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+1 well said.The Union run funds must be sweating their bollocks...

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TheCount

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01/08/19

15:06

Post #: 39813213
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Originally posted by occam: ↑

I gree with your sentiment, however, the Liberals didn’t start it. When they formed their policy on the balance cap , Labor had already announced that they would tax pensions in retirement for anybody earning more than $75000.
The real problem developed when Keating first started the Super system. Contributions were taxed on the way in. From then on politicians just couldn’t keep their hands off it , adding dozens of new rules restrictions, and taxes over the years. Finally, yesterday, Fitzgerald said in the Australian what I have been saying for years.
No contribution tax. No tax on fund earnings during accumulation phase. And then tax retirees at normal rates when they start drawing the pension. By this stage the balance is much larger and that system would be far less complicated , and there would not be the constant bleating about concessions. A number of countries do this . Sadly Govts have come to be reliant on the tax revenue so nothing likely to come of it. Once bad policy is introduced , and we have many in Australia, they are almost impossible to reverse.

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+1 well said.

The Union run funds must be sweating their bollocks off with ideas like this! On one hand they want their lords and masters to enjoy the additional tax revenue to be summarily squandered on {insert this weeks' topic} and the other hand firmly wrapped around higher fees from higher balances..... They can't have both.

TC.
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0 Great analysis

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