The Australian Financial Review article Financial Services Association of Australia president Andrew Legg said the government’s new tax system was “designed to make it very hard to get out of financial debt”.
“The tax system will be geared towards helping Australians manage their finances better, and in doing so, it will help to encourage more investment in our country,” he said.
“We are also concerned about the potential impact on the ability of Australians to invest in their own retirement, particularly in the context of the low rate of interest we will be seeing over the next two years.”
“There is also concern that the proposed GST on financial transactions will affect the ability to engage in certain types of financial transactions.
The proposed GST is also designed to incentivise financial planning that would reduce the need for complex financial planning and help reduce the risk of excessive or unnecessary investment in an investment.”
AAP/ABC NewsTopics:economics-and-finance,government-and_politics,financial-services,business-economics,consumer-fraud,finance-and/or-consumer-protection,law-crime-and -law,consumer,federal—state-issues,au,australiaFirst posted October 01, 2020 14:30:18Contact Christopher Haggart