Australia's largest stock trading and investment forum Australia's #1 stock forum

Talk of a $5M Cap on Superannuation Balances., page-83

First 83 Last

Share
Profile

Follow
sholtz

2,266 Posts.

835

21/01/23

20:34

Post #: 65813389
Share

Originally posted by Hittman: ↑

Libs originally were against changes to Super too but when they thought it could buy votes they were all for using Superannuation as a house deposit.

Revenue to be gained is far greater at a $2.5M or $3M cap than $5M and still only affects around 100000 people, not enough to impact a government come election time. Those with not much Super won't care as it doesn't impact them, if anything they will be all for it. Part of the Rich paying their fair share cries we hear.

$2.5M on a 4% drawdown is $100k which is pretty close to 4 times the aged pension so can be reasonably argued is a reasonable amount to fund retirement which is the scope of what the government are trying to define now.

The argument of, I but I want a higher standard of retirement is moot as there will be nothing stopping people creating it adding to wealth outside of Super. You can still have a high standard of retirement.

The loss of revenue from wealth creation currently in Superannuation is the focus.

That being said, there are tax minimisation strategies that can be used outside if Superannuation and probably will be by higher nett worth individuals.

Anything coming about in the October budget or even May next year will likely come in to being from July 1st 2024.

Expand

That’s correct, all the HNWI I know don’t need to tap into their super to retire.
Upvote

Reply

Top Stories

MEG

Iberian expansion: Megado turns to Europe with Spanish copper mines

ASX

ASX Ltd notches upward on sale of company meant to fix CHESS 3 years ago

HotCopper Highlights, Week 24: Israel boosts Energy; Meeka eyes production & Mag7 back

CUV

Clinuvel shares dip, even as CEO comes back from temp leave

RML

Resolution's dual-listing to 'expedite growth' – and sets stage for NASDAQ foray

Gold, Brent Crude spike as Israel strikes Iran in worst-case scenario

Week 24 Wrap: WW3 looms (again); US econ data tepid & silver surfing

AVM

'Sure to be busy': Advance's Yuquivo drilling gets off to top start with first-hole hits

Listen: HotCopper Wire Podcast 013 - They changed the IPO rules (and that's a good thing)

Zip's stunning comeback: Is this the start of a $14 revival?

First 83 Last