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Talk of a $5M Cap on Superannuation Balances., page-20

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elee

38,313 Posts.

103

06/06/22

13:33

Post #: 61843547
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Originally posted by Golden Fleece: ↑

The original idea behind superannuation was a good one

However; it has now become a wealth preservation vehicle for many

As a tax accountant (now retired) I have seen some SMSFs getting refunds well into 6 figures (franking credits)

Whilst I am all for increasing/preserving capital and paying as little tax as is legally possible I do believe that the amount of money that gets such generous tax concessions should be limited

The level, of course, is the hard bit; $10,000,000 invested in a TD at 1% only gets you $100,000 per year - now if you have built up $10 mil in super I would suggest you are used to living off a lot more than $100,000 per annum

Different thresholds for different balances would be a nightmare to administer

I agree a limit of the amount in both pension and accumulation phase should be introduced; this in turn would reduce the franking credits refunds which in turn; gives the Government more funds for schooling, hospitals etc

Expand

more funds for private schools buying properties around the school and bigger surrounding grounds

more funds to buy french subs.. or maybe Americans ones

more funds for building ~~public~~private hospitals..

more funds to send to Ukraine and other designated places
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