Concessional Contribution to Super Account

Thanks for your help Paul.

 

Jim Chalmers opens door to changing superannuation tax concessions | Superannuation | The Guardian

This might make you act a little faster. Not sure when this could be implemented. Any ideas guys on when this would be put in place if it goes through. Budget, EOFY next EOFY? @Paul@PAS

 

Budget night ? Maybe not even this year. And how constitutional could it be to encourage super and release rules for decades then abruptly change it ? Its like making laws to allow banks to say no to bank withdrawals redefines the stability of the banking system. No it would not. It could cause a complete run on banks.

I wouldnt read too much into media reports. Imagine telling every single super pensioner that the rules just stopped them taking their own money out because super is meant to preserve benefits for OLD age ? They would need to call soldiers in to guard the Parliament. Albo would lose so many votes. It is worse than cancellation of neg gearing as a lie. His days as PM would end. Doubt if it could even get through both houses. Parliamentarians with long service would be impacted too.

 

This has been on the table for sometime so it isn't surprising. Others have posted various articles concerning the issues.

I understand a number of the independent Senators have made favourable comments regarding reforms to superannuation concessions for those who are viewed as being better off than the majority of people.

As usual the Gratten Institute has thrown its thoughts into the ring with amounts over $2m being taxed at 30%.

 

Media
Superannuation changes: Capping balances an option to stop ‘taxpayer-funded inheritance scheme’
Steven Jones say super is a tax rort for inheritances. he is qualified as....a elected talking stick. A union official. Another one.

• BA (University of Wollongong).
• LLB (Macquarie University).
• Research officer for the Australian Quadriplegic Association.
• Disability support worker and youth worker from 1985 to 1991.
• Branch Secretary and Communications Division Secretary for the Community and Public Sector Union (NSW) from 1993 to 2004.
• Lawyer for the Australian Council of Trade Unions from 2004 to 2005.
• Secretary of the Community and Public Sector Union from 2005 to 2010.

I dont see superannuation and tax law as a matter he is expert in.

Reality - Thanks Kerry for your wisdom


Its not avoidance to follow the system that was implemented and exanded by successive govts for decades. And the reality is if a person dies superannuation must be cashed and often beneficiaries receive money tax free or its taxed for some. Its not quite how the talking stick mis-portrays it.

Is this how Albo wants to pay for subs ? They guys were given the keys and now want to smash everyone with money. The ALP back to their socialist ways ? Taking all they can from anyone with super to give to the lazy and poor.

Love how they want to redefine that super should not extend to death. I will quote the Superannuation Industry (Supervision) Act 1993 which says benefits are for retirement and ....death. I would love to see a scheme that says a decaesed person implemented a scheme by dying.