For poor people, as long as you don't SELL any assets in the fund, you'd be pretty right I'd say. The assets could go up on paper but as soon as you sell then you'd crystallize a one off capital gain which could well push over the $100,000 amount for that year.
So say your income was $50,000 that year and you sold say a stock that had say $70,000 profit on it, you'd have to pay the ATO $3,000
Even then you may not have to pay anything. If you owned a stock for more than a year you'd probably only have to pay capital gain on 50% of the profit anyway
So your instead of say $120,000 for that year you may only have an income of $85,000
Anyway, to get $50,000 income from say divis and interest you'd have to have to have $1m in super. (5% of $1m) How many people would have that?
I mean since Labor has been in people over 50 can only put in $25,000 at the concessional rate and who's going to put in money that give no concessions?
as far as I can see as soon as Labor got a sense of what people were thinking, they just squibbed it.
Now all we have is a tax that raises almost nothing and affects virtually no one.... like the mining tax.
