- Joined
- 3 July 2009
- Posts
- 27,856
- Reactions
- 24,908
You may like other people looking after your money, I'm not a big fan of it.
Are you up to speed on the Royal Commission ?
Industry funds sailed through the examination by the RC unlike the ratail (sorry retail) funds.
http://www.abc.net.au/news/2018-08-...ission-roasts-nab-retail-super-funds/10107012
So maybe it's a good thing if people are encourage to switch to industry funds.
Yes, whilst I was typing. I will need to learn speed typing if I am to keep up - there were 6 posts between my decision to respond and when I actually hit "post".Sorry, isn't that what I said?
What has that got to do with it?
Remove them from everyone including the Industry funds, or else it is just a witch hunt.
The first thing you should check, is how many people have a SMSF anywhere near $12m.
If I was that rich the last thing I would be doing, is putting it away where the Government can tell me how to spend it.
FFS how stupid do you think people with $12m are?
The only people that Labor are going to hit, are hard working Australian's, who have either worked hard to save or worked hard to build a small business.
As usual the plebs with the pitchforks, follow the rant, and want to hunt down the non conforming. lol
Nothing much changes through the centuries.
It is selective on who it rolls it back on, which is discriminatory, it should be rolled back fairly. Not just roll it back on a select few, that Labor wants to pick on.The proposal isn’t to abolish imputation credits but to roll back the cash refunds introduced by the Howard liberal government.
just making the point ..........that is a sorta "grandfathered" situation though ....it cannot sorta occur in the future for "new" accounts with the introduction of the caps - both concessional and non concessional.To be receiving a $12M fully franked dividend, they would have a shite load more than that in smsf.
I would also imagine they would have considerable wealth outside Super. But as far as a tax advantaged structure goes, Super is pretty hard to beat so certainly worthwhile for the Rich to have some percentage of their net worth there.
1. only cos they still accept concessional contributions (lots of them) that is my understanding there ..Why should Industry super funds still be able to claim them, when SMSF's can't?
Why should some pensioners, get them, while others can't?
A SMSF can still accept concessional contributions, so that doesn't hold water.1. only cos they still accept concessional contributions (lots of them) that is my understanding there ..
Because it affects so few people, it won't be looked at.2. that will need some looking at ...and brings in sapto and stuff ...but I agree it is not a consistent application of the argument. But then a lot of the tax laws are not consistent.
on the 2nd, i agree, the white knight can only be liberals there ....or peeps have to start massaging assets again (just when they did not prolly want that headache at stages of life).A SMSF can still accept concessional contributions, so that doesn't hold water.
Because it affects so few people, it won't be looked at.
If it affected those in Industry funds, it would be looked at, but in reality it is those who are pushing it. Typical Labor in bed with the Unions. IMO
Well 50% of the members of my SMSF are on pension, the other in accumulation.on the 2nd, i agree, the white knight can only be liberals there ....or peeps have to start massaging assets again (just when they did not prolly want that headache at stages of life).
on the 1st, i have not done sums, nor read a totally clear policy on this, but it is the ratio of accumulation accounts as compared to pension accounts that is the thing there in my head ...unless I am off-track on the proposal (which may be true). That is what the SMSF cannot compete with in this proposal. SMSF are usually one or the other (either accum or pension and limited in total funds under management).
I expect that when more than 33% of the industry fund totals are held as pension accounts then it may not work for them either ......but again, have not done the sums.
are you able to do the projected sums ....i would think the $25K concessional limit is the glass ceiling to your available claw back for u anyway (so I mean that the unpaid contribution tax is only 15% of $25K to help with the franking problem u may face).Well 50% of the members of my SMSF are on pension, the other in accumulation.
That’s all well and good but what about those who are lower income but not receiving a pension?"More than 300,000 low-income retirees will be spared from Labor's plan to scrap cash payments for excess franking credits after the opposition amended the policy to exempt full and part-time pensioners, as well as every pensioner who is currently a recipient from a self-managed superannuation fund."
It will only mean, that I will be on a part age pension at some time, which I wouldn't have been on if they left it alone.are you able to do the projected sums ....i would think the $25K concessional limit is the glass ceiling to your available claw back for u anyway (so I mean that the unpaid contribution tax is only 15% of $25K to help with the franking problem u may face).
It has taken 20 years for the current SMSF thinking to be "developed". This is gunna take a while to unwind (if it comes). I actually feel bad for those affected for that reason ....they were sorta "sold" a future that is now in doubt ..... I do not envy your position at all - but only wish you well.
The sort of person who has done the right thing to look after themselves but who’d have close to zero chance of getting full time work due to age, health or whatever. I see no valid reason to be punishing such people.
and the extension of that analysis is ........ (and only you can do yours)It will only mean, that I will be on a part age pension at some time, which I wouldn't have been on if they left it alone.
So it is a bit of the roundabout and swings scenario, I lose income, but will gain a handout.
That will be factored in, I have a few years to wait to qualify, so if it comes in my lifestyle will change somewhat.and the extension of that analysis is ........ (and only you can do yours)
if that is the end point with the highest probability for you then what are the advantages/disadvantages of getting to that place faster/slower.
It is selective on who it rolls it back on, which is discriminatory, it should be rolled back fairly. Not just roll it back on a select few, that Labor wants to pick on.
But honesty and fairness, seems to be a lost characteristic these days.
Why should Industry super funds still be able to claim them, when SMSF's can't?
Why should some pensioners, get them, while others can't?
I totally agree. All imputation credits are for tax already paid to the ATO. The imputation refunds were introduced to eliminate the double taxation on people with low taxable incomes who didn’t have enough other income to offset the company tax paid on their behalf. Why shouldn’t it be refunded to them?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?