I’m trying to get my head around the opposition to Division 296.
Correct me if I’m wrong:
Superannuation was/is intended to finance you in retirement, to take the burden off the state. It was not intended to be a tax minimization vehicle in which to hoard family wealth. From a timing perspective, ideally your last dollar would be spent on your funeral expenses,
The $3 million number is plenty good enough to fund anyone into a comfortable retirement. But, I do agree that it should be indexed.
So, why is everyone squealing? I just don’t get it. Surely they’re not all a bunch of entitled Karens?
If you have more than $3 million in investments at retirement, I applaud you and shower you with respect. You have done well. But in in fairness put the excess elsewhere, gift it to your children or just pay the tax and be grateful that the first $1.9 million is tax free.
