Can't believe there isn't a thread about the latest change to super by Labor. Another rule change, another shift of the goal posts. By the time I get to near retirement the retirement age will be greater than life expectancy.
Interesting that there's 16 billion something in "unclaimed" super but no one can access it hey...wonder who'll claim our cash
Surprised? That there wasn't already a thread about it, yes. That the goal posts have been moved again, no.
I guess the less there is to worry about, the harder one must look to find a problem. Got to love human nature.
There's a point reached as well when superannuation becomes more an "easy" means to reduce tax liability rather than saving for retirement. That's probably what the government is thinking. Mind you the government doesn't need the money so it's just virtue signalling on its behalf.
Definitely virtue signalling. Government have to pretend to do something. I’m also sure those people with over 3 million in super will get some tax breaks or perk somewhere else to offset it.
@Leo, how about this? If the Trustees of a SMSF buy shares in companies that pay fully-franked dividends then the 30% tax liability has already been paid therefore the Fund would have no tax liability. Would that be correct?
Id get it out if I was anywhere near the cap, bear in mind the cap is set and probably will be at that level for many years so your current 2 mil balance will be at 3 mil before you know it. There is little advantage to pouring extra funds into super in exchange for not being able to access and have to deal with constant goal post changing. I personally don't think its worth it. Timmy
I think the reason no one made a thread about is probably because they saw the announcement say $3 Million and they just though yeah, nah that will never affect me, no chance I will ever get there. The Albanese Government is making Australia’s world‑class superannuation system more sustainable and fairer with one modest change that affects less than 0.5 per cent of all Australians. https://ministers.treasury.gov.au/m...2022/media-releases/superannuation-tax-breaks
I wouldn’t have much of an issue with it if this was indexed to CPI. But think of those joining the workforce today. They’re paying for the same pensions that they will themselves never receive. Plus they’re saving for their own retirement into a scheme that will no doubt see them caught up in this 3m tax base broadening scheme. Someone retiring 40 years from now won’t buy half a house with $3m.
Something tells me this is only the beginning. I wouldn’t be surprised if they reduce the threshold from $3mil to $2.5mil then $2mil then $1.5mil and so on over time. And……if for some unfortunate reason you don’t reach your retirement age, inheritance tax will gladly take a cut.
Of course they'll cut it both ways. The Greens have already called for the limit to be lowered to $1.9M accounts - it did not take even a week for them. And going forward, thanks to the inflation more and more Australians will hit that threshold. See the limit won't ever move back up, even though you'd have to pay $50k for a Macca meal. How come this is not self evident to everyone? Maybe it's because I've lived in a semi-socialist country that I see this rort is clear as day.
