Quoting directly from the article:
"Once you reach pension age, you’ll not only be able to draw a tax- free pension from your super, but in addition a couple can earn up to $28974 each without paying a cent of income tax (singles can earn $32279 per year)."
Really? Don't know how - see below, for a single. They would need to earn interest plus get a job for the rest of their lives (see article, point 3) - good luck with that when you are 80 - death at 95, let's say. Below, still shows a tax requirement of $2,875.59 per year. Without that $32,279 you will end up with only the Aged Pension, full rate currently for a single is $877 per fortnight, or $22,800 per year. So that $1million being scoffed at as being unnecessary is really just attention-seeking because who is going to be able to continue working until their death and still earning $32,279 per year (indexed for inflation, at least). I wonder who here even read that article for accuracy or for value because TAKE A LOOK AT RULE 3.
THAT IS RIDICULOUS (SEE BELOW).
Here is what the article says:
Rule 3: Never, ever retire
|
Column 1 |
Column 2 |
| 1 |
Base income: |
$32279.00 |
| 2 |
Tax on income: |
$2675.01 |
| 3 |
Medicare Levy: |
$645.58 |
| 4 |
HELP repayments: |
$0.00 |
| 5 |
Budget Repair Levy: |
$0.00 |
| 6 |
Low Income Tax Offset: |
$(445.00) |
| 7 |
Total tax: |
$2875.59 |
| 8 |
|
|
| 9 |
Net income: |
|
| 10 |
per annum: |
$29403.41 |
| 11 |
per month: |
$2450.28 |
| 12 |
per week: |
$565.45 |
