Totally correct.
Unfortunately the HC leftie/socialists do not understand the current rules. Its NOT just difficult its impossible to put more money into the Pension account.
"Starting from 1 July 2025, the general transfer balance cap will increase from $1.9m to $2m "
Its possible to grow the account over $2 million especially when held in a SMSF as the SMSF Trustee is usually smarter than the average Industry fund manager and can grow the balance with profits. However the balance is also kept in check with the current full annual withdrawal requirement.
All Super held in an accumulation account is taxed already, so all money above the $2 million Pension account is taxed.
The biggest problem facing the compliance of Labors un-realized profits tax is calculating the value if its commercial buildings, farms, art or stamps etc. Who is competent to accurately value this every year? Surely the ATO cannot be trusted to do this honestly.
How is the valuation proved, even the Superfund auditor wouldn't be able to do this, yes he could check the paperwork but would be unable to do the valuation.
So Joe Blow can make up a business letter with a made up valuation of the farm and submit it. Who is going to check to see if its an accurate valuation? This will be rorted and there is no way to stop it.
It really goes to show how dumb Labor and the Canberra bureaucrats are, this leftie brain fart will come unstuck very quickly.
