Industry Calls for Review on Tax Rates on Superannuation

By Meriba Tulo – EMTV News, Port Moresby

Within the last few weeks, all major superannuation funds announced their full year results for 2018. While the message of saving has been at the forefront of their awareness to contributors, there have also been concerns raised on the level of tax imposed on member contributions.

There has been a general consensus that the level of tax paid by contributors when they receive their final entitlements, are too high – with calls now for the Government to reconsider how member superannuation contributions are taxed. According to Chairman of Nambawan Super, Anthony Smare, there needs to be serious consideration on the tax imposed on member savings.

Meriba Tulo

is a Senior Reporter and Presenter and currently anchors Resource PNG as well as EMTV's daily National News.

Meriba Tulo