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
