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Offline mhh

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  • Location: Adelaide
Did I hear it right? They are making major changes to super, mostly bad for high income earners.



Offline amgsl55

  • Tooth hurty

  • Joined: Feb 2011

  • Location: Adelaide
Did I hear it right? They are making major changes to super, mostly bad for high income earners.

are you surprised?



Offline Condor Man

  • Is it a Bird?? Well, sort of, Yes.... 300kph+ club
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Did I hear it right? They are making major changes to super, mostly bad for high income earners.

Correct.

Capping your retirement account at $1.6m.


Smart move from Liberal as it only affects 4% of the voters who will inevitably be all Liberal voters.
May the Horse be with you....



Offline mondi

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Superannuation
Winners
People earning up to $37,000 won't lose a tax rebate, capped at $500, on their contributions.


Losers
People with super balances over $1.6 million can no longer roll all savings into retirement funds with tax-free earnings.
People earning between $250,000 and $300,000 a year pay double the rate of tax on their super contributions.
Transition to retirement pension account holders have tax "loopholes" tightened.
Wealthiest 4 per cent forecast to be hardest hit by package.





Offline robertb

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So high income earners ,who contribute to the welfare State ,who will never need to rely on handouts in retirement get hit once again for the sin of being self -funded .

Like most people with SMSFs in my lifetime I will never spend the capital ,yet where taxed on future contributions at a higher rate ...for me I'd rather have a death duty on it when I pass over the rainbow.



Offline robertb

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Capping your retirement account at $1.6m.



Awesome  :gnasher: so with say a return fully franked at 5% that's a return of 80k ,people will still need to contribute over 1.6m..FFS I'd drink 89k of Whiskey in a year
 :waah:



Offline Condor Man

  • Is it a Bird?? Well, sort of, Yes.... 300kph+ club
  • Plastic Surgeon

  • Joined: May 2012

  • Drives: A car
  • Location: L.A.
Awesome  :gnasher: so with say a return fully franked at 5% that's a return of 80k ,people will still need to contribute over 1.6m..FFS I'd drink 89k of Whiskey in a year
 :waah:

It is a massive manginas act to those that have busted their arses to load their super up over the past 10 years!
May the Horse be with you....



Offline 360c

  • 300kph+ club
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Correct.

Capping your retirement account at $1.6m.


Smart move from Liberal as it only affects 4% of the voters who will inevitably be all Liberal voters.

You would be surprised at the number of uber wealthy who are closet labour voters. Several of my mates live in the leafy suburbs in $5-$10 million + homes and they vote labour. They are all self made; but come from very poor, working class backgrounds which they have never completely broken away from. Makes for some very interesting conversations when we get together.



Offline mhh

  • Chief Test Pilot

  • Joined: Feb 2006

  • Location: Adelaide
I've got a fund balance well over the $1.6m. Is there any point in additional contributions?



Offline Fil-Ski


  • Joined: Feb 2009

  • Drives: 993TT
  • Location: Adelaide
It's just the start of the crackdown on super. I have been saying it for years.



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