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Talk of a $5M Cap on Superannuation Balances., page-51

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Old Engineer

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16/11/22

10:11

Post #: 64800041
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Originally posted by baxtermcfaxter: ↑

Have a look at Measure three...flat tax of 15% on ALL earnings in RETIREMENT...

Measure 1: Introduction of a $5 million limit on total superannuation balances. Individuals with a total balance (across all super accounts) above this amount will be required to withdraw from super to bring their total balance below $5 million.Measure 2: Reducing the tax concession on pre-tax contributions. By reducing the $27,500 annual cap on pre-tax contributions to $15,000 and reducing the $250,000 Division 293 tax threshold to $200,000.Measure 3: Introduction of a flat tax on all earnings in retirement at 15 per cent. Currently only income on balances exceeding the transfer balance cap are taxed at a 15 per cent rate.
Measure 4: Progressive tax settings on superannuation contributions. Replace the flat tax rate paid on superannuation contributions with a progressive tax rate linked to income. Employer superannuation contributions would be treated as individual income that is taxed at marginal personal income tax rates less a flat-rate refundable 20 per cent tax offset.Measure 5: Inclusion of superannuation contributions within the government paid parental leave (PPL) schemeMeasure 6: Broaden the coverage of the Superannuation Guarantee to platform-based gig workers.

https://www.fsc.org.au/news/media-release/piecemeal-superannuation-taxes-will-not-fix-budget-structural-deficit

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Throw that in with 9% inflation and it won't take long for all retirees to qualify for the pension.
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