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.

[cherry*135]

There has been no specific amounts mentioned that it may be lowered to. It wont be disclosed till the May budget.

Tulip - that is not what the OP is referring to.

In your circumstances since 1 July 2012  under the Labour Govt  low income earners are going to get their 15% contribution tax returned to them at the end of the tax year (July 2013)

The Liberals are  going to scrap that if they get in. I am not sure if the Labor Govt are going to keep that policy.

Labor Party is going to scrap the $500 low income co-contribution for super (where person puts in up to $500 of their own money and the Govt matches it), as it was funded from the mining tax.

[newstart2380]

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.

i am talking about self funded SF,s not those that your employer contributes for you. This is money I have put  away in my SF run by me not a SF institution.

[lakeland27]

i dislike false reports with no credible backup , thats true.

the assumptions you make have no foundation but poor guesswork also. blind stupidity does annoy me, you got that much right.

[cherry*135]

The opening post gives no details about anything. Labor haven't announced they are going increase contributions tax to 30% for people whose super fund are over $180 000, that is totally made up.

I doubt whether you can just withdraw all your money from a SMSF when you feel like it either.

There are very strict rules involved in SMSF's.

Most SMSF as I said above would most likely have more than $250 000- $300 000 in them anyway, not $180 000. If they have more than $300 000 in them know they will be being taxed at 30% already.

[cherry*135]

know = now

[cherry*135]

Have you reached preservation age OP? (the age a person can access their super benefits)?

If not, you can't withdraw your funds from a SMSF unless you are terminally ill or permanently incapacitated.

(ATO rules for SMSF).

I think LL is on the right track.

If OP, as you claim, have taken out your money from your SMSF ( which is not in fact possible) and you invest it in another way - what is that way that you will be paying less than 15-30% tax on it?

[newstart2380]

The opening post gives no details about anything. Labor haven't announced they are going increase contributions tax to 30% for people whose super fund are over $180 000, that is totally made up.

I doubt whether you can just withdraw all your money from a SMSF when you feel like it either.

There are very strict rules involved in SMSF's.

Most SMSF as I said above would most likely have more than $250 000- $300 000 in them anyway, not $180 000. If they have more than $300 000 in them know they will be being taxed at 30% already.

i did NOT say labor has announced this was going to happen, I said it was talked about last week once on tv that I saw. Yes I can withdraw my SF money anytime I wish, it is my SF not one run by an institution and also this figure of 180000 was the figure mentioned In the discussion that I saw.  I have never been taxed more than. 15% on my SF and had more  than the figure u mentioned. Can't wait to get more info so u can see for yourselves. 

[newstart2380]

i dislike false reports with no credible backup , thats true.

the assumptions you make have no foundation but poor guesswork also. blind stupidity does annoy me, you got that much right.

and with respect " you would know"

[freddie*rooster]

Have you reached preservation age OP? (the age a person can access their super benefits)?

If not, you can't withdraw your funds from a SMSF unless you are terminally ill or permanently incapacitated.

(ATO rules for SMSF).

I think LL is on the right track.

If OP, as you claim, have taken out your money from your SMSF ( which is not in fact possible) and you invest it in another way - what is that way that you will be paying less than 15-30% tax on it?

I wanted to ask this question, but couldn't word it like you have A3.

[freddie*rooster]

Now that you have withdrawn your super, where are you going to invest it?