion of our tax system based in income tax. There are ways that it could be reformed,' she said. ' As someone departing the parliament, I hope that the Labor Party, in a similar way that Bob Hawke worked with John Howard, that there was able to be significant tax reform with serious parties of government actually able to work through this constructively. And again not this pie in the sky,' she said. 'I mean, unrealised gains is just unbelievable theft. 'But they're not relying on the Greens to pass this stuff, because if you want socialism, you'll get out and out communism if you let the Greens near it.'
BBC News
05-03-2025
- Health
- BBC News
Warning after woman dies following 'arm tuck' in Turkey
A coroner has warned of the "dangers" of travelling abroad for cosmetic surgery after a woman died from a mystery illness following a procedure in Turkey. Anne Towlson, 58, was found dead at home in Loughborough, Leicestershire, on 17 May with open wounds to her armpits and triceps having complained her arm was "killing her" days had undergone a pre-planned tummy tuck and liposuction, as well as agreeing to "last minute" arm tuck surgery at Green Park Hospital in Pendik, Istanbul, in April 2024, an inquest Thistlethwaite, assistant coroner for Rutland and North Leicestershire, published a prevention of future deaths report on Tuesday, after the inquest's conclusion. The report said: "British citizens are travelling abroad for significant and serious surgical operations with seemingly little in the way of follow-up and no way to return easily to the operating hospital if they encounter complications once they are back in the UK."This is not only dangerous but could place a significant burden on the NHS."The inquest heard Mrs Towlson died from a "mystery illness" after her wounds failed to heal properly. Immediately after her surgery, Mrs Towlson complained her "right arm was hurting" and her "compression garments were too tight".Her right hand was said to have "swelled up like a balloon and was seeping", the inquest was stayed in hospital for three days before going to a Towlson returned to the hospital twice where she was given antibiotics, anti-inflammatories, painkillers and a cream to take with her, the inquest was flew home on 3 May, nine days after the 4 May and her death, her internet search history included "infected stitches symptoms", and "armpit yeast infection symptoms", the inquest heard. Death 'inconclusive' On 7 May, she sent a video of her arm to the hospital, and was told it would be shown to a doctor, but did not hear 11 May, she told her daughter her arm was "killing her". Six days later, Mrs Towlson was found dead. The report said police photographs showed "the tummy tuck wound healing nicely" but "open wounds to Mrs Towlson's armpits and triceps" with her right arm "weeping and swollen".A post-mortem examination to determine the cause of death was inquest was unable to secure any information from the hospital including what the surgery consisted of, Ms Thistlethwaite said."On the balance of probabilities, Mrs Towlson was not given enough time to properly consider this decision," the coroner report was sent to Green Park Hospital in Turkey, as well as the British Association of Aesthetics and Plastic Surgeons.
