Nation First analyses how Australia’s new retirement savings tax targets unrealised gains, threatening the savings and trust of hardworking Australians.
THey are so tied into the One World Government system. This is part of their agenda "You will own nothing and be happy" rubbish. I am yet to work out what their definition of "happy" is.
This is just typical Labor, as soon as they get in by a landslide (er well less primary than even Julia Gillard could elicit in 2010 and she was unpopular) they pull some really crappy policy out of their back pocket and this is it. I can't believe the poor design of this, especially not indexing it to inflation. With Inflation most likely still at 7% or more, in 10yrs wages will need to double and by the time the young workers retire in 40yrs even the poorest could exceed this cap. To deny SMSF the power of compound interest by stealing profits every year, most likely to give to their pet projects, like wind mills and panels, we will be like 3rd world status, once the Mining exports dry up, China can source from elsewhere. Only ones cheering this stupid idea on would be the public servants and those getting some welfare like medically unemployable, heck about a quarter of the population has some disability nowadays, that's way above the world average.
Congratulations Labor communists! The demise of the superannuation industry, foisted upon us by Keating, if I remember correctly, is well and truly set to happen. What person in their right mind would invest in a system that is now guaranteed to see their capital either grow very slowly, at best, or be reduced through excessive taxation? Madness!
good time to setup a SMSF and buy a house in SE Asia and get out of here. transfer the funds from your account to overseas, and never come back to this country, until we have a credible government, not Elmer Fudd Chavez and his muppets.
It won't be the demise of the super industry, it will be demise of SMSF's and force people out of the property investment market. Forcing them to divest their investment homes so Labor can claim they have created more housing to address the housing crisis.
We'll see. For me anyway, if you make gains in super that are partially stolen through unwarranted taxation, I can't see the point in continuing to invest.
That's a distinct possibility. with high inflation pushing up prices, the unrealized gains are largely illusionary, but the taxes are most certainly real. If investors were unable to push up the rents, they would be forced to sell. I bet the selling cost, is not able to be offset against the unrealized gains. Glad I don't own an IP. At least you can sell some shares. A SMSF under $200k is hardly worth the costs, at least $3k to administer each year.
I guess when prudent people study the superannuation rules and use them to kick some financial goals by saving and directing some of their capital very smartly . . . . well, it is time to move the goal posts in the middle of the game.
How long will it be before lots of people quit playing the game and others don't even want to start playing the game in the first place?
When will you start calling them by their real name “ Corporation “ of !
LabLib are coming after what little some have left - if it’s unrealised they you don’t have it so therefore they are after what you have saved up ! What happens if you have none saved up ! OH they will take a portion of your home instead ,
What a great way to force Australians out of SMSF. What a great way to force farmers to free up land for more wind turbines and solar panels, you can bet your left arm the energy providers will be rubbing their hands with glee at the prospect of bargain land. What a great way to force investors to sell their investment properties and Labor will be claiming in Parliament they have done something about the housing crisis. Redistribution of wealth by smoke and mirrors.
Excellent article George. I also note Paul Keating (who set up the superannuation guarantee system many years ago) rejects this crazy new cash grab by our newly elected socialist government.
I note also this policy was fully disclosed before the election and still Australians have returned them to power. I feel this election has shown, among other things, that a majority of Australians have little interest in Superannuation long term results.
I think PK efforts to create superannuation were not to help punters. I read it was to boost up the FIRE industry and the rise of industry super funds, at the same time they threw manufacturing in Australia under the proverbial bus. Now Labor have a good source of funding for elections, and the Liberals that great "champion of free enterprise" have to tap donors for funding.
This HAS to be unconstitutional under Australian law. I'm almost positive it's unlawful! And EXACTLY what law are former state premiers, judges, and top bureaucrats etc., exempt?
Bill of Rights 1689? Magna Carta? Common Law? ALL of these are referenced in high court decisions. The problem is - they're all exempt too! And most of them have been stacked by the Labor party!
I do wonder when I read this will affect workers in 40yrs when nearly everyone has $3M in the super funds. How could this bad policy be allowed to stand for 10yrs especially if Labor is out of office, which will happen eventually, as they are too stupid not to screw up.
The only way it will be repealed is IF the Coalition get into power, AND make it and election promise - and follow through! I have my doubts though. They're all tarred with the same brush!
THey are so tied into the One World Government system. This is part of their agenda "You will own nothing and be happy" rubbish. I am yet to work out what their definition of "happy" is.
