I think politicians should pay 60% tax until they start listening to the people and doing what we, as a collective, want. That's how democracy works. Too many corrupt oxygen thieves, walking the halls of OUR parliament.
It is an attitude like this that gets us Nowhere, why those of us that are fighting back consider people like you with your attitude... the Enemy. Either that or just a brainwashed shill.
@@justinsmith8161 And exactly how are you and others going to change a corrupt broken system that has been operating for Centuries? Every three years like clockwork, another clown comes from behind the curtain to replace the first clown, and the public keep re-electing these clowns knowing they are clowns. So, unless you have the solution to un-brainwash 90% of the Australian population; then nothing is going to happen besides one more fart escaping a bottle.
The truth is that your hard earned tax money pays for the things that make us a civilised society - roads, schools, hospitals, pension payments, defence etc. Yes, there is no doubt that some of our politicians (Sussan Ley comes to mind when she charged tax payers for her trips to extend her housing portfolio) rip off the system.
Income Tax, Fuel Tax, Gst, Super Tax, Capital Gains Tax, Payroll Tax, Stamp Duty, Savings Tax, Business Tax, Land Tax, Two Alcohol Tax's, Fringe Benefit Tax, Medicare Levi(TAX), Luxury Car Tax, Excise Tax, PAYG, Vehicle Duty (Transfer Fee/Tax, ! Wake up Australia enough is enough!!!
I believe you need to do a little research before believing the BS from Senator Bragg. Under the proposal, the earnings on super balances of more than $3 million will be taxed at 30 per cent, rather than 15. It will raise about $2 billion a year once it comes into effect after the next federal election, with a start date of July 2025. I suspect you don't have $3 million so you will not have to pay 1c of extra tax.
@@briananderson7285 I believe you need to do a little research before believing the BS from Senator Bragg. Under the proposal, the earnings on super balances of more than $3 million will be taxed at 30 per cent, rather than 15. It will raise about $2 billion a year once it comes into effect after the next federal election, with a start date of July 2025. I suspect you don't have $3 million so you will not have to pay 1c of extra tax.
Bit you will just keep paying because goverment made the population think they have no power. The people have all the power they're just to comfotable and cowardly to do anything about it. It's sickening to see how pathetically weak humanity has become.
GST was the same too, was meant to impact people buying lots of things and income tax would be removed entirely by a 20% GST.. never happened and we just got yet another tax that hits everyone at every level for 10%. Australia's taxation system is a joke, a bad one.
The fact they're not indexing it makes the lie even worse. The average 20 year old will be subjected to this tax assuming below historical market rates of return and that the average wage in Australia doesn't change. If they get historical rates of return and the mean wage increases as much as it has the last 25 years then the majority of 20 year olds will be impacted by this and a significant portion of 25 and 30 year olds as well. The worst part is it's a wealth tax as well rather than income based. I'd actually support a higher marginal rate on income in superfunds, that would actually be perfectly fair, but an unindexed wealth tax is abhorrent.
Having consulted to the Federal Govt, I can assure you most of the executive public service are punching way above their weight. Cluelessly advising and implementing nonsense legislation.
We also know how much government consultants usually serve the purpose of enriching themselves rather than providing value for tax payers. PWC anyone? Or how about KPMG in countries overseas? Give me an old fashioned public servant who actually has a calling to serve the people of Australia any day.
@@jackstanton8212 We had that kind of public service before neo-liberalism deskilled and undermanned it, replacing career experts with ridiculously highly paid department secretaries on $million salaries who were owned by their ministers to tow the line in order to keep their gravy train going. Kathryn Campbell of Robodebt fame comes to mind.
Laws can be changed over time. At the moment, very few Australians see this tax as anything other than very fair. Think about the purpose of Super. If you want to build estate wealth, do it outside of Super.
@@chrisburnett4742 "fair" would be indexing the new super tax threshold to wage growth or % increases in pensions etc. Income tax brackets not being indexed also isn't "fair" at the moment, especially when Centrelink payments are increasing all the time. IMO "very fair" would be converting government-funded support payments and pensions to a HECS-style loan scheme, repayable from the deceased estate (you could limit the repayment to say 80% of the estate assets if you really want). Every single major infrastructure project seems predicated on something like "with Australia growing to XX million people by 20YY, we need to start building Project Z right now" - why can we look so far into a theoretical future situation when it's the government spending our money to accommodate non-existent future residents, but not when making actual enforceable laws to tax actual residents in perpetuity?
