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
