Back in the 90s Labor's Keating created the compulsory super fund that allowed Australians to contribute part of their salary towards retirement and gave that fund tax concessions for contributions and for capital gains. It was one of the great policy innovations in this country's history allowing most Australians to build real wealth safely.
Now Labor with the help of the Greens wants to tax it differently.
Step 1 was to lower the concessional tax threshold to a fund total of 3 million and tax what's over it at 30%.
Step 2 which they are proposing now is to tax unrealised capital gains on properties and shares which will flood the market with properties and farms as many retirees won't have the funds to pay. This effectively treats Super as a managed fund, taxing rises annually and allowing one to carry losses against future gains. Is that what Super was meant to be?
Step 3 is what the Greens are proposing which is lowering the Super concessional tax threshold to 2 million and no Indexing to inflation has been mentioned.
See what these socialists are doing, they are punishing hard working Australians who planned for their future and redistributing wealth, rewarding mediocrity and collecting more tax to spend even more on goodness knows what.
