There has been a lot of confusion since the launch of this campaign, mostly caused by lazy journalism and deliberately misleading talking points from the Coalition.
GetUp isn't proposing touching any money currently invested in superannuation, and we certainly aren't calling for a "smash and grab" on anyone's savings. Nor are we calling for superannuation accounts to be retrospectively taxed
GetUp is campaigning for tax concessions on voluntary contributions to be removed. That means super contributions made by the wealthiest Australians would be taxed just like regular income.
The current tax concession laws are like a gift into the pockets of the wealthiest Australians, payed for by the taxes of low and average income earners. That's not fair.
We're proposing a change that would affect only the wealthiest Australians to make superannuation more equitable for everyone.
In fact, the cost of tax concessions given to the wealthiest 10% far exceeds the cost of just paying them the age pension.
Don't forget to sign the petition to let cabinet know that you support changes to make superannuation fairer and more equitable using the handy tool on the right.
We have released a report in conjunction with The Australia Institute to detail the inequities of the current system. The report relies on facts and analysis, rather than fear-mongering soundbites, to explain our position.
You can watch GetUp National Director Sam McLean explain GetUp's position with Fairfax here
Now, here's where the problem is. The percentage of their tax bill that high-income earners are allowed to keep is far higher than low-income earners. In fact, the bottom 10% of earners can get absolutely no help with their super from the government, while the top 10% are allowed to keep over $15 billion. This is money that could otherwise be spent on healthcare, education, infrastructure or any number of worthwhile areas.
This money needs to end up in areas where it is needed most.
A tax concession is when the government contributes to our super by allowing us to keep some of the money we would otherwise have spent on income tax.
SIGN THE PETITION
Current superannuation tax concession laws are unfair and unacceptable.
Australia must change current superannuation laws which provide the greatest benefit through tax concessions to the wealthiest Australians while the least well off get nothing. This money must be distributed to those who will struggle to get by in their retirement, or to areas like education, health, infrastructure and renewable energy production.
I urge you to follow through on your intention and make big changes to superannuation to make the system fairer and more equitable in the budget this May.