This unjust tax-i.e. theft of people's retirement by taxing unrealised gains needs to be stopped or overturned. What's to stop the government lowering the $3M threshold at a later stage?
Agree. It's punishing the sensible, responsible citizens not burdening the system or society in any way / fellow Australians. It's punishing hard work and fiscal responsibility. Self sufficiency and high achievers.
And boomers 😂 ...... the most powerful vote. So luck it passing. Had to google cos it's a great question but yes a couple of scandi countries do tax unrealised. Not sure where I sit with that cos on the whole I love them....based on what they did with their resources, so ill just leave that there...
The term ‘hoarding’ assets in super balance couldn’t be further from the most unreasonable label for a person’s hard earned money l with blood and sweat. Every penny is deservingly earned and owned. That is by no means hoarding. So irresponsible of someone with background of financial planning to use those words so casually. On the other hand, the freeloading Australian govt holding the superannuation assets hostage is playing the most unfair game by changing the rules in the middle of the game without allowing the super account holders to withdraw their funds before the rules change. May everyone involved in such proposals face the most severe wrath of karma for the rest of their lives
Language is important when talking about important retirement topics. There is so much confusion amongst taxpayers and unfortunately careless language fuels it. eg listening to this video one could easily conclude that due to the Transfer Balance Cap some of a member's balance (if greater than the cap when creating a pension) will remain in accumulation and be taxed at 15%. What they meant to say was that income generated by the leftover accumulation balance is taxed at 15%.
1. Taxing unrealised capital gains is a form of theft. 2. 3 million is going to be a low threshold. Maybe 10? 3. Factional assets may be easier to manage. Examples are shares and bitcoin. And it takes so long to sell and settle property. 4. SMSF are expensive but the control is valuable.
No amount of balance can justify taxing unrealised gains or increasing taxation on realised gains until the such change in rules also allow super account holders to withdraw their money from super before the change in rules take effect regardless of the current age of that account holder.
They are parasites living off the host (everyone else). Why should they get compounding, Bank generosity in lending, govt tax incentives, rising house prices last 20 years and complicated structures to avoid tax. Congratulations, AI will replace financial services first. Continue outsourcing yourselves to an ATO algo.
That was.. excellent. My brain crapped out about 3/4 of the way through. (What to the who now? ) Litmus test. Going to have to go again. 😂 Well done captain goatscheese. That was awesome 👌
On an average working life of 45 years a $3m super balance implies contributions on the order of $65k/pa. That in turn implies an average income of $565k per year (ignoring bulk sums). Someone has to pay for the increasing costs of Medicare, the NDIS and the odd submarine or two. Even the RBL implies an average income > $300k/pa.
This unjust tax-i.e. theft of people's retirement by taxing unrealised gains needs to be stopped or overturned. What's to stop the government lowering the $3M threshold at a later stage?
Nothing. That’s what will happen…just like it did for Div293 (from 300k to 250k).
@@kathydm2755 that too unindexed!!
Agree. It's punishing the sensible, responsible citizens not burdening the system or society in any way / fellow Australians. It's punishing hard work and fiscal responsibility. Self sufficiency and high achievers.
And boomers 😂 ...... the most powerful vote. So luck it passing. Had to google cos it's a great question but yes a couple of scandi countries do tax unrealised. Not sure where I sit with that cos on the whole I love them....based on what they did with their resources, so ill just leave that there...
The term ‘hoarding’ assets in super balance couldn’t be further from the most unreasonable label for a person’s hard earned money l with blood and sweat. Every penny is deservingly earned and owned. That is by no means hoarding.
So irresponsible of someone with background of financial planning to use those words so casually.
On the other hand, the freeloading Australian govt holding the superannuation assets hostage is playing the most unfair game by changing the rules in the middle of the game without allowing the super account holders to withdraw their funds before the rules change.
May everyone involved in such proposals face the most severe wrath of karma for the rest of their lives
Language is important when talking about important retirement topics. There is so much confusion amongst taxpayers and unfortunately careless language fuels it.
eg listening to this video one could easily conclude that due to the Transfer Balance Cap some of a member's balance (if greater than the cap when creating a pension) will remain in accumulation and be taxed at 15%. What they meant to say was that income generated by the leftover accumulation balance is taxed at 15%.
1. Taxing unrealised capital gains is a form of theft.
2. 3 million is going to be a low threshold. Maybe 10?
3. Factional assets may be easier to manage. Examples are shares and bitcoin. And it takes so long to sell and settle property.
4. SMSF are expensive but the control is valuable.
No amount of balance can justify taxing unrealised gains or increasing taxation on realised gains until the such change in rules also allow super account holders to withdraw their money from super before the change in rules take effect regardless of the current age of that account holder.
They are parasites living off the host (everyone else). Why should they get compounding, Bank generosity in lending, govt tax incentives, rising house prices last 20 years and complicated structures to avoid tax. Congratulations, AI will replace financial services first. Continue outsourcing yourselves to an ATO algo.
That was.. excellent. My brain crapped out about 3/4 of the way through. (What to the who now? ) Litmus test. Going to have to go again. 😂
Well done captain goatscheese. That was awesome 👌
If CBA goes to $200, and I have to pay unrealised cap gain tax, if it drops down to $100 the next year and I sell do I get a refund?
Unjust.
Do you want to grow or Develop your channel ?
On an average working life of 45 years a $3m super balance implies contributions on the order of $65k/pa. That in turn implies an average income of $565k per year (ignoring bulk sums). Someone has to pay for the increasing costs of Medicare, the NDIS and the odd submarine or two. Even the RBL implies an average income > $300k/pa.