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.

[freakiness]

if your SF is above 180000 u may b taxed 30%, this is the discussion on one show last week, I am not sure which labor pollie made the suggestion all I know is I heard it and i have been waiting for more to be said.  

I've done a pretty extensive internet search and can't find anything. Not even a hint. 

What was the show?

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.

[the_great_she_elephant]

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.

As I said in another thread, it's hard to get an intelligent message across when the media outlets from which most Australians get their information have a vested interest in ignoring, distorting or misrepresenting everything you say.

[newstart2380]

My husband is old enough so we can and have, investing in several areas such as shares and property, have you looked at silver for instance or chevron who have just won a contract to supply gas to Japan. I don't wish to advertise all my business on here but there are ways of lessening your tax legally, just have to be a bit smart.

i hope what I heard is just a stupid statement but I will assure you I did  hear it and won't take that risk. I can always put it back if I wish. I am not breaking any ATO laws, I am not that crazy.

[freakiness]

there has also been paid fake ads doing the rounds on social media

[the_great_she_elephant]

Just be sure you're not cutting of your nose to spite your face.

A friend of Mr Elephant's took a lump sum super payout when he retired from TAFE and put it into a managed fund. At the end of 12 months he discovered that set-up fees on top of administration fees had taken a small lump out of the capital. In a fit of pique he withdrew the lot and put it into a different fund - more set-up fees and another 12 months down the track he'd lost money again. So, believe it or not he pulled it all out and did exactly the same thing a third time! he did it again (some people never learn) by the time he'd finished trying to beat the system, he'd lost about 25% of his original capital.

I'm not suggesting you would do anything that silly, but every time you withdraw and reinvest you lose money in fees and if you are not careful you may find yourself losing far more than any hypothetical tax rise. 

[freakiness]

As I said in another thread, it's hard to get an intelligent message across when the media outlets from which most Australians get their information have a vested interest in ignoring, distorting or misrepresenting everything you say.

What makes me mad is that they do it to upset people. To frighten them and cause them to fear for their future. These shock jocks and friends are playing with their audience for their own gain whilst leading their audience to believe they're being delivered truths.

[cherry*135]

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.

[newstart2380]

Before I read all the comments from last night I am asking if anyone watched the Today show this morning about the SF taxing and the labor government ?

I will ask for responses after all the knockers of my OP have taken the time to investigate what I posted.

[freakiness]

Lets see what "fabulously wealthy" is before we make a judgment hey... 

???

Before I judge fake stuff?

Why?

[freakiness]

No, I can't stand Karl Stefanovic.

If you want the info about super look for reliable sources.