Sunday, January 31, 2016

Superannuation investments are there for the people...NOT a nest egg for government to raid

The Turnbull government is under further pressure to cut back hundreds of billions of dollars in concessions that primarily benefit the rich, with Treasury figures showing the cost of capital gains tax concessions and superannuation concessions will be almost $380 billion.
Updated forecasts from Treasury show the capital gains tax exemption on the family home, the 50 per cent CGT discount and superannuation concessions, remain the biggest costs to the federal budget.

Malcolm Turnbull is about to embark on tax reform and is under pressure to scale back concessions.

Absolute Bullshit article from Nassim Khadem yet again.

The government is 'losing' anything, the favorable tax treatments are rewards for locking up investment funds under strict government rules until after retirement easing the burden on the government to fund retirees.

Change the rules and its simple investors will move their cash into alternative investment channels and the government wont get their significant upfront taxes.

Simple really.

Calculating "the lost tax" is ridiculous, its the "people money" not the governments money and has been saved for the last 20 years. To talk about this as baby boomers are moving into retirement is ridiculous.


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