"Then someone says that it's not taxed the same as income from other sources so the government is losing revenue. Which is absolute rubbish."
Not rubbish at all. Parliamentary budget office confirms this.
"Tax breaks enjoyed by mainly wealthy superannuation account holders are costing the federal budget $6 billion a year in lost revenue, independent analysis shows.
The true extent of the damage to tax receipts by a system which allows tax-free earnings for those over 60 is revealed in research by the Parliamentary Budget Office.
It found that the refund of franking credits on share dividends – which has resulted in people with millions of dollars in self-managed super receiving cash cheques from the Australian Taxation Office at the end of the year – are a net negative on tax receipts."
"Superannuation assets are expected to grow from $1.9 trillion to $6 trillion by 2030, meaning the cash leaking out of the budget due to dividend imputation will also rise dramatically unless addressed."
