Former NSW premier and senator Kristina Keneally has ruled out a return to frontline politics and says Labor’s plans to double charitable giving needs more work.
says Australia’s $3.5 trillion superannuation system has become a taxpayer-funded inheritance scheme and the rules should be overhauled to allow account holders to leave money directly to charities., the Sydney Children’s Hospital Foundation chief executive said Paul Keating’s vision for the superannuation system was at risk, with tax concessions in place “just to support a new form of private wealth transfer within families”.
Under current rules, unspent retirement savings can only be directed to charities via a will. But about 50 per cent of Australians die without preparing a will and subsequent donations from superannuation attract a tax rate of 17 per cent.The philanthropic sector wants rules allowing Australians to list a charity as a benefactor in a binding death benefit nomination, removing the tax and requirement for a will.
“Providing tax benefits to facilitate private wealth transfer within families, which is what superannuation, if left on its current trajectory, will be doing is not achieving the aim of a more equal society.”crack down on generous tax concessions for Australians with more than $3 million in savings.Labor came to government promising a doubling of philanthropy by 2030.
“One of the great challenges for the philanthropic sector is that it’s in a not-for-profit starvation cycle,” she said. “Government and individuals seem unwilling to fund the indirect costs of running charitable organisations.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
- the cost of gender inequality in AustraliaA report into economic equality commissioned by the federal government shows the country is $128 billion poorer from not including women properly.
Read more »
- the cost of gender inequality in AustraliaA report into economic equality commissioned by the federal government shows the country is $128 billion poorer from not including women properly.
Read more »
- the cost of gender inequality in AustraliaA report into economic equality commissioned by the federal government shows the country is $128 billion poorer from not including women properly.
Read more »
Australia inflation: Voters were focused on cost of living, not Voice, survey revealsEight in 10 voters wanted the government focused on the cost of living at referendum time, while just one in 10 said the same of the Voice, the latest True Issues survey reveals.
Read more »
Are the Melbourne vs Sydney opera wars finally coming to an end?Opera Australia’s new program is trying to restore some balance between Australia’s biggest cities.
Read more »
Head for heights: an uplifting Belgian house conversionImagination and a sense of fun gave this 1920s Flanders home a low-cost new look
Read more »