Silly me I thought the idea of Super was so folk would be become less reliant upon old age pension via the tax payers purse.
Why have restrictions on the amount of non concession contributions , is it because these amounts attract no tax in pension phase ?....but they do however attract tax of 15% in the accumulation phase ....
By all means have restrictions on the amount of tax concessions into super contributions with various tax rates.
The more money/assets in super when deemed would result in either a minimization of the old age pension or none at all...saving the taxpayer pocket....or is this now offset by having these excess funds out of super and attracting normal paye tax,,,
Maybe we should keep some assets out of super up to the tax free threshold on earnings ...2 ,
lots of no tax.... and tax free pensions from our smsf....
I dread what will happen if the ALP get into power......
