Australia's largest stock trading and investment forum Australia's #1 stock forum

The biggest beneficiary either way is Labor and the unions.

First 13 Last

Share
Profile

Follow
logco

23,738 Posts.

72

26/02/19

16:07

Post #: 37574357
Share

Originally posted by yogihc: ↑

Whilst arriving late to this discussion I am genuinely disheartened at the poor level of understanding that some posters exhibit.

For instance this gets a big thumbs up from some.
"A wealthy Australian with a multimillion-dollar house and a million in superannuation can draw a pension of $100,000 per year and not pay a cent in tax."
Why anyone would think that withdrawing your own (post tax) savings should attract a further tax is astounding. Also, at the rate of $100,000 a year this person will end up on the pension in just over a decade. Clearly the journalist does not have a clue about superannuation but certainly has an agenda.

I also note the rather flippant advice on how to solve the problem.
"So put it in a pooled fund and stop complaining."That sounds interesting - in a retirement portfolio (using the figures above) where 50% is in term deposits and 50% in franked investments - to avoid losing $9,000 in franking credits (assuming a 4.2% fully franked dividend yield), I could invest it in an industry or retail fund and pay 1% to 2% in fees on the capital. Wow, that's a bargain - give up $10,000 to $20,000 in management fees to avoid losing $9,000 in franking credits.

Now let's assume that all SMSF trustees throw their hands up in despair and move the (almost) 700 billion dollars invested in SMSF's into these pooled funds. Can you imagine the joy on the faces of those fund managers that will share in the 7 to 14 billion dollars in fees generated by Labours' policy. Of course that means that no tax will be raised by this policy but they will spend it regardless and increase the deficit instead.

Any other bright ideas?

Expand

The biggest beneficiary either way is Labor and the unions.
7 Upvote

Reply

Top Stories

The Altcoin Landscape (Part 1): Key alternative cryptocurrencies to watch

Palladium's the newest geopolitical hot commodity. But ASX exposure is limited

MIN

Movers and Shakers: Zip Co, MinRes, Kuniko, more – The week's top ASX gainers

Week 44 Wrap: Relatively boring week ahead of US election; HotCopper's most watched; Oz inflation at 3.5%

DXB

Dimerix links up with US NEPTUNE network to boost recruitment for FSGS study

Bitcoin hits fresh record as instos pile into BTC ETFs – and Trump helps, too

MKT

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Making money: How many microcaps should be in an investor's portfolio?

Aussie inflation seemingly hit a 3 year low. So why's the ASX200 red?

'We're looking': Nickel-rich Indonesia sounds graphite warning to Aus producers