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Super investors to get slugged

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Tropo, 6th Nov, 2009.

  1. Tropo

    Tropo Well-Known Member

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    06/11/2009

    Superannuation investors may be slugged by higher tax rates said the Treasurer Wayne Swan yesterday.
    In a wide ranging speech on tax issues in Melbourne, Mr Swan said some Australians would lose and some would win from the reforms coming out of the Henry Tax Review.

    High income earners could lose some tax concessions now available through superannuation.
    Tax payers with simple tax affairs could also be spared the need to complete a tax return under the proposed changes.

    Source: The Age
     
  2. davo6253

    davo6253 Well-Known Member

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    Realistically super is designed to reduce the burden on the taxpayer for future pension payments is it not? I don't see how this is being achieved in the current system, at the moment its a great tax structure for high income earners whereas low / middle receive very little. The wealthy isn't what the system was designed to support surely?

    Cheers,
    David
     
  3. AsxBroker

    AsxBroker Well-Known Member

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    Hi David,

    As far as I am aware the superannuation system is designed to reduce retirees burden on the government system for retirement assistance by forced savings. This forced savings is usually known as SGC which to some of us is part of our employment package (read 9% of your salary is being saved for your retirement to reduce your burden on the government when you eventually retire).

    Cheers,

    Dan
     
  4. AsxBroker

    AsxBroker Well-Known Member

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    Reading between the lines, this means the government needs to plug the holes where they are losing money...Maybe they should stop hacking away at PAYG tax brackets?
     
  5. Tropo

    Tropo Well-Known Member

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    It seems to me like a prelude to overture....don’t you think ? :rolleyes: