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Right, so pollies super is no doubt exempt. This must mean that senior public servant super balances are going to be just under $3 m by the next election.
I predict a raft of retirements just before then.
The truly rich will be able to ensure their super balances don’t go over $3 m and will invest in other assets that pollies won’t touch, like property investments.
The career history of Jim Chalmers is illuminating.
Religious pronouns?
Never had a job outside the cosseted world of politics.
A real man of the people and representative of the
wukkasleaners.A more “tribal than Bible” Catholic –
the need to identify as cool and uncommitted
More bleating than keating?
They really are crap, the labour pardy. Lift the workers out of poverty in their retirement they said super would. Just not so much that they might be comfortable or be able to pass anything on to their children. They only look after their constituents if it’s convenient and there isn’t a bucket of money they can co-opt for their mates.
Not as interesting as his wife’s.
Check out my local member … mark my words he is future Treasurer material … presuming our civilization holds out a little while longer. He was of course, parachuted in … and has very little connection with anyone in Western Sydney … but no one cares because people vote for party regardless. I still feel sorry for the schmucks, but I cannot dispute that they are indeed schmucks.
https://www.aph.gov.au/Senators_and_Members/Parliamentarian?MPID=I8M
You will end up feeling a sad longing for the old Rudd-n-Goose days.
There’s no scale that can’t be thumbed, Buc.
Huge call.
I am not aware of anything said by Chalmers or Albanese that implies that whatever is left in a deceased super cannot be passed on to family. Can someone enlighten me?
Or is it that the remainder will be subject tax differently to how it is now? Does this explain why Malcolm Roberts says that the will be a death tax?
https://thenewdaily.com.au/finance/superannuation/2023/02/27/keith-pitt-superannuation/
wouldn’t want the plebs to start thinking they should find their way above their station… unless of course they are fully payed up members of the club
I read your reference Buccaneer. Thankyou. I still cannot fathom how a limitation of the tax concession in respect of a person with a balance over $3mill. implies that on their death none of the remainder can pass to their family. If that were the case, what would happen to the remainder?
I suspect that while the remainder can be passed, in some fashion it would be taxed heavily. Once this step was taken, “equity” would then be said to warrant all components of the estate be taxed. In this way, a death tax is introduced. And as a necessary consequence, a gift tax too.
Yes it’s going to be much better for people not to have large nest eggs, spend down their super funds and put their hands out for a government age pension and health care card.
I think it would be more honest just to end super and give everyone over 75 the age pension and health care card.
Rafiki, I can’t see where anyone here has said they were banning the passsing on of super to your children. It’s clear the alp has established the idea they think that super is for your retirement and you shouldn’t be able to pass it on to your children if you accumulate enough to do that. Everyone should be scared by this and concerned that there is not enough push back. Government getting so big it thinks it knows better how you should spend your own money and prepared to water down the idea that an adequate amount of money is required for your retirement on the alter of some inane inter generational equity nonsense.
Old age is not a homogeneous experience where people encounter a set amount of costs. People rightly have different priorities for their retirement. The alp wants people to slave away for their tax dollars and only have enough for a basic existence with no ability to look after your children once you are gone. They are the masters of entrenching disadvantage, because we all know these changes are nothing more than a class war wedge and will not affect the genuinely wealthy, particularly old money. They will affect the average punter who has super and maybe a home as their main retirement assets. For these people 3million in super is adequate but nothing exceptional.
It’s worse than this, because all the people voting for this will get a much more generous pension that is funded by tax payers. I vote that Albo should have his super indexed to $3million divided by 30 years.
Yeah after inheriting a large structural deficit that the previous government made no attempt to cut he has actually made structural improvements.
He cannot go too hard as the RBA is raising rates quite quickly.
He has also banked much of the revenue improvements as well.
Superannuation should never have been a tax dodge for estate planning
Labor demanded higher spending during the ‘pandemic.’
Oops…
David Koch effortlessly rounds up dumbo Chalmers:
Labor also left a good part of the deficit, structural and actual. So what if Super is used to lock money into investments for everyone’s retirement? The more money in these funds the more effectively they can amortise their costs and the more effectively they can make their investments.
It’s hardly a trade off to let people have more of their own hard earned to make the system that was supposed to replace the pension be more viable.
Chalmers sounds drunk. In the Gen-X urban bugman class there’s this sickening “over-ockerisation” that’s become embedded, where they started speaking in this broad slurring hollywood-sounds-of-Australia manufactured faux-bogan manner. Sentences chock full of “maaaaate, cmon maaaaaate” and 1990’s ockerisms.
To the point that they sound like they’re half drunk retards. It’s a strategy naturally, they don’t actually speak like this to each other (though it is infecting their everyday character more and more to the point it will become them), but they adopt this pre-packaged laid back persona while they smash industries, raid your super, abolish your national government, force their ideology down your throat and deconstruct your country.
But maaate, look, maaate, it’s just fair dinkum you know maaaate….
Brilliantly true.
+ “Kochie.” Only in childish Australia.
Non Mentis
If you think that the Liars inherited a structural deficit, wait till you see the result of their “investment” in new transmission lines to connect necessarily distributed solar and wind generators to the existing grid.
When are you going to demonstrate your economic genius.
Tell us how much it will cost and how long it will take to build sufficient solar and wind generators and the necessary transmission lines and firming facilities to provide the reliable continuous electricity supply essential to support a modern economy.
Or can we assume that you are just talking through your hat when you tout ruinables as reliable and effective? I suspect that we can.
