The wealthy and our large corporates pay the majority of the tax in this country. Not your average or lower retiree. You can’t, and never could, amass vast untaxed fortunes in super, caps stopped this. New limits, by the libs also tax retirees who have more than an average super balance ($1.6m). That fair enough too. It’s designed to be a self funded retirement, not tax free rort.
Their are a handful with $100m but that was due to literally lottery like odds or tech or penny dread mining executives/founders creating a 1,000 bagger etc. so not real for 99.99%.
Our tax system was designed around being taxed at the ultimate recipient level. This is why retirees are pissed off as this fundamental principle has changed and forcing them to pay 30% tax regardless of their situation.
My family and I would be classified as wealthy. We pay a huge amount of tax in various structures. No issues with this, as it’s a contribution to society in this great country (mind you I cannot stand left leaning individuals who want more for nothing via lazy life style choices). My overall point is these proposed changes to franking credits will not change anything within our overall structure. As I said, it effects the poor and middle class self funded retirees, not the wealthy.
This policy literally encoirages anyone with marginal assets for pension qualification to blow some of their cash on overseas holidays and live off the government on the pension.... super was invented to get people off the governments teet, since the majority of the population cannot save a dime nor bother/contemplate investing for the future.
BHP Price at posting:
$35.45 Sentiment: Buy Disclosure: Held
(20min delay)