No Booze, No Bets: Expert Warns New Super Tax Penalises Prudent Savers

Australia’s Labor government is pushing through a higher tax on individual retirement savings.
No Booze, No Bets: Expert Warns New Super Tax Penalises Prudent Savers
An Australian 100 dollar note is shown on Oct. 6, 2009. Greg Wood/AFP via Getty Images
Josh Spasaro
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Senior tax specialist Jane Agirtan warns the impending tax on higher retirement funds in Australia could penalise those who have worked hardest to build their nest eggs.

A councillor for the City of Kingston, Agirtan said one of her clients had bought shares in the 1980s and 90s in major companies like BHP and the Commonwealth Bank.