Labor's superannuation bill

It was not that long ago you could contribute 1 mil in a single financial year into a SMSF tax free.
Many people I know around that time sold property to dump it into the SMSF. To then use that same money to but property.
It was tax advantageous.

Fast forward now the money is trapped in property forcing you to sell it in a short while as you were reliant on that income for retirement, only to pay more tax in retirement because you
worked hard sold your second property and contributed to SMSF.

How policy dictates everything you can/can not do and your future.

With out doing the numbers long term you may as well just have property in a trust and paid a bit every year.

Timmy
 
Timmy88 said:
It was not that long ago you could contribute 1 mil in a single financial year into a SMSF tax free.
Many people I know around that time sold property to dump it into the SMSF. To then use that same money to but property.
It was tax advantageous.

Fast forward now the money is trapped in property forcing you to sell it in a short while as you were reliant on that income for retirement, only to pay more tax in retirement because you
worked hard sold your second property and contributed to SMSF.

How policy dictates everything you can/can not do and your future.

With out doing the numbers long term you may as well just have property in a trust and paid a bit every year.

Timmy
Click to expand...

Governments are expert fishermen.
Burly up, attract many fish and then cast the net.
I’m weary of free meals, it’s often a trap.
In gold we trust
 
betterinvestmentthanshare said:
Governments are expert fishermen.
Burly up, attract many fish and then cast the net.
I’m weary of free meals, it’s often a trap.
In gold we trust
Click to expand...

Gov are notorious for advancing a particular investment strategy ( so u can be self reliant in the future, lol ) once enough people are locked in, the Rug Pull - TAXATION on that Strategy.

Only a little bit of taxation to start. Then the slow advancement, until it's just bearable, because of the cost of switching out.

The other trick is INFLATION. As ur wages inflate to keep up with price inflation ( which it never does ) they don't move TAX BRACKETS by the same inflation amount. So ur wages don't keep up with price inflation, but wage increases push u into a higher TAX Bracket, u loose more money. Sneaky Bastard :mad:
 
Exactly.

Where to from here.

Another thing most are not aware of upon your death you SMSF has to be distributed to your next of kins.
If you hold property that forces the sale of that asset.

Not sure if that triggers capital gains (probably does) but certainly greases the wheels of parasites.
Your dead, your next of kin/s are forced to sell. Someone else buys paying stamp duty, agent fees etc.
rinse and repeat.

For me, SMSF is dead. I will not put a cent more than the minimum % of your wage.
There is zero point in having property in super.

My biggest concern is these new unrealized gains may be moved to trusts.

Timmy
 
Timmy88 said:
Exactly.

Where to from here.

Another thing most are not aware of upon your death you SMSF has to be distributed to your next of kins.
If you hold property that forces the sale of that asset.

Not sure if that triggers capital gains (probably does) but certainly greases the wheels of parasites.
Your dead, your next of kin/s are forced to sell. Someone else buys paying stamp duty, agent fees etc.
rinse and repeat.

For me, SMSF is dead. I will not put a cent more than the minimum % of your wage.
There is zero point in having property in super.

My biggest concern is these new unrealized gains may be moved to trusts.

Timmy
Click to expand...

100% mate.

Gov is fishing around for anything the can get their Greedy Tax Grip into :mad:

I'm 63 yrs, so just manage my own money. All out of Super as fees were getting to much. What I'm earning on my money is not covering REAL INFLATION :( but I can still save enough to keep moving ahead ATM.

