Discussion in 'Superannuation' started by SpacePete, Feb 22, 2016.
And the Financial Review got to add "diddly-squat" to their headline
Arguments about the level of capital gains 'discount' are nonsensical when no consideration is made of the time value of money. Trading assets over a longer term (eg 1yr +) involves gambling on the value of future dollars much more so than day trading on shares. Any arbitary change in the CGT 'discount' smacks of cynical scalping without regard for the supposed purpose of the CGT 'discount'.
use the gains to buy fiddies and count your gain
Just in case your thought that the government would be encouraging you toward being self-sufficient in your retirement, and just in case you thought that your super earnings would be for you to use in your retirement, in comes the government to take your money that you risked, and give it to someone else for doing absolutely nothing:
It'll have the support of the usual suspects, The Australia Insitute, ACOSS, the Unions etc - all of whom flourish in perpetuating the myth of inequality. :/
And the definition of "wealthy Australians" will broaden thanks to bracket creep and rhetoric.
Even if this specific measure doesn't go ahead, governments will try and try again. It is doubtful people under 40 today will be able to access their contributions at retirement beyond a small stipend from a goverment controlled fund. If there is a major economic crisis in the meantime then super funds could lose significant value or be used for bailouts and there's nothing you can do about it.
People are increasingly losing confidence in the system of mandatory super.
Separate names with a comma.