I used to pay extra into my super for years, the moment they started talking about super, fc's, where money should be invested, mandating super choices and the like I stopped straight away.
It's abundantly clear Labor see super as their own personal spending fund, saying it should have a mandated minimum to "social infrastructure" not just infrastructure, etc.
People must remember if that's the reality of the kind of thing that will happen then super contributions merely become a tax in themselves, how well would we do on the worldwide tax scale then?
We call ourselves a low tax nation, add super too it and we would be one of the top 5 in highest tax rates, top marginal rate would then be 57.5%, as super moves to 12% we will be pushing 60%.
Liberal plan is to bump the top rate down to 30% and maintain control of our own nest-egg, ie; long term marginal tax-rate under Labor 60%, under Liberal 30%.
Make no mistake Labors plan was to force SMSF holders into Industry (ie; Union) Funds, they have been open over the years about wanting to legislate minimum infrastructure holdings, forcing people into renewables, and adding "social infrastructure" to that mandated infrastructure allocation also.
That would merely make our super money the Government is raiding to spend on the things they are promising across the board at the moment.
Super is OUR money!!!!!!
How is this unfair in any way whatsoever?
We pay 15% tax going in, 15% on it's earnings all through the accumulation stage, all the while continuing to pay income tax for on average 45 YEARS!!!!
Retirement age going to 75 before I make it and maybe 80 by the time my kids get there, I'm personally looking at having been a tax payer for 60 YEARS by the time I retire and that's IF they don't raise the age past 75 by then.
Ps: when I realized the above that's when I began putting my money into shares on a much larger scale and TLS holds a decent chunk of my funds, I don't trust the retirement system as I know at some point Labor will sweep to a large majority win and introduce "sweeping changes" to retirement, it's when not if IMO.
Pps: I've been really pleased to date at how many Australians have not fallen for the spin and merciless attack on these "thieving" retirees who dare to retire comfortably after working and saving for 45 YEARS!!!!
Expand
(20min delay)