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.

[lakeland27]

LL not all of us are bitter and miserable with no hope or plan for a better future... 

so i am ? maybe i'm just a tad realistic and quite happy with it.

[newstart2380]

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?

it was on the abc24 I think, was while the election for the labor party fiasco was happening so would have been overshadowed a bit, have not heard anything since Crean said it was stupid but parliament is on break so will have to wait. Ask your accountant if they have heard anything, I am going to.

[lakeland27]

in the OP you said you'd already taken the money out.you did this without consulting the accountant ? somehow that doesn't add up.

[cherry*135]

Are you talking about a Self Managed Super fund (SMSF'S) OP?

Doesn't one need at least $250 000 to start a SMSF to make it worth having one ( annual accounting and auditing fees are very high)?

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

How can anyone have a sensible discussion in this thread, when you can't even provide the exact details of what your are referring to?

Who is this issue very important too - only wealthy people?

[cherry*135]

Is the following what you are referring to. That the amount subject to the 30%  tax may apply to a new lowered amount ( lower than the $300 000)? If so, it is only assumption that may happen isn't it?

From 1 July 2012, individuals with income greater than $300,000 have a 30% tax rate apply on concessional contributions, rather than the 15% flat tax rate currently available.

The definition of “income” will be quite broad providing a greater catchment area of individuals subject to the higher contributions tax rate.  This will include taxable income, concessional superannuation contributions (e.g. superannuation guarantee contributions and salary sacrificed contributions), adjusted fringe benefits, total net investment loss, target foreign income and tax-free government pensions and benefits, less child support.

[freakiness]

i am not "rattling on" as you suggest, the figure is $180000 or above.  I don't do links and I heard it on tv not read in the newspaper.

i am sure we will hear more bout it in the near future unless it is squashed because it would be so unpopular And definitely not a vote winner

You saw the Bolt report.

[freakiness]

There are fake media releases circulating about Labor stealing people's super, just to add a bit of meat to any real news on the topic.

[tulip*place]

The current situation is my employer pays 9% of my gross income into a superannuation fund.

The government takes out a 15% contribution tax, thanks very much.  Eg $300.00 per month paid by my employer into the fund and the government takes out $45.00.

[catsnknots]

There are fake media releases circulating about Labor stealing people's super, just to add a bit of meat to any real news on the topic.

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

Dr Emerson says Labor isn't considering any super changes that would affect small business owners or ordinary Australians struggling to make ends meet.

"People who are fabulously wealthy gaining effectively an advantage by putting their money into superannuation and being taxed at 15 per cent, where the everyday Australian may be facing a tax of 30 per cent, I think does enliven a debate," he told Sky News on Sunday.

"We are not seeking to impose new taxes on the superannuation accounts of ordinary Australians.

"But there is a legitimate debate about the very top end."

The government is understood to be considering lifting the 15 per cent tax rate on superannuation earnings for those with high balances, but has yet to settle on a level at which it will kick in.

[newstart2380]

in the OP you said you'd already taken the money out.you did this without consulting the accountant ? somehow that doesn't add up.

why, I can think for myself and that is why i am successful but I will still speak to my accountant at some stage. 

I will do some investigating and when I find out more I will post about his again. LL you obviously on the other side of the fence to me and I find it hard to fathom why u have nothing nice to say and u are so angry and jealous of successful people ( or so it seems)

do u sit at your PC and find all the neg things to say just because you can? I find most of your comments to be negative, biased and very contradictory. Does that make u feel good to be so negative or is it just your nature to B bitter.