Call to extend super deductions

Macquarie Adviser Service’s superannuation specialist, David Shirlow, has called on the government to extend the tax deductibility of personal contributions for the self-employed to all working Australians.

Shirlow, MAS’s head of technical services, said extend­ing the deductibility to employee contributions could be introduced alongside complementary means-tested rules on eligibility for the government co-contribution.

The level of co-contribution could be graduated ac­cording to the applicable tax brackets to match the value of the tax concession to the individual’s income, he said.

“This approach involves a substantial reduction in the complexity of superannuation rules for both fund members and their financial advisers,” Shirlow said.