My biggest hope is to make it far enough on my cash that I can " gift " my Gold/Silver to my kids ( no Taxation ) :cool:

EVERYWHERE u turn now is Fees/Surcharge's/Taxes. Everyone trying for pieces of u but especially the GOV ! :eek:
 
It’s why it is so important to stay current with politics and policies, something I didn’t care much for until I got older and accumulated wealth. There’s a saying “making wealth is hard, holding onto it is harder”
I believe there’s a miss conception of losing one’s wealth through fear mongering and then mis directions, paid insurance is a classic example. Insurance declares your wealth to the state, I’m all for protecting one’s wealth but not by mainstream methods.
Protection from the general public and the greedy tentacles of the government by keeping a head of the game.
I don’t mind paying a reasonable tax to keep our country in good shape but what’s been happening is total theft and mismanagement, so I protect my wealth and reduce my taxes legally until the government proves they can do a better job.
 
betterinvestmentthanshare said:
It’s why it is so important to stay current with politics and policies, something I didn’t care much for until I got older and accumulated wealth. There’s a saying “making wealth is hard, holding onto it is harder”
I believe there’s a miss conception of losing one’s wealth through fear mongering and then mis directions, paid insurance is a classic example. Insurance declares your wealth to the state, I’m all for protecting one’s wealth but not by mainstream methods.
Protection from the general public and the greedy tentacles of the government by keeping a head of the game.
I don’t mind paying a reasonable tax to keep our country in good shape but what’s been happening is total theft and mismanagement, so I protect my wealth and reduce my taxes legally until the government proves they can do a better job.
Click to expand...

Mate ur last sentence reminded me of a Famous statement in an AUS Senate hearing. The quote was made by, then AUS richest man, Kerry Packer.

He said very similar to what u said when a senator ask him why he minimized his taxes, his reply was ( found the quote )

"I don't know anybody that doesn't minimize their tax," Mr Packer growled as he stirred his delicate parliamentary china cup of tea with a teaspoon. "I'm not evading tax in any way shape or form. Of course I'm minimizing my tax. If anybody in this country doesn't minimize their tax they want their head read. As a government I can tell you you're not spending it that well that we should be paying extra." :cool:
 
Our taxes aren't spent by the government so taxation is not theft but the essence of Packer's comments are valid.
 
SKULL said:
100% mate.

Gov is fishing around for anything the can get their Greedy Tax Grip into :mad:

I'm 63 yrs, so just manage my own money. All out of Super as fees were getting to much. What I'm earning on my money is not covering REAL INFLATION :( but I can still save enough to keep moving ahead ATM.

My biggest hope is to make it far enough on my cash that I can " gift " my Gold/Silver to my kids ( no Taxation ) :cool:

EVERYWHERE u turn now is Fees/Surcharge's/Taxes. Everyone trying for pieces of u but especially the GOV ! :eek:
Click to expand...


Whether chasing passive income or capital growth or both, there’s a time and place for all and then there’s TAX.
The better choices are never the easiest to make, going against the constant advertised narrative, however getting back to basics has always been in plain sight, often over looked because of its simplicity but has always been the the choice
 
Taxes are paid into the government's account with the RBA, the RBA then reconciles that with the outstanding liability IE our tax debt and hey presto! the balance becomes "0".

In other words the money is destroyed by the RBA therefore it is impossible for it to be spent.
 
mmm....shiney! said:
Taxes are paid into the government's account with the RBA, the RBA then reconciles that with the outstanding liability IE our tax debt and hey presto! the balance becomes "0".

In other words the money is destroyed by the RBA therefore it is impossible for it to be spent.
Click to expand...

Yes I understand the accounting/payment & zero balance, but where does the " Liability " come from ? ( the tax debt )
 
" Total Government Debt is the gross sum of liabilities across federal, state and local Government in Australia. Total Australian Government Debt increased by a mere 13.5% from December 1989 to December 2007, from AU$81.2 billion to AU$92.1 billion. However, from December 2008 to December 2017 Total Australian Government debt increased by over 520% from AU$115.4 billion to AU$716.3 billion." ( as of 30/6/2025 that Debt is very close to $1 TRILLION AUD )

"The primary reason behind this increase has been to provide depth in the market for government bonds so that the Reserve Bank of Australia can easily increase liquidity through open market operations by printing more Australian Dollars and buying the government bonds back".

