Superannuation no good for under 50s, invest the absolute minimum amount into Super; No salary sacrificing, no co-contributions, no non-concessional contributions. Ignore calls to save tax and boost your super
Tweet Topic Started: 7 Feb 2013, 08:25 PM (6,853 Views)
She also said there would be "no carbon tax under the government I lead'
If not in the near future, eventually the funds in superannuation accounts will be too much temptation for future governments to not want a bigger slice of or more restrictions on how people can access their own money.
Raising the the age at which you can get it, reduced lump sum payments and mandatory annuities/pension streams from your superannuation will no doubt be a part of the superannuation scheme in the future.
Higher tax rates too on contributions/earnings.
There are some people who seem angry and continuously look for conflict. Walk away, the battle they are fighting isn't with you, it's with themselves.
The first lesson of economics is scarcity: There is not enough of anything to satisfy all who want it. The first lesson of politics is to disregard the first lesson of economics. ~ Thomas Sowell.
Who was the fool, who the wise man, who the beggar or the Emperor? Whether rich or poor, all are equal in death.
Super will be too much of a temptation for future governments - as budgetary pressures increase with an ageing population and super balances increase even more they just wont be able to resist.
I still think Super is a great investment vehicle due to the tax advantages but don't put all your eggs in that basket.
She also said there would be "no carbon tax under the government I lead'
If not in the near future, eventually the funds in superannuation accounts will be too much temptation for future governments to not want a bigger slice of or more restrictions on how people can access their own money.
Raising the the age at which you can get it, reduced lump sum payments and mandatory annuities/pension streams from your superannuation will no doubt be a part of the superannuation scheme in the future.
Higher tax rates too on contributions/earnings.
Quote:
She also said there would be "no carbon tax under the government I lead'
Well yes there is that, although based on the latest polls it won't matter, Abbott should be our concern.
Gillard and Abbott will probably be the last of the Boomer PM's to lead us, so after them it will be up to the Gen X and Gen Y political leaders to make the best of what were decent superannuation foundations.
I have no doubt that any large pool of funds will be used as a football by future political leaders for the next 3000 years when archeologists will be digging up our mummified remains. OTOH it has the potential to become a defacto sovereign fund with the benefits flowing directly to the beneficiaries, bypassing Canberra completely.
Any expressed market opinion is my own and is not to be taken as financial advice
She also said there would be "no carbon tax under the government I lead'
If not in the near future, eventually the funds in superannuation accounts will be too much temptation for future governments to not want a bigger slice of or more restrictions on how people can access their own money.
Raising the the age at which you can get it, reduced lump sum payments and mandatory annuities/pension streams from your superannuation will no doubt be a part of the superannuation scheme in the future.
Higher tax rates too on contributions/earnings.
Really, we need to just get this lying government out of power, and teach the Australian masses that you can only spend other people's money for so long.
Pensions, aged care, medical care are all going to spiral out of control, and those in their 30s, 40s and 50s will pay for the current retirees now, but not get the same benefits when they're of retirement age, and there will be fury.
Property speculation is a type of gambling... But everyone knows that in gambling, the house always wins in the end.
indeed, I'm not putting any faith in super. it's my money but i'm not in control of it? what a load of shit.
if i could pocket that 9% and not give it to super i would.
Maybe you should start your own SMSF. You have more control over it than you think. My super has doubled in 3 years, and only a small part of it is from contributions.
Property speculation is a type of gambling... But everyone knows that in gambling, the house always wins in the end.
Maybe you should start your own SMSF. You have more control over it than you think. My super has doubled in 3 years, and only a small part of it is from contributions.
I would, however right now i have super account through my employer which has zero fee's and is giving me good returns on fixed interest. so SMSF would cost me money in comparison for the moment.
a few years ago when i was with another company and didn't have such a good fund i looked at SMSF, unfortunately it's a lot more trouble than it should be.
I am the love child of Tony Abbott and Pauline Hanson
Many under 55 Y/O are boomers. you're spoiling his point. That's why Montgomery used the age limit of 40, he could then turn his piece into an intergenerational rant. It gets him notoriety and sells his services to people who trawl the internet looking for people to blame - it's a Hansonite style of allure that just drags the little suckers in.
At least you took out the personal bickering in this issue - thank you for that.
Seriously what evidence does he or anyone else have of taxation levels on contributions or withdrawals in the future - the answer is none.
I hope that super continues to give tax advantages to contributers in the future. If it doesn't work for future generations, it won't be fully utilised and nor will it achieve what future governments want it to achieve.
Cheers...
What?
WHAT WOULD EDDIE DO? MAAAATE! Share a cot with Milton?
Raising the the age at which you can get it, reduced lump sum payments and mandatory annuities/pension streams from your superannuation will no doubt be a part of the superannuation scheme in the future.
This would seem like a sensible change. Delay access to super and prevent recipients going on a big spend up and ending up on the state pension earlier.
But it doesn't bring in budget savings for decades, so I imagine it will be low in priorities. Cutting the tax breaks or taxing the output will give an immediate effect. Phuck tomorrow, we need to get re-elected!
PUBLISHED: 15 hours 48 MINUTES AGO Laura Tingle and Gemma Daley
The Gillard government won’t rule out any changes to superannuation beyond its commitment to keep withdrawals tax-free for those aged over 60.
In his first public comments on super tax concessions, Superannuation Minister Bill Shorten on Thursday emphasised the need for super to be fair and fiscally sustainable.
A Treasury analysis released this month forecast super tax concessions would cost $45 billion by 2015-16 – more than the age pension – raising questions about their sustainability.
It also highlighted an inequitable spread of government support for retired Australians, showing that while most male retirees received an average total of about $270,000 of government support, either in the form of pensions or super, very high- income earners received an average of $520,000 in super tax concessions.
Asked repeatedly at a press conference whether he thought the super tax system was fair and sustainable, Mr Shorten said that “in terms of the budget and what we do on that I can’t rule things in and out”.
“What I can do is ensure that there’s no false scare campaigns running around,” he said.
“The PM made it clear we will keep to the policies we stated in terms of the withdrawal tax.
“The next issues in superannuation to be resolved is to get the opposition to back down on the billion dollar tax cut to 3.6 million battlers.”
The Coalition confirmed last week that if it wins office it will dump the low-income super contribution scheme, which offsets tax paid on super contributions by low-income earners.
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