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Talk of a $5M Cap on Superannuation Balances., page-116

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boomeronrations

7,793 Posts.

366

12/02/23

20:37

Post #: 66205386
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Originally posted by boomeronrations: ↑

"It was never meant to be a wealth creation tool but that is certainly what it became, especially in the Howard and Costello years."
Absolutely. And a very tax efficient way of transferring wealth between generations.
2 million seems a reasonable figure.
I still think the 100k you mention should be taxable , at least that part which represents money accumulated at concessionary tax rates .

So someone who has an income of 100k outside of super and 100 k from super, is not paying the same tax rate as someone who only has 100k of income.

As far as the amount over the 2mill , it should leave the super environment , even tax free as soon as possible , so the earnings , at least , are taxed appropriately.

cheers

ps: I am perfectly happy if the present arrangements continue , they are very much to my advantage.
But I wont whine if more rational , sustainable processes are put in place.
I will just be thankful I have been allowed to have my snout in the trough for as long as I have.

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Also defuses a lot of of the aggro over franking credits , as eventually tax is paid on them in the withdrawal phase .
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