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Labor to axe cash refunds for wealthy investors, page-212

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baxtermcfaxter

6,204 Posts.

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13/03/18

13:58

Post #: 31715854
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Originally posted by pear ↑

Hi Baxter

"Good grief....Workers will lose at least 15% in their super fund earnings , money which they put aside for their retirement"

It does nothing of the sort. Whilst in accumulation phase, you are paying tax on earnings at 15% and paying 15% tax on your contributions. The 30% franking credits will still be received and offset against the tax payable.

When you go in pension phase, you will be earning exempt income. and by definition, if you earn exempt income you cannot receive any credits.

"The idea should be to get more people off the old age pension and be self sufficient instead of draining worker salaries by taxation,"

And just what do you think receiving franking credits on exempt income is? It is paid out of government coffers. It is welfare. So please think before you post rubbish.
it is no better than receiving the pension. The difference is that if you want a pension, you are means tested and treated like scum. With franking credits, the bigger your super fund the bigger the "pension cheque" the government pays you.

Pear

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If you contribute after tax money it does not attract 15% .it is tax free .only that which is salary sacrificed does....
The majority of workers are not as fortunate as you and pay after tax contributions ....their fund as you say is taxed on 15%
on earnings less 30% franking credits so under this policy 15 % will be stolen from them.
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