Labors Super changes

[Home Alone]

Reality is the wealthy wont exceed the $3m going forward.

Meanwhile what is happening of those up at the trough (Albo) with the defined benefit (super) scheme ?

Have a read of this https://www.finance.gov.au/governme...ntary-contributory-superannuation-scheme-pcss

The constitutionally protected funds didnt exclude themselves from surcharge or Div293 so why would this be any different.

Noted, that this fund doesn't hold any assets so no direct earnings to the members. So Albo may decide he is exempt and wear the fallout from protecting his $350k pa pension against the $340k pa alternative.

 

[Home Alone]

On top of this, there has been only lip service paid to trimming the pensions of politicians like Albo on defined benefit schemes that are far, far more generous than the situation reflected by $3 million in super. One rule for thee, one rule for me.

You do realise that Albo's fund is closed to new members and those perks were realised by Howardcas unaffordable going forward.

Like all defined benefit funds they cannot disadvantage members from what has already been accrued. They do have ability to change future accruals but that wasn't popular at the time with Parlimentarians with pre 2004 benefits

 

[Home Alone]

The loophole was already closed, current younger folk cannot amass those amounts in pension funds

Has it?

Setup a SMSF fund, establish a trust deed where all the assets are distributed to the member(s). Transfer the already fully owned asset from your name/company to the SMSF and claim a CGT exempt transfer and you can still get your $3M+ balance.

 

[Home Alone]

Because of what was promised.

Albo & the good doctor have recovered as best they can to address the broken promise - the question now is whether they can move on the phase 3 tax cuts as another broken promise?

Do you think the broken promise messaging is actually getting through and have the possibility of changing votes.

It may have more weight with you, but you don't seem to have a good grasp of public opinions in recent time.

 

[Crankyhawk]

Salary packaging ?

no, just the 9.5% compulsory contribution (well, more accurately the $25k/ year + return on investment over 30 years, allowing time to reach that high income - I'm talking full time medical specialists in the public hospital system)

 

[peetoo]

no, just the 9.5% compulsory contribution (well, more accurately the $25k/ year + return on investment over 30 years, allowing time to reach that high income - I'm talking full time medical specialists in the public hospital system)

I’d love to see some rough figures. My best estimates over 35 years was around 10 million (a bog standard hous in a middle standard suburb will cost that in 35 years time)
Assumes you are that well off you can lock away that capital for half your life, probably forgoing a better standard house which would make you more comfortable and build wealth just as efficiently. Have super for cashflow, home for security, wealth

 

[Crankyhawk]

I’d love to see some rough figures. My best estimates over 35 years was around 10 million (a bog standard hous in a middle standard suburb will cost that in 35 years time)
Assumes you are that well off you can lock away that capital for half your life, probably forgoing a better standard house which would make you more comfortable and build wealth just as efficiently. Have super for cashflow, home for security, wealth

So rough figures
I’m in mid 40s
Single income family
Currently on a very high payg income (for purpose of rough figures $300k)
Working life started early 20s initial wage as medical intern just above 50k, rising over 5 years to registrar level where it was around 80-100k then sharp increase on passing exam in mid 30s.
Bought land just after intern year (2002) for 130k in outer suburbs
Built house roughly 300k in 2006
Paid off mortgage in ~ 2012

 

[nut]

Because of what was promised.

Albo & the good doctor have recovered as best they can to address the broken promise - the question now is whether they can move on the phase 3 tax cuts as another broken promise?

So we have 3 year terms and governments can’t do anything different to what they said before an elections .. regardless of changes in economic landscapes?
No wonder no serous reform happens in this country.

… also the changes to super don’t go into affect until after the next election so stop with the Bulls..t.

 

[Kwality]

Do you think the broken promise messaging is actually getting through and have the possibility of changing votes.

It may have more weight with you, but you don't seem to have a good grasp of public opinions in recent time.

We simply disagree. Sledge as you will.
We should all know the promises are an election issue.

Note the deft footwork around the legislation in this term of parliament & application in the next term.
Shades of the NDIS, same dance different step.

 

[Kwality]

no, just the 9.5% compulsory contribution (well, more accurately the $25k/ year + return on investment over 30 years, allowing time to reach that high income - I'm talking full time medical specialists in the public hospital system)

Whilst not paupers, you lot deserve every penny you get.
I was referring to the wealthy who negotiate their package individually.

 

[Kwality]

So we have 3 year terms and governments can’t do anything different to what they said before an elections .. regardless of changes in economic landscapes?
No wonder no serous reform happens in this country.

