Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Messy Tax Bill hurts low income savers


Messy Tax Bill hurts low income savers

Poor process produces the wrong Bill and taxes low income savers

For Immediate Release

Thursday, June 01, 2000

The clear message to the Finance and Expenditure Select Committee, from every submitter, is that the new Superannuation Scheme withdrawal tax is shoddy legislation to patch up the holes in the pre-Christmas tax-hike..

"This complex tax bill will hurt low income savers. It is a real disincentive to superannuation saving by anyone who earns less than $60,000 because it taxes them at the highest rate if they withdraw money from the scheme The submitters understand this, so why can't Michael Cullen work it out?"

Annabel Young was commenting on the Taxation (FBT, SSCWT and Remedial Matters) Bill 2000 which is currently before the Finance and Expenditure Select Committee.

"Because of their rush, Labour/Alliance are amending the wrong bill. They have produced a complex change to the Tax Act when they should have made a simple change to the Superannuation Schemes Act if they want to tighten the superannuation rules," says to National List MP, Annabel Young. Annabel Young blames the bad bill on the hasty way it was rushed in to the House.

"If the Minister had followed the usual consultative process, he would have been warned. But Cullen just rushed in without consulting anyone on the detailed provisions."

For further information contact:

Annabel M Young MP Parliament: Phone (04)471 9427 Fax (04)472 4169 Mobile: 021 663 065

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>


Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>


Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>


More Justice & Corrections

Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>


Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>


Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>


General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news