Finance

Superannuation anti-detriment payment to go under reforms; Trade minister Andrew Robb lashes out at TPP critics: Midday Roundup

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A tax rebate that boosted the retirement nest eggs of superannuation holders after their death will be scrapped under the federal government’s proposed tax reform package.

Known as an anti-detriment payment, the refund is distributed to beneficiaries of the deceased fund holder including spouses and children.

Federal Liberal MP Michael Sukkar told Fairfaxthe tax payments are a “loophole” that needs to be closed.

The anti-detriment payments are popular with self-managed super funds and the scheme is estimated to cost the government about $100 million a year, which has been forecast to grow.

 

Trade minister Andrew Robb lashes out at TPP critics

 

Trade minister Andrew Robb has lashed out at critics of the Trans-Pacific Partnership trade deal, saying people should stop “jumping at shadows”.

The full terms of the trade deal were made public yesterday, with the Labor opposition saying it will look over the document closely.

While US President Barack Obama backs the TPP, presidential candidate Hilary Clinton and many within Obama’s party are opposed.

“Within 20 minutes there were predictable people ringing media outlets giving so-called expert opinions,” Robb said, according to the ABC.

“They don’t do themselves any sort of justice by jumping at shadows and peddling lines they’ve been peddling for years without looking at what’s been negotiated.”

The TPP has come under fire for supposedly not mentioning climate change, however, Robb has defended the deal.

“This is not a climate change policy, it’s not an agreement to do with climate change, it’s a trade agreement,” he said.

 

Shares up on open

 

Aussie shares have once again dipped into the red this morning off the back of a poor showing from Wall Street.

Ric Spooner, chief market analyst for CMC Markets, said the stock market looks set for a nervous opening this morning as the world waits on tonight’s US jobs data.

“There could be short-term volatility associated with market’s assessment of the Fed decision,” Spooner said.

“Traders will be conscious of the downside risk created by gravity and the fact that the US market is heading into the key jobs data after such a strong rally.”

The S&P/ASX 200 benchmark was down 25.2 points, falling 0.49% to 5167.8 points at 11:31am AEST. On Thursday, the Dow Jones closed 4.15 points lower, down 0.02 % to 17,863.43 points.

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