Next step IMHO will be death duties including the family home. Given an ageing population no need to impose CGT just wait till people die.
the economically illiterate CL does not understand that the true Dr Cairns of this era , Frydenberg, did not make any attempt on the structural deficit.
Buccy does not understand superannuation is to provide retirement savings not to give to your j kids via tax subsidies.
Twostix shows his understanding of superannuation is on a par with Ukrainian history.
Our primary school drop out does not understand NO public company wants to invests in unreliable coal fired power stations. Err he obviously have not read the CSIRO’s report on the history of renewables which shows you do not need as much firming facilities as precviously thought. Well how could he he can’t read.
Anyone who believes in a capitalist system would be a true believer in death duties.
Inherited wealth is not a good predictor of future wealth.
Left wing governments love to steal the public’s money.
As my late grandmother used to say, “Labor can’t handle money.”
Doubling down won’t save you now, absolute embarrassment all your opining about Ukraine without even knowing who Victor Poroshenko is. LOL.
The Trampis, still proving the not part incorrect in your blog name i see.
For the person who claims others are economically illiterate, you sure are loose with your language. A subsidy is a payment by government, not the non-application of tax.
Then, like a broken clock that’s right twice a day, you presciently reminded us
Totally invalidating your earlier argument that it matters whether money is left to the kids or not. See the whole argument is based on intergenerational transfer of wealth, which you just admitted is not worth worrying about.
See, it’s dopes like you that don’t understand that wealth generation is not a zero-sum game. Socialism and communism are though, because they co-opt all the production and wealth of a society and concentrate it in the hands of the elite based on fealty not merit, in a diminishing amount ad infinitum until the real people get tired of it.
Non Mentis demonstrates yet again that he has absolutely no idea about the economics of electricity generation, either ruinable or reliable coal fired.
If he knew anything, he would be able to provide actual data, not just vague references to a CSIRO “report”. Are they as useless as a Treasury forecast?
I have asked simple questions, you have proven unable to respond. Go away and try to learn some actual facts, you ignorant fool.
Non Mentis
“Eleven EU member states vowed on Tuesday to “strengthen cooperation” on nuclear energy, which they said would help Europe move away from carbon-emitting fossil fuels.
Bulgaria, Croatia, Czech Republic, Finland, France, Hungary, Netherlands, Poland, Romania, Slovakia and Slovenia agreed “to support new projects” alongside existing nuclear plants, according to a statement released during a meeting of EU energy ministers in Stockholm.
“Nuclear energy is one of many tools for achieving our climate targets”, to produce electricity to meet consumer demand and “for security of supply”, they said.”
Japan apparently will also join them.
Tell us again how you are so much smarter and more knowledgeable than they are. Maybe the CSIRO report covers the subject?
Your late grandmother was an idiot. If she thought that after years of ALP’s government and the LP governments she understood nothing.
guess who actually made reforms that corrected the structural deficits. err ALP governments. Err Keating and walsh, then Swan and now Chalmers.
guess who increased them yep you guessed it LNp governments. Howard and morrison with a vengeance
Poor old twostis stil; has no idea of the heavenly 100 and why Putin’s puppet rant to russia as fast as he could after murdering them..
Buccy has no idea of capitalism. you want it to thrive. inherited wealth does not do that. Take a look at sparta!
Superannuation for the wealthy is merely getting large tax subsides for their money they theen hand on to their children. Superannuation is about retirement income incomes not estate planning.
nuclear energy is easily the most expensive electricity you can have. It needs a price on carbon to be competitive with coal.
Anyone who can read knows that but since you can’t you don’t!
Trampis, your rants are genuinely entertaining as your circle of sanity slowly gets smaller tightening like the noose around the neck of a condemned man. You really should get that delusion problem looked at. I’ll let others respond to the ridiculous points you’ve made about them.
You are truly the single biggest nonce I have ever come across if you think that ancient Sparta was the bastion of capitalism.
No one is getting a subsidy for superannuation, that would have the government paying money into their account. The ALP who instituted compulsory superannuation ensured the scheme would be viable by ensuring there was a trade off to not being able to actually spend or otherwise invest your money for a period of time. They have now reneged on that commitment so they can squander more of my tax dollars (not yours, you are clearly too stupid to accumulate any actual wealth, other than by accident)
Dunning Kruger – is there a photo of the Trampis in that definition?
That’s all you’ve got – insults – even for someone you never knew.
What gives you – who gives village idiots a very bad name with your utter ignorance on every subject – the right to defame my grandmother?
Sparta capitalist?
LOL.
If there was a state or society in the ancient world that was less capitalist I can’t think of it.
Certainly not in Greece.
Non Mentis
Oh, yes, the wonderful Whine Swine. Babbled on perpetually about future budget surpluses, without ever delivering one.
And you know better than multiple governments about the economics of nuclear power? You can’t even give an estimated cost for the full panoply of solar and wind generators and new transmission lines required to (claim) to provide the reliable continuous electricity generation needed to operate a modern economy.
Here’s a thought for you, the most expensive electricity is that which is not available when it is required, like when the sun goes down and the wind doesn’t blow. Pray that you are never lying on an operating table when that happens.
Surprise!!
Government urged to use superannuation tax concession changes to expand Paid Parental Leave scheme.
Coming for the family home too, why do they pretend, just tell us they want to nationwide everything
When every reduction of the taxpayers’ burden is a handout and they perceive they have more right to your inheritance than your children it’s clear you should appreciate that they let you retain anything of your hard-earned.