Australia Flags Cutting Tax Breaks for Wealthy Retirees
- Treasurer Morrison starts to firm up election reform package
- Any savings could be redirected to tax cuts elsewhere
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Australia’s Treasurer Scott Morrison indicated he’s looking at reducing tax breaks for wealthy retirees as part of a government plan to overhaul the nation’s tax system.
The nation’s retirement savings scheme, known as superannuation, “should not be seen as an open-ended savings vehicle for wealthy Australians to accumulate large balances,” Morrison said in a speech in Brisbane Friday.