SELF FUNDED RETIREE'S SUPERFUNDS ?

[newstart2380]

Your thoughts - do you realise that if you have worked all your life to build up a superfund (as the labor gov introduced many years ago to reduce the amount of people claiming a pension) the present government is suggesting your superfund may be taxed 30% not 15% as it is now.

So I have taken all my superfund money out and I will invest it in another way so this government cannot get its hands on it. Just imagine if all people with private superfunds did this, apparently it is another money grab by this desperate government because they have created such a huge deficit.

Even Mr Crean suggested JG is getting worse with her "class war" attitude, also members of parliament would not be subject to the 30% tax on their superfunds.

LL you say the deficit is not a bad thing, I would appreciate your explanation and reasons why you think owing money and not paying it back is not bad, the interest factor alone that we Australians are paying for this deficit is mind boggling.

Please don't bombard me with links etc, just some sensible discussion on a very important matter would be appreciated.

[newstart2380]

From what you have posted here you would not be entitled to withdraw your funds from a SMSF unless you were of preservation age. It doesn't make any difference at all how old your OH is to your SMSF funds.

There are more holes in this story than a piece of cheese.

According to the DOB you have posted here before you are 66yo anyway yourself.

You could not be more wrong, superfunds can be managed by a company owned by those who have the fund, it's called "Smith P/l as trustees for the smith Superfund" The owners of this SF can withdraw money if one or both of the company directors are over 65.

Anyway this is not a personal thread, it is about the comments made on TV last week about labor and SFunds and was also mentioned on the today show this morning. As I said before I asked had anyone else seen the discussion and I was interested in your thoughts not a personal attack on me.

You all get so side tracked here sometimes and my age is my business.

[i-need-a-martini]

So let me get this straight newsstart - 

On the one hand, Labor calls for a discussion (note that is only a discussion at this stage) about a 30% tax on those under 60 years of age and still working who are getting more than $180,000 in super earnings. This is deemed unfair and preposterous.

On the other hand, the Coalition will implement a new tax policy which imposes a 15% tax on those poor sods who only earn up to $37,000 gross per year so now they get a 15% chunk taken out of their super contribution where before they had a decent tax concession based on their low salary. This is deemed fair and acceptable.

Yep. The Liberals have got their heads screwed on right hey? Tax the poor and provide the rich with concessions yeah?

[catsnknots]

The Bolt report had a Lib member talking about super this morning.

Ha basically accused the govt of raiding people's super to get a surplus.

Simon Crean said close to the same thing on ABC 24 this morning... 

Is he credible? 

[i-need-a-martini]

Simon Crean ...Is he credible? 

Well actually at the moment I am not sure that he is given what happened a couple of weeks ago. He is currently in the process of sharpening the axe he is going to use to grind.

[i-need-a-martini]

And cat - you of all people should have a bigger beef with Abbotts tax policies than with Labors. 

I appreciate that you may be on the way to earning big money that may be affected by Labors '30% discussion' but you (commendably) struggled for years. Without the kind of breaks Labor have in place, you may never have made it past the struggle. 🙂

[lakeland27]

crean didn't say the same thing at all. he said the govt had to get a clearer message out .. to be more transparent. it was in regard to false and random speculation like the bolt report .

[lakeland27]

and we all know who's gob andrew really is, its a kind of willing possesion.. bolt is gina's linda blair.

[catsnknots]

And cat - you of all people should have a bigger beef with Abbotts tax policies than with Labors. 

I appreciate that you may be on the way to earning big money that may be affected by Labors '30% discussion' but you (commendably) struggled for years. Without the kind of breaks Labor have in place, you may never have made it past the struggle. 🙂

The biggest improvements to my working life can be attributed to Jeff Kennett and John Howard... because of these two men more jobs became available as businesses had more confidence and started to employ people.. 

  I do not think much of a super system where casual workers (usually women and single parents) can be kept below a payment level and never receive any super... I also think that older workers also do not get paid super... 

[catsnknots]

crean didn't say the same thing at all. he said the govt had to get a clearer message out .. to be more transparent. it was in regard to false and random speculation like the bolt report .

He also said they should not be taxing super retrospectively... which means he knows that they are going to be taxing super more.... 

[lakeland27]

i think you read too much into that remark. i think he's saying they won't go down that road.