Australia's largest stock trading and investment forum Australia's #1 stock forum

"many years ago super was open slather, (and became a junket for...

First 342 Last

Share
Profile

Follow
ChristopherJ

325 Posts.

1

06/02/19

23:32

Post #: 37356064
Share

Originally posted by HelloU: ↑

OT franking

yes - many years ago super was open slather, (and became a junket for the wealthy)

then it was decided that the intent of super was to be "paying for retirement" rather than as a tax dodge for estate planning,
so $1M6 was left untaxed (in pension phase) and excess over $1M6 could either be withdrawn or held accumulation at 15% earnings tax (noting that young peeps will essentially not be able to do this type of thing - it is a one-off situation for the old people)

some are unhappy that they again have to pay tax on super earnings above the $1M6 cap - but they are not so outraged that they take it out of super and ........ pay full income tax on earnings, or give it away to family, or give it to a charity , or whatever. They retain this money INSIDE the super system and the question is WHY? (cos they like the tax advantages)

these things have little to do with franking credits

yes, the super rules have been fiddled with, but sometimes it is better to be thankful that something happened rather than sad that it has ended.

Expand

"many years ago super was open slather, (and became a junket for the wealthy)"

Super was open slather from 2007 until 2017.

Just wanted to point out when and for how long it lasted.
2 Upvote

Reply

There are more pages in this discussion • 2 more messages in this thread...

First 342 Last

SPONSORED BY