Yes there is the RBA accounting/payment for the Balance Sheet. Gimmickry of money shuffling. ;)

Ultimately the AUS Gov spends the " People's Money " because it doesn't have it's own money. How the money is created/spent/repaid is not the point.

The point is that AUS Gov spending has AUS in Debt for $1 TRILLION :mad:
 
SKULL said:
Yes I understand the accounting/payment & zero balance, but where does the " Liability " come from ? ( the tax debt )
Click to expand...

The liability is created by the government when it sets the tax rates and we all pay future liabilities based upon our past liabilities.

SKULL said:
Ultimately the AUS Gov spends the " People's Money " because it doesn't have it's own money. How the money is created/spent/repaid is not the point.
Click to expand...

All money originates with the government.

The government uses agencies (the RBA and commercial banks) to bring money into existence, the "people's money" does not exist, everyone uses the government's money. And as far as the level of debt goes, it is completely immaterial. How the government deficit spends is more important as that is what has an impact on economic activity.
 
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mmm....shiney! said:
PP 19-33

https://moslereconomics.com/wp-cont...n-Deadly-Innocent-Frauds-of-Warren-Mosler.pdf
Click to expand...

I read it - NO. Just more Magic Money Theory.

USA perspective, as it's currently the worlds Reserve Currency:-

FIAT money and the Federal Reserve
The Constitution called into existence a monetary system in which gold coins and silver coins were the nation’s official money. That’s because they wanted nothing to do with paper money. They knew that governments throughout history had used paper money to plunder and loot people through inflationary debasement of the currency.

In 1913, Americans were scammed/hoodwinked into creating a central bank, the Federal Reserve System. The combination of the Fed with the paper-money system produced decade after decade of monetary debauchery, by which the government was able to steal from people by simply printing ever-increasing vast quantities of paper money. At the same time, this new system of monetary central planning produced a never-ending series of booms and recessions, beginning with the boom in the 1920s and the economic depression of the 1930s.

But in the 1930s, and without even the semblance of a constitutional amendment, U.S. officials decreed an end to the constitutional monetary system that had been in place for more than 100 years. Americans were ordered to turn in their gold coins to the federal government, on pain of fine and imprisonment for failing to do so. In return, they were given irredeemable ( for Gold/Silver ) paper notes.

There is but one solution to America’s monetary mayhem: the separation of money and the state — that is, a totally free-market monetary system — one in which the state is prohibited from interfering, controlling, providing, or regulating money.

In all of history NO FIAT MONEY has survived the Debauchery of Money Printing. The USA is just the Leader of the pack in this latest round of FIAT DEBASEMENT !

Proof:- The story is out today. The Treasury is selling $100 Billion in 4 week T BILLS. 4 WEEK !. That means that in just 4 weeks that $100 Billion in T Bills has to be rolled over & another $100 Billion in Debt has to be issued. Why 4 weeks ? Because the market won't take $100 Billion in debt at longer dates at the current interest rate & the Treasury doesn't want to sell $100 Billion in Debt at higher interest rates.

The DEBAUCHERY/DEBASEMENT of the currency is speeding up & will go exponential like Weimar Germany/Zimbabwe. Fiat money printing ALWAYS fails eventually. It's just a matter of time !
 
That's ok, you believe whatever narrative you want to.

I'm just here to tell you how it actually all works.

And there is a 0% chance that Oz, or the US or any other sovereign nation that issues and uses its own currency is going to go all "Weimar Republic".

Edit to add: unless by choice
 
Fantastic mate.

We have our views. Put them forward.

Others have a different view.

I appreciate the debate.

The future will show where our views will play out.

:cool:
 
If only it was as simple as that.

Most of our politicians, media and the electorate share a similar view to yours (values aside) on currency, budgets, taxation and debt.

And mostly they're wrong.
 
mmm....shiney! said:
If only it was as simple as that.

Most of our politicians, media and the electorate share a similar view to yours (values aside) on currency, budgets, taxation and debt.

And mostly they're wrong.
Click to expand...

OK,

time will prove the side the coin lands on

:cool:
 
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