Tax-free superannuation payments for the over 60s to remain: Julia Gillard

Fears the federal government would impose greater taxes on superannuants over 60 have been allayed.

Prime Minister Julia Gillard said the government had no plans to introduce taxes on superannuation payments for over 60s.

“The government reaffirms that it will never remove tax-free superannuation payments for the over 60s,” she told Parliament.

The prosect was raised earlier this year given the government needs to seeks new ways to pay for spending promises.

It was suggested the $1.5 trillion Australian industry could have been on top of the list to fund the promises.

It has been estimated $32 billion worth of tax concessions are derived annually by superannuants.

Last May the government lifted the tax on superannuation contributions for Australians earning more than $300,000.

The government currently has a 15% tax rate on super contributions and earnings.