Share
8,420 Posts.
lightbulb Created with Sketch. 257
clock Created with Sketch.
03/02/23
08:42
Share
Originally posted by Golden Fleece
↑
The idea behind super was to help people in their retirement
IE - they would have a little bit of their weekly/monthly wages put away for them to help them in retirement - ie to save the Government having to fork out billions on pension payments
However; the system has been abused; albeit legally; but definitely NOT in the spirit that super was intended
My thoughts on the obscene amounts that some SMSFs have is well documented
As a recently retired tax accountant for high wealth family groups I have seen things that (although legal) make my blood boil
Superannuation is NOT meant to be a wealth preservation mechanism, but unfortunately, that what it has become for the wealthy
I am quite comfortably off and am a right-wing Capitalist; however, I do not agree that hundreds of SMSFs are getting tens and hundreds of thousands in refunds of franking credits; as well as 15% tax (in accumulation) when our poor nurses are paid peanuts and their are thousands homeless
Expand
James Kirby just speaking on the ABC...reckons there 11000 individuals in Australia with superannuation balances in excess of $5m...low hanging fruit he believes as the government prepares it's budget...the Minister also spoke...seems like the trade off might be to allow individuals to increase TBC superannuation balances to $5m...devil will be in the details...
Agree with your comments....