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Millions Missing Out On Superannuation (Read 10298 times)
hawil
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Re: Millions Missing Out On Superannuation
Reply #30 - Mar 29th, 2018 at 7:29pm
 
Its time wrote on Mar 26th, 2018 at 3:13pm:
Imagine our social security bill if Labor didn't bring in Super , ahead of their time the mighty Labor party , it's a shame we have dumb arse conservatives holding us back generations

The Australian super is nothing but a fraud, set up for the benefit of the elite 20% of the population.
It was badly designed by the Keating government in the first place, and then the Howard government in 2007 made it more beneficial for the rich 20% by making super income tax-free, if paid by the so-called taxed fund.
Currently the various tax concessions for the rich exceed the total cost of the age pension, disability pension and unemployment benefits combined.
The other weakness of the super system is, that it does not address the Centrelink pension, and a part-pensioner starts losing 50% of the pension after earning a certain amount or accumulating a certain amount of assets.
Compare this with a self funded retiree with an income of some $100,000 plus pays no tax at all.
Furthermore, many employers dodge the payment of the super for their employees; in most efficient super system the employer has to pay the super contributions within a limited time, usually no more than 3 month, so if a company goes bankrupt, the employees don't lose years of super.
Paul Keating has nothing to be proud of, because his government did a lousy job as far as super is concerned, yet he also introduced dividends imputation; and guess who benefits mostly from that?

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hawil
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Re: Millions Missing Out On Superannuation
Reply #31 - Apr 7th, 2018 at 8:03pm
 
hawil wrote on Mar 29th, 2018 at 7:29pm:
Its time wrote on Mar 26th, 2018 at 3:13pm:
Imagine our social security bill if Labor didn't bring in Super , ahead of their time the mighty Labor party , it's a shame we have dumb arse conservatives holding us back generations

The Australian super is nothing but a fraud, set up for the benefit of the elite 20% of the population.
It was badly designed by the Keating government in the first place, and then the Howard government in 2007 made it more beneficial for the rich 20% by making super income tax-free, if paid by the so-called taxed fund.
Currently the various tax concessions for the rich exceed the total cost of the age pension, disability pension and unemployment benefits combined.
The other weakness of the super system is, that it does not address the Centrelink pension, and a part-pensioner starts losing 50% of the pension after earning a certain amount or accumulating a certain amount of assets.
Compare this with a self funded retiree with an income of some $100,000 plus pays no tax at all.
Furthermore, many employers dodge the payment of the super for their employees; in most efficient super system the employer has to pay the super contributions within a limited time, usually no more than 3 month, so if a company goes bankrupt, the employees don't lose years of super.
Paul Keating has nothing to be proud of, because his government did a lousy job as far as super is concerned, yet he also introduced dividends imputation; and guess who benefits mostly from that?


It looks I have brought another topic to a sudden stop.
The ABC discussed the super system on Four Corners, but it turned out to be only a gabfest, they wouldn't like to rock the boat, because the elite on the ABC are enjoying the fruits of the elite 20% of the Australian society.

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Setanta
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Re: Millions Missing Out On Superannuation
Reply #32 - Apr 7th, 2018 at 10:20pm
 
hawil wrote on Apr 7th, 2018 at 8:03pm:
hawil wrote on Mar 29th, 2018 at 7:29pm:
Its time wrote on Mar 26th, 2018 at 3:13pm:
Imagine our social security bill if Labor didn't bring in Super , ahead of their time the mighty Labor party , it's a shame we have dumb arse conservatives holding us back generations

The Australian super is nothing but a fraud, set up for the benefit of the elite 20% of the population.
It was badly designed by the Keating government in the first place, and then the Howard government in 2007 made it more beneficial for the rich 20% by making super income tax-free, if paid by the so-called taxed fund.
Currently the various tax concessions for the rich exceed the total cost of the age pension, disability pension and unemployment benefits combined.
The other weakness of the super system is, that it does not address the Centrelink pension, and a part-pensioner starts losing 50% of the pension after earning a certain amount or accumulating a certain amount of assets.
Compare this with a self funded retiree with an income of some $100,000 plus pays no tax at all.
Furthermore, many employers dodge the payment of the super for their employees; in most efficient super system the employer has to pay the super contributions within a limited time, usually no more than 3 month, so if a company goes bankrupt, the employees don't lose years of super.
Paul Keating has nothing to be proud of, because his government did a lousy job as far as super is concerned, yet he also introduced dividends imputation; and guess who benefits mostly from that?


