Superannuation, the ultimate government cash cow?

[sptrawler]

The Hayne recommendations, should rationalise the super industry somewhat, I hope they all get enacted.

 

[MarketMatters]

Yes I recall something like 70% of wages paid as a tax free annuity, for life, for politicians? When can we vote on that one?!

 

[sptrawler]

Yes I recall something like 70% of wages paid as a tax free annuity, for life, for politicians? When can we vote on that one?!

Yes but Billy and Chris don't see that as a ridiculous burden on the taxpayer, just those who save to be self funded, maggots. IMO

 

[Humid]

The mob you vote for cut penalty rates
Welcome to their world Homer

 

[Humid]

Yes but Billy and Chris don't see that as a ridiculous burden on the taxpayer, just those who save to be self funded, maggots. IMO

Self funded my ass whose paying your franking credit return lol

 

[sptrawler]

Self funded my ass whose paying your franking credit return lol

Firstly the Company is paying the tax on my dividend, so they are paying my franking credit. I'm still a part owner of the company, it is just that the Government wants to keep that tax, rather than refund it to me.
That's only a part, i still had to save my hard earned, to buy the shares in the first place.
I could have pi$$ed it against the wall, or bought a V8 ute, like the bogans who will get a taxpayer funded pension.
The only upside is, the next Billy changes will affect you.lol

 

[Humid]

Welfare for the wealthy set up by Howard’s through boom times
To lose 10k you have half a million $ in shares

 

[sptrawler]

Self funded my ass whose paying your franking credit return lol

I'll put it in a way you may be able to understand.
How about the Companies pay the dividend, in pretax dollars, and leave the tax liability to the taxpayer? Just as small business does.
This where it becomes out of step, if a super pension is a tax free vehicle, the tax is theirs.
If labor want to change it, they should change the status of the super pension, then it is done correctly. Just my opinion.

 

[PZ99]

I'll put it in a way you may be able to understand.
How about the Companies pay the dividend, in pretax dollars, and leave the tax liability to the taxpayer? Just as small business does.

I've wondered that myself. I guess it means the value of your shares would go down by the gross amount when it hits XD which would hit the portfolio a bit ?

 

[sptrawler]

I've wondered that myself. I guess it means the value of your shares would go down by the gross amount when it hits XD which would hit the portfolio a bit ?

The big issue is, would you risk capital for 5% dividend, when you can get 3% interest without risking capital?
Then when the capital drops, pick up part aged pension, most I know around my pay grade are opting for that. If this bounce continues and the Banks recover, many will be off loading. IMO
It saves the retiree from having to worry about investment, shonky managers etc, Just have a constant income, untill centrelink kicks in.
All silly Billy has done, is show everyone, how shaky putting money into super is.

 

[sptrawler]

Welfare for the wealthy set up by Howard’s through boom times
To lose 10k you have half a million $ in shares

I think you are missing the point completely, otherwise you are classing yourself as wealthy.

The wealthy don't lose any of the franking credit, if they are on the top tax bracket and have two million shares in CBA, they get their tax reduced by a massive amount.
The only people who will lose out, are those that have low incomes and those who live on a superannuation income. This was reduced to a maximum of $1.6m last year, and since then the shares are down 20%.
The super rich that have a lot in accumulation, still can use the franking credits.
Labor's figures, were worked out before the $1.6m cap was introduced, so the figures will be way out.
Also if workers, who have bought shares in the lowest income earners name have any sense, they will do an off market transfer to the workers name if the changes are enforced.
It will just end up another Labor brain fart, that self implodes or backfires. IMO
Time will tell.
As I said earlier, they would have been much smarter to introduce tax scales to superannuation pensions, much easier to adjust and tailor to the economics of the day. Therefore better for the Country.
But that isn't the prime reason behind the changes. IMO
Just my opinion.

 

[Humid]

https://www.canberratimes.com.au/bu...ml?ref=rss&utm_medium=rss&utm_source=rss_feed

 

[sptrawler]

https://www.canberratimes.com.au/bu...ml?ref=rss&utm_medium=rss&utm_source=rss_feed

There were several inaccuracies an omissions, in that passage, as usual.
Like I said, you will suffer from it, far more than I. IMO
Time will tell.

 

[MarketMatters]

Gee, might as well bring back RBL's in super whilst we're at it ! Bill can't have it both ways - people trying to self fund for retirement yet disincentive them in ways to build it. End of the day it's all about more revenue!!

 

[sptrawler]

Gee, might as well bring back RBL's in super whilst we're at it ! Bill can't have it both ways - people trying to self fund for retirement yet disincentive them in ways to build it. End of the day it's all about more revenue!!

That will be the next step, RBL's will have to be re introduced.
IMO at the end of the day, it is to force people into industry funds, then use the super for infrastructure, with fixed rate of return.

 

[satanoperca]

IMO at the end of the day, it is to force people into industry funds, then use the super for infrastructure, with fixed rate of return.

How is this a bad thing?

 

[sptrawler]

How is this a bad thing?

It isn't, it will just be different, to what people expect.

 

[satanoperca]

Agreed, was just trying to clarify your opinion.

 

[Humid]

There were several inaccuracies an omissions, in that passage, as usual.
Like I said, you will suffer from it, far more than I. IMO
Time will tell.

Yeah right
Tell me a bit more about myself and my financial position

 

[sptrawler]

Yeah right
Tell me a bit more about myself and my financial position

I know nothing about you, or your financial position and I said nothing about you and your financial position.