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Talk of a $5M Cap on Superannuation Balances., page-16

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lu888

2,858 Posts.

13/02/22

14:51

Post #: 59538628
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Originally posted by Hittman: ↑

The inference is that such high balances are costing the government money in lost revenue due to the generous tax concessions of Superannuation.

Both Major Parties have said they have no plans to change Superannuation Rules again, AT THE MOMENT..

One change I would like to see is that those with high balance accounts, example over the tax free cap of $1.7M, can withdraw those amounts over the cap, for personal use at any time regardless of age.

To my mind the Government drew a line in the sand when they introduced the cap by saying effectively that this is enough to fund or part fund ones retirement.

I'd tend to agree that for the vast majority, that wold be enough. 5% Drawdown is $85000 per year (tax Free) from a single account.

A couple would have even more from 2 accounts, even if the 2nd one did not have as much, say $300k that is still $100k Tax Free. Way more than the pension and sufficient for most to live on.

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In current woke inclusive society, I find this discussion tone death, you deserve to be taxed 70 %
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