Busting the top five myths about the new super tax
I was an Adviser during 2006/07 when the floodgates opened on super, the then-Coalition government allowing a ‘one-off’ $1m of after-tax funds to be contributed per person (so $2m per wealthy couple) under its ‘Simpler Super’ reforms. In hindsight, that was the tipping point at which the superannuation system morphed from being a retirement system designed to support middle Australia into a wealth creation vehicle for the upper reaches of society.
I know this because much of my 2006/07 was spent getting money out of property, family trusts and private family companies into SMSFs for wealthy clients.
Great, not a problem, because
superannuation was never meant to be an inexhaustible magic pudding for the ultra-wealthy.Raider
https://michaelwest.com.au/
