Super was 1st introduced to replace the old age pensions. Its been a compulsory deduction on employers for 30 years now. Currently at 12% of weekly wages. Max to $35k
2000+ law changes latter (mostly by howard and costello) attempted to change it to a benefical tax vehicle for wealthy business owners. The system is not perfect but now has 4T in FUM. IMO it has been misused and too skewed toward the wealthier holders.
I agree indexation, unrealised gains and deductability (tax offsets) needs to be refined. Its all in the news, nothings been set in stone as yet.
Just one key point, when you get your monthly super statement, how do you think its valued? All the shares and property are marked to market every day, including all unrealised gains. The only time these unrealised amounts are not included is when you withdraw the lot. Yes even annuities/ pensions are valued including unrealised gains every day
NST Price at posting:
$21.01 Sentiment: Hold Disclosure: Held
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