This is just typical Labor, as soon as they get in by a landslide (er well less primary than even Julia Gillard could elicit in 2010 and she was unpopular) they pull some really crappy policy out of their back pocket and this is it. I can't believe the poor design of this, especially not indexing it to inflation. With Inflation most likely still at 7% or more, in 10yrs wages will need to double and by the time the young workers retire in 40yrs even the poorest could exceed this cap. To deny SMSF the power of compound interest by stealing profits every year, most likely to give to their pet projects, like wind mills and panels, we will be like 3rd world status, once the Mining exports dry up, China can source from elsewhere. Only ones cheering this stupid idea on would be the public servants and those getting some welfare like medically unemployable, heck about a quarter of the population has some disability nowadays, that's way above the world average.
This policy was floated by them years ago, Australians conveniently forgot or did not bother to listen.
Congratulations Labor communists! The demise of the superannuation industry, foisted upon us by Keating, if I remember correctly, is well and truly set to happen. What person in their right mind would invest in a system that is now guaranteed to see their capital either grow very slowly, at best, or be reduced through excessive taxation? Madness!
good time to setup a SMSF and buy a house in SE Asia and get out of here. transfer the funds from your account to overseas, and never come back to this country, until we have a credible government, not Elmer Fudd Chavez and his muppets.
You can't own property in SE Asia, most countries require any property to be in the name of a local citizen.
You can in Malaysia and possibly Thailand, I believe.
Oh well, I better go to Africa then. At least I got some family there.
Yea pass on that, the ANC are stripping whites of their properties.
It won't be the demise of the super industry, it will be demise of SMSF's and force people out of the property investment market. Forcing them to divest their investment homes so Labor can claim they have created more housing to address the housing crisis.
We'll see. For me anyway, if you make gains in super that are partially stolen through unwarranted taxation, I can't see the point in continuing to invest.
That's a distinct possibility. with high inflation pushing up prices, the unrealized gains are largely illusionary, but the taxes are most certainly real. If investors were unable to push up the rents, they would be forced to sell. I bet the selling cost, is not able to be offset against the unrealized gains. Glad I don't own an IP. At least you can sell some shares. A SMSF under $200k is hardly worth the costs, at least $3k to administer each year.
And whilst the nation is being destroyed, the so called Libs are too busy stabbing each other in the back to notice.
So whilst they do "Rome Burns".
That whole party needs to be de-registered and destroyed because apart from being useless, it has been and still IS a dominant part of our problems.
Jacinta jumped ship at the wrong time!
I guess when prudent people study the superannuation rules and use them to kick some financial goals by saving and directing some of their capital very smartly . . . . well, it is time to move the goal posts in the middle of the game.
How long will it be before lots of people quit playing the game and others don't even want to start playing the game in the first place?
Dear George
When will you start calling them by their real name “ Corporation “ of !
LabLib are coming after what little some have left - if it’s unrealised they you don’t have it so therefore they are after what you have saved up ! What happens if you have none saved up ! OH they will take a portion of your home instead ,
WEF ( you’ll own nothing and be happy )
What a great way to force Australians out of SMSF. What a great way to force farmers to free up land for more wind turbines and solar panels, you can bet your left arm the energy providers will be rubbing their hands with glee at the prospect of bargain land. What a great way to force investors to sell their investment properties and Labor will be claiming in Parliament they have done something about the housing crisis. Redistribution of wealth by smoke and mirrors.
Agree, well said
https://youtu.be/qEEOxLnDOI4?si=-ZHK9PnMBwHBlntq
Prof Guerot is an amazing women explaining exactly what is happening.
Excellent article George. I also note Paul Keating (who set up the superannuation guarantee system many years ago) rejects this crazy new cash grab by our newly elected socialist government.
I note also this policy was fully disclosed before the election and still Australians have returned them to power. I feel this election has shown, among other things, that a majority of Australians have little interest in Superannuation long term results.
I think PK efforts to create superannuation were not to help punters. I read it was to boost up the FIRE industry and the rise of industry super funds, at the same time they threw manufacturing in Australia under the proverbial bus. Now Labor have a good source of funding for elections, and the Liberals that great "champion of free enterprise" have to tap donors for funding.
This HAS to be unconstitutional under Australian law. I'm almost positive it's unlawful! And EXACTLY what law are former state premiers, judges, and top bureaucrats etc., exempt?
Bill of Rights 1689? Magna Carta? Common Law? ALL of these are referenced in high court decisions. The problem is - they're all exempt too! And most of them have been stacked by the Labor party!
I do wonder when I read this will affect workers in 40yrs when nearly everyone has $3M in the super funds. How could this bad policy be allowed to stand for 10yrs especially if Labor is out of office, which will happen eventually, as they are too stupid not to screw up.
The only way it will be repealed is IF the Coalition get into power, AND make it and election promise - and follow through! I have my doubts though. They're all tarred with the same brush!