Costello announces super changes

[Happy]

From ABC, September 5, 2006
Costello announces super changes

Treasurer Peter Costello has revealed the final details of the superannuation changes he announced in the May Budget.
He says there has been strong support for the changes during the consultation period.
The biggest difference will be that people who withdraw their superannuation after they turn 60 will not be taxed on it.
Mr Costello says the legislation will be introduced this year, and the changes will start from July next year.
He says it should encourage people to invest more in superannuation.
"This is the biggest reform to superannuation that Australia has ever seen," he said.
"It smashes through the complexity of the current ... contributions, the differential taxations in relation to lump sum and pensions.
"It makes superannuation the best investment a person can make in their lifetime

Will help those who have little in their super, but on the other hand will help those with millions in it even more.

Could be seen as sign of making for Johny extra incentive to go.

 

[2020hindsight]

...making for Johny extra incentive to go.

LOL it'll no doubt help Johnny (and to be fair, all of us) - but I guess he has qualified as an over 60 for a few years now. Thanks for confirming that one. Could it be that he's encouraging us all to retire early? Or conversely to retire later after a few years of part time work? If you're a gambler ( like everyone seems to be around here), then you'd risk early retirement (my guess) and convince yourself that you could live on your trading / investments skills.
Interesting to watch the trends unfold. Not that it matters to me - I'll be dragging the plough around for a few years after 60. (try after 80). I had a great grandfather, a politician, who died - happy and contented - "in harness" - a quaint expression I have always thought Also I've never understood why they call it the protestant work ethic, when my mate Paddy does the best dam day's work of anyone I know.