Funds in pension phase (Pension funds), not accumulation funds, the earnings are not taxed. To be honest it was a general jist of things... Contributions to those funds are concessionally taxed, so why can't the earnings be.
The government is proposing to reduce the allowable contributions for people under 50 by half, but this is at a time when you should be encouraging people to put money into super. Stop people withdrawing massive (and tax free) lump sums...
The tax system is so complicated - that it is laughable.
But yet the general sheep of this country choose to accept it... Then you have a government saying that a family earning $150k is "wealthy".
Instead of rebates wouldn't it be easier to say for ever child in the 30c bracket your rate reduces by 5c in the dollar? Thus everyone is rewarded, but those that earn above the 30c bracket pay their dues in tax as per normal. Have six kids then pay no tax in that bracket.
This country thanks to the last 3 goverments is turning into an italian pasta dish. Lets tax people. Wait some people need rebates. Ok wait again, you can only get this rebate if you do this. But if you are not entitled to that rebate you can get this rebate, if you have this much, but not more than this. Now that is just the family tax benefit rubbish. Then you have cocontributions, low tax, child care, insurance, care, dependent, pensioner, child housecare rebate??????, medical expenses, and so on..