It looks I have brought another topic to a sudden stop.
The ABC discussed the super system on Four Corners, but it turned out to be only a gabfest, they wouldn't like to rock the boat, because the elite on the ABC are enjoying the fruits of the elite 20% of the Australian society.



Because you are absolutely correct and there is no real way to change it.
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hawil
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Re: Millions Missing Out On Superannuation
Reply #33 - Apr 12th, 2018 at 3:09pm
 
Setanta wrote on Apr 7th, 2018 at 10:20pm:
hawil wrote on Apr 7th, 2018 at 8:03pm:
hawil wrote on Mar 29th, 2018 at 7:29pm:
Its time wrote on Mar 26th, 2018 at 3:13pm:
Imagine our social security bill if Labor didn't bring in Super , ahead of their time the mighty Labor party , it's a shame we have dumb arse conservatives holding us back generations

The Australian super is nothing but a fraud, set up for the benefit of the elite 20% of the population.
It was badly designed by the Keating government in the first place, and then the Howard government in 2007 made it more beneficial for the rich 20% by making super income tax-free, if paid by the so-called taxed fund.
Currently the various tax concessions for the rich exceed the total cost of the age pension, disability pension and unemployment benefits combined.
The other weakness of the super system is, that it does not address the Centrelink pension, and a part-pensioner starts losing 50% of the pension after earning a certain amount or accumulating a certain amount of assets.
Compare this with a self funded retiree with an income of some $100,000 plus pays no tax at all.
Furthermore, many employers dodge the payment of the super for their employees; in most efficient super system the employer has to pay the super contributions within a limited time, usually no more than 3 month, so if a company goes bankrupt, the employees don't lose years of super.
Paul Keating has nothing to be proud of, because his government did a lousy job as far as super is concerned, yet he also introduced dividends imputation; and guess who benefits mostly from that?


It looks I have brought another topic to a sudden stop.
The ABC discussed the super system on Four Corners, but it turned out to be only a gabfest, they wouldn't like to rock the boat, because the elite on the ABC are enjoying the fruits of the elite 20% of the Australian society.



Because you are absolutely correct and there is no real way to change it.


Unfortunately, you are also very correct with your short senstence; but it is very strange that none of the rich members frequenting this forum have the courage to disprove what I,am stating.
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stokerjim
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Re: Millions Missing Out On Superannuation
Reply #34 - May 8th, 2018 at 6:56pm
 
hawil wrote on Mar 29th, 2018 at 7:29pm:
Its time wrote on Mar 26th, 2018 at 3:13pm:
Imagine our social security bill if Labor didn't bring in Super , ahead of their time the mighty Labor party , it's a shame we have dumb arse conservatives holding us back generations

The Australian super is nothing but a fraud, set up for the benefit of the elite 20% of the population.
It was badly designed by the Keating government in the first place, and then the Howard government in 2007 made it more beneficial for the rich 20% by making super income tax-free, if paid by the so-called taxed fund.
Currently the various tax concessions for the rich exceed the total cost of the age pension, disability pension and unemployment benefits combined.
The other weakness of the super system is, that it does not address the Centrelink pension, and a part-pensioner starts losing 50% of the pension after earning a certain amount or accumulating a certain amount of assets.
Compare this with a self funded retiree with an income of some $100,000 plus pays no tax at all.
Furthermore, many employers dodge the payment of the super for their employees; in most efficient super system the employer has to pay the super contributions within a limited time, usually no more than 3 month, so if a company goes bankrupt, the employees don't lose years of super.
Paul Keating has nothing to be proud of, because his government did a lousy job as far as super is concerned, yet he also introduced dividends imputation; and guess who benefits mostly from that?




I think when Keating first set up the Super scheme, I think it was so unique an idea that it was bound to have hiccups.   You would think however that after 30 odd years of compulsory superannuation being in place, the bugs in the original system would have been worked out and we would all be closer to achieving Keating's aim of weaning the majority of people off the aged pension and funding their own lifestyle.

The problem is of course that politicians can't help themselves and constantly fiddle with it, putting new tweaks in, only for them to be removed later.     We cannot afford to keep funding the age pension - the amount of people paying taxes, and the amount of taxes they are paying is falling, the money will eventually run out and have to be raised elsewhere.


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