OZschwitz statists to plunder retirement savings

Australians with more than $2 million in superannuation will lose some tax concessions under changes to the system announced on Friday by Treasurer Wayne Swan.

OZschwitz statists to plunder retirement savings Dhswan20130405100701418

Treasury estimates that about 16,000 people will be affected by this measure in 2014-15, which represents about 0.4 per cent of Australia's projected 4.1 million retirees in that year.
Super changes: Wayne Swan and Bill Shorten.

Super changes: Wayne Swan and Bill Shorten. Photo: Alex Ellinghausen

Earnings of more than $100,000 a year on superannuation pensions and annuities would no longer be tax free and would instead attract a 15 per cent rate.
Advertisement

Assuming a 5 per cent rate of return, this means this reform will only affect individuals with more than $2 million in their superannuation pensions and annuities.

The raft of reforms will save about $900 million over the forward estimates period.

Under current arrangements, all earnings on assets supporting income streams (superannuation pensions and annuities) are tax-free, in contrast to earnings in the accumulation phase of superannuation, which are taxed at 15 per cent.

http://www.smh.com.au/opinion/political-news/super-changes-to-hit-rich-retirees-20130405-2haim.html

OZschwitz statists to plunder retirement savings

OZschwitz statists to plunder retirement savings

Anarcho-Capitalist Categorical Imperatives

AnCaps' Laissez-faire Free Trade Zone