It looks that way Enn,the reward for long term planning in this country is obsolete.
A comment about has treasury mucked up super calculations from business spectator today
Trudi Bell, Mon, 2014-02-10 09:39
Regardless of which numbers are used, the implications are clear that super will end up on the chopping block - we just don't know whether this will be in May this year or next year, or even the year after.
My guess is that retirees will see lump sum withdrawals and pension streams capped at - let's say 10% of the member's account value and that super withdrawals/pensions lose their tax-free status.
As a recent retiree, I was quite happy to draw down the minimum amount from my super account each year to ensure that my money would last me for my life time. However, with all the talk from Treasury about the "cost" of super (but none of the savings) as well as vitriolic comments from members of the Y Generation, I have reached the conclusion that I do not want to spend my retirement years worrying about what changes the government might do to superannuation. The restrictions imposed on super are only acceptable as a trade-off for tax concessions, remove those and benefits of super evaporate very quickly.
So I have made the decision to wind up my SMSF before budget night, pay off my mortgage and invest the rest in my own name. Even if this means that I will pay a small amount of tax, I won't have to pay the $500 or so supervisory levy to the ATO and company registration fee to ASIC, nor will I have to pay to have my super fund audited each year.
