Keating introducedc the SGL at 3 % saying that it would have to go to at least 12% to0 have any chance of doing what it was desigend to do, that is give people a retirement income to save the government a massive amount of pensions, others may be saying now that it was meant to be a supplement to the pension, IMV that is totally incorrect as its intention is to relace the pension, the issue now is the proposed limits are ok for now ie $1.6M , the earning rate at present is almost non existent, what will the situation be in 20-30 years that I plan to live for with my super in pension phase, the limit need to be indexed and let people get to the 1.6 at present any way they can, many SME business people were planning to sell their businesses, pay their taxes and put the balnce up to $540K into super .
and the geniusesd that say the 50% discount on CGT for property etc should understand where that came from first, originally a person could apply the CPI increases to a prpoerty they had invested in to get to a current cost base before determinhg if any actual profit had been made, I recall Costello changeing this as it was causing massive issues for the ATO and accountants arriving at the CPI'd up figure.
