Changes suggested by the Cooper Review on Australia’s superannuation system seemed to have affected a wide array of industries as some businesses and the indigenous art market both aired their concerns on Tuesday that the revisions to be implemented by the government could severely impact their respective sectors.
Under the new system, the federal government is set to raise compulsory superannuation contributions to 12 percent annually from its current rate of nine percent, in which about 70 percent of business owners polled by the Australian Chamber of Commerce and Industry (ACCI) complained that such regulation would prevent them from hiring more staff.
Also, from a total of 1100 business respondents, up to 80 percent expressed mixed concerns on finding the funds for the super levy while 75 percent raised some questions on the present level of payroll tax being imposed by the state and territory governments.
ACCI chief executive Peter Anderson said that the survey is indicative of the many issues that the government must deal with to address many business concerns on the revised superannuation system.
Mr Anderson added that “we look to the commonwealth in taking a leadership role in restructuring federal-state financial relations to enable taxes on jobs to be progressively reduced and eliminated over time.”
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