… also the changes to super don’t go into affect until after the next election so stop with the Bulls..t.

The issue is promising one thing & going back on it, not quite what you are alluding to.

 

[nut]

The issue is promising one thing & going back on it, not quite what you are alluding to.

It wasn’t a major change was it?

 

[Home Alone]

It wasn’t a major change was it?

Kwality is more concerned about the principle, while everyone else would be more concerned that they did nothing when Labor became aware of the situation.

 

[Kwality]

It wasn’t a major change was it?

Your use of major is disingenuous.

 

[Kwality]

Kwality is more concerned about the principle, while everyone else would be more concerned that they did nothing when Labor became aware of the situation.

As long as you feel better about it.

 

[peetoo]

So rough figures
I’m in mid 40s
Single income family
Currently on a very high payg income (for purpose of rough figures $300k)
Working life started early 20s initial wage as medical intern just above 50k, rising over 5 years to registrar level where it was around 80-100k then sharp increase on passing exam in mid 30s.
Bought land just after intern year (2002) for 130k in outer suburbs
Built house roughly 300k in 2006
Paid off mortgage in ~ 2012

So I reckon bigfooty has consumed more than $400k s worth of your time. We are grateful.

 

[nut]

Your use of major is disingenuous.

Explain how it was a major change?

It affects virtually no one and helps to brings back super to it’s intended purpose.

 

[Kwality]

Explain how it was a major change?

It affects virtually no one and helps to brings back super to it’s intended purpose.

Why major ?

We all know that is not what Albo took to the election, as acknowledged by the introduction of the measures in the next term of Government.

 

[Kwality]

I don't buy that "unintended consequences" crap. It is just what do nothing Conservatives say to scare people.

Tough luck for 200 residents eh? Surely its unintended ?

'Wesley Mission will shut all its Sydney aged care centres due to problems attracting enough staff to fulfil new workforce and care requirements imposed by the Albanese government.
The not-for-profit announced on Thursday it would shut its three remaining aged care centres in Sylvania, Carlingford and Narrabeen by the end of May, a decision that will affect about 200 residents.

Aged care providers have warned the government needs to ensure its reforms don’t exacerbate an “already challenging situation”. Getty
The move has raised concerns that other smaller providers could exit the sector due to national aged care reforms coming into effect in July. The changes mandate a registered nurse at centres 24 hours every day and that residents receive at least 200 minutes of care a day.'

Sydney aged care centres to shut due to staff shortages

Changes recommended by a royal commission and adopted by the Albanese government require a registered nurse on site 24 hours a day.

www.afr.com

 

[peetoo]

Tough luck for 200 residents eh? Surely its unintended ?

'Wesley Mission will shut all its Sydney aged care centres due to problems attracting enough staff to fulfil new workforce and care requirements imposed by the Albanese government.
The not-for-profit announced on Thursday it would shut its three remaining aged care centres in Sylvania, Carlingford and Narrabeen by the end of May, a decision that will affect about 200 residents.

Aged care providers have warned the government needs to ensure its reforms don’t exacerbate an “already challenging situation”. Getty
The move has raised concerns that other smaller providers could exit the sector due to national aged care reforms coming into effect in July. The changes mandate a registered nurse at centres 24 hours every day and that residents receive at least 200 minutes of care a day.'

Sydney aged care centres to shut due to staff shortages

Changes recommended by a royal commission and adopted by the Albanese government require a registered nurse on site 24 hours a day.

www.afr.com

It sounds like they ‘care’

 

[Kwality]

It sounds like they ‘care’

Ask those without a bed whether 'care' cuts it.

 

[Home Alone]

Reality is the wealthy wont exceed the $3m going forward.

Meanwhile what is happening of those up at the trough (Albo) with the defined benefit (super) scheme ?

Have a read of this https://www.finance.gov.au/governme...ntary-contributory-superannuation-scheme-pcss

The constitutionally protected funds didnt exclude themselves from surcharge or Div293 so why would this be any different.

Noted, that this fund doesn't hold any assets so no direct earnings to the members. So Albo may decide he is exempt and wear the fallout from protecting his $350k pa pension against the $340k pa alternative.

Constitutionally Protected Funds are exempt from the excess balance tax (well at least from the current working group discussions).

 

[Kwality]

Constitutionally Protected Funds are exempt from the excess balance tax (well at least from the current working group discussions).

Nothing is off the table.