Australian Politics Forum - Raising High Income Super Tax Rates

John Smith Gold Member Online Australian Politics Posts: 72269 Gender:	Re: Raising High Income Super Tax Rates Reply #15 - Feb 7^th, 2016 at 7:19pm mariacostel wrote on Feb 7^th, 2016 at 6:06pm: If there is no benefit in it of course there is benefit, it's their retirement money
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Redmond Neck

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Re: Raising High Income Super Tax Rates
Reply #16 - Feb 7^th, 2016 at 8:32pm

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Under the plan Australians on the 19 per cent marginal tax rate would pay 4 per cent on their super contributions, Australians on the 33 per cent rate would pay 15 per cent, Australians on 37 per cent would pay 22 per cent, and Australians on the 45 per cent rate would pay 30 per cent.

That is commendable to help the lower income earners and will mean the government will gain from Super Guarantee Payments

Now what about those middle to high income folks, that salary sacrifice massive amounts into super to gain the benefit of only paying 15% on these contributions, to build up their superannuation retirement incomes?

Will the higher tax make it still worthwhile?

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mariacostel

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Re: Raising High Income Super Tax Rates
Reply #17 - Feb 8^th, 2016 at 9:09am

Bam wrote on Feb 7^th, 2016 at 7:17pm:

mariacostel wrote on Feb 7^th, 2016 at 6:06pm:

Dnarever wrote on Feb 3^rd, 2016 at 9:35am:

I think most people believe that there should be a cut off for tax benefits on superannuation. In my view this should be at the point where the saving is clearly not genuine superannuation savings but a tax rort.

It should be a generous limit allowing for people to be able to retire in a good position if they are willing to save for this outcome.

All you do is remove the value of superannuation entirely. If there is no benefit in it, then why would anyone put their money into an expensive, poor-performing investment like super where they cant touch their money until they reach a certain age? Maybe this explains why some of these daft ideas aren't put into place in the first place.

And your ideas are ... ? Or are you like a eunuch in a harem, only able to criticise?

The error is your assumption that I think ANYTHING needs to change, because I don't. One of the things that really puts people off of investing in super is the near-annual changes implemented by government. LEAVE IT ALONE.

Happy now?

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mariacostel Gold Member Offline Australian Politics Posts: 7344 Sydney Gender:	Re: Raising High Income Super Tax Rates Reply #18 - Feb 8^th, 2016 at 9:10am John Smith wrote on Feb 7^th, 2016 at 7:19pm: mariacostel wrote on Feb 7^th, 2016 at 6:06pm: If there is no benefit in it of course there is benefit, it's their retirement money BENEFIT, fool! Not a return of your money.
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John Smith

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Re: Raising High Income Super Tax Rates
Reply #19 - Feb 8^th, 2016 at 10:42am

mariacostel wrote on Feb 8^th, 2016 at 9:10am:

John Smith wrote on Feb 7^th, 2016 at 7:19pm:

mariacostel wrote on Feb 7^th, 2016 at 6:06pm:

If there is no benefit in it

of course there is benefit, it's their retirement money

BENEFIT, fool! Not a return of your money.

yes benefit, it's right there between the words 'is' and 'it's'

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Our esteemed leader:
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Redmond Neck

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Re: Raising High Income Super Tax Rates
Reply #20 - Feb 8^th, 2016 at 11:56am

crocodile wrote on Feb 3^rd, 2016 at 9:46am:

Dnarever wrote on Feb 3^rd, 2016 at 9:35am:

I think most people believe that there should be a cut off for tax benefits on superannuation. In my view this should be at the point where the saving is clearly not genuine superannuation savings but a tax rort.

It should be a generous limit allowing for people to be able to retire in a good position if they are willing to save for this outcome.

There already is.

crocodile wrote on Feb 3^rd, 2016 at 8:14am:

High income earners already pay a tiered rate. Those earning above $300k pay a concessional rate of 30c in the dollar as opposed to 15c in the dollar. The cap for contributors is $25k and $35k if you are 60 and over. Exceeding the cap attracts 46.5c in the dollar and 61.5c in the dollar for earners above $300k.

Does this mean the often quoted statement of the rich people putting $Millions into super to avoid tax is a bit of BS?

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mariacostel

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Re: Raising High Income Super Tax Rates
Reply #21 - Feb 8^th, 2016 at 2:57pm

Redmond Neck wrote on Feb 8^th, 2016 at 11:56am:

crocodile wrote on Feb 3^rd, 2016 at 9:46am:

Dnarever wrote on Feb 3^rd, 2016 at 9:35am:

I think most people believe that there should be a cut off for tax benefits on superannuation. In my view this should be at the point where the saving is clearly not genuine superannuation savings but a tax rort.

It should be a generous limit allowing for people to be able to retire in a good position if they are willing to save for this outcome.

There already is.

crocodile wrote on Feb 3^rd, 2016 at 8:14am:

High income earners already pay a tiered rate. Those earning above $300k pay a concessional rate of 30c in the dollar as opposed to 15c in the dollar. The cap for contributors is $25k and $35k if you are 60 and over. Exceeding the cap attracts 46.5c in the dollar and 61.5c in the dollar for earners above $300k.

Does this mean the often quoted statement of the rich people putting $Millions into super to avoid tax is a bit of BS?

YES.

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crocodile

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Re: Raising High Income Super Tax Rates
Reply #22 - Feb 8^th, 2016 at 5:12pm

Redmond Neck wrote on Feb 8^th, 2016 at 11:56am:

crocodile wrote on Feb 3^rd, 2016 at 9:46am:

Dnarever wrote on Feb 3^rd, 2016 at 9:35am:

I think most people believe that there should be a cut off for tax benefits on superannuation. In my view this should be at the point where the saving is clearly not genuine superannuation savings but a tax rort.

It should be a generous limit allowing for people to be able to retire in a good position if they are willing to save for this outcome.

There already is.

crocodile wrote on Feb 3^rd, 2016 at 8:14am:

High income earners already pay a tiered rate. Those earning above $300k pay a concessional rate of 30c in the dollar as opposed to 15c in the dollar. The cap for contributors is $25k and $35k if you are 60 and over. Exceeding the cap attracts 46.5c in the dollar and 61.5c in the dollar for earners above $300k.

Does this mean the often quoted statement of the rich people putting $Millions into super to avoid tax is a bit of BS?

Only if the cap is exceeded. The prospect of squirreling away millions is a furphy. They do get the tax breaks on withdrawal and in fund earnings though.

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Very funny Scotty, now beam down my clothes.

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