And so it goes on, now apparently with the support of a 'top 4' director
KPMG’s superannuation director said Ross Stephens in the AFR this morning - shame on the AFR for not doing some serious research and just reporting the new bytes.
"Mr Stephens also agreed that the billions of dollars worth of generous super concessions, coupled with refundable franking credits, going to self-managed superannuation funds, needed to be reviewed.
“For a very small group of people – there are about 8000 with present super accounts above $5 million – the present concessions dwarf those on contributions,” he said.
One self-managed fund reportedly has a balance of about $200 million.
“If this member is in pension phase, and the fund earned say 12 per cent in the 2014 year, he or she received a tax concession equal to about $11 million,” he said. “Even if this same income had not been subject to top marginal rates, but to corporate tax rates, the value of the concession would still have been about $7 million.” Mr Stephens said the best way of tackling this problem was to tax the earnings of superannuation funds in pension phase at 15 per cent."
So Mr Stephens have you been in the super field long enough to understand that some have paid 30% on the way in? Are you really stating that as a director of a top 4 accountancy outfit you subscribe to folks having paid 30% on the way in and another 15% on the way out?