Please tell me you don’t have kids Chris. Your short sightedness is insane. Its clearly not fair to future generations because it isn’t indexed, everyone who is under 20 will practically be affected by this. Also what’s the bet they combine couples like they do the income tax. Laws change over time, yep but taxes rarely get removed. Why don’t we get rid of income tax Chris? It was supposed to be phased out and gst take over. What about luxury car tax? We don’t even manufacture cars anymore. Hell we can’t even get rid of the toll road fees on citilink because the state government wanted to keep getting paid. Shocker, taxes are hard to get off the books because it means deficits.
Super is already taxed, so we are now embarking on double taxation. The end result is business will have to pay more super to mitigate the tax. The current government requires a large tax base for the inumerable schemes in which it wants to participate. Get inflation under control and the economy on track before considering more tax.
Absolute garbage. Super is taxed at a subsidised rate (15%) when it is paid into a fund. After 60 it can be taken out, tax free. Up to $27,000 PA can be salary sacrificed into super BEFORE tax is paid, thus reducing taxable income. For most people this means they are at least halving their tax rate by putting money into Super pre-tax. No businesses will have to pay more to mitigate the new tax because more than 99.5% of employees will never get anywhere near having $3 million in Super. Unfortunately our tax base is shrinking with next years tax cuts costing our country’s revenue over $20 billion. This is not far from double the national defence budget. Best of all, nearly all of the benefits of the stage 3 tax cuts go to our country’s wealthiest earners.
almost every AU$, that you have earned and payed income tax on, will be taxed at least one more time when you spend it. they are always looking for new angles.
I thought John Howards GST (THE TAX ON EVERYTHING) was supposed to level the playingfield when some other Taxes were abolished but that didn't happen However we are the highest taxed country in the worldand Victorians pay a higher rate than any other state or territory plus we pay additional taxes which no one else pays.
@@hayloft3834 Agreed, and it keeps wages low as a consequence. Then some the super funds charge large fees and 'under perform' so the fund makes more profit for themselves than the worker off that money. It's a massive scam. A transference of wealth from the poorest to the richest.
@@hayloft3834 you're almost there. It's wages that are being withheld from workers until they reach retirement age, with no guarantee it will still be there when needed. It's money that could be used for housing or other living expenses. It is a compulsory govt scheme makes a lot of people wealthy using low income worker's money to invest while the worker is banned from accessing that money to live.
@@hayloft3834 I'll also add that wage rises in the private sector have all but dried up since Julia Gillard announced that very generous (with other people's money) increase to super contributions. 1-2% is the annual wage rise if any is given at all. Wages are stagnant and that money withheld in super (rather than available for pay rises that can keep up with CPI) is causing poverty for low income families. Oh, and the kicker is, that low income earner will never be able to retire on that small super balance, and will still be on a pension. So how did this super scam help low income worker's?
The worst part is that the government/ATO then target anyone who actually tries to use it to their advantage as well. Such as the people being targeted by this wealth tax for daring to want a great retirement. It's effectively an 11% tax that everyone now has to pay on top of all the other taxes to replace the pension in old age except we're not even allowed to access it when we want to retire and have to wait until the government decides we're old enough to retire.
@@hayloft3834 If you think employers don't consider it as a part of payroll and employment decisions then I've got a bridge to sell you. The ever increasing rate of SGC is a very significant reason that Australian wages have been so stagnant since it's introduction and especially since its mandated increases. There is a reason that superannuation is included in every salary package that gets listed, whether inclusive or + super, it's explicitly stated and a direct result of your employment. Just because the payment is made direct to your superfund on your behalf doesn't mean it wasn't paid to you. You're just trying to argue semantics, SGC absolutely forms a part of your remuneration for employment and I dare say most employees would rather have that extra 11% in their pocket than unable to use it how they see fit for the next 40 years.
Criminals just don't pay tax just look at Trump. Under the proposal, the earnings on super balances of more than $3 million will be taxed at 30 per cent, rather than 15. It will raise about $2 billion a year once it comes into effect after the next federal election, with a start date of July 2025. I suspect you don't have $3 million so you will not have to pay 1c of extra tax.
I believe you need to do a little research before believing the BS from Senator Bragg. Under the proposal, the earnings on super balances of more than $3 million will be taxed at 30 per cent, rather than 15. It will raise about $2 billion a year once it comes into effect after the next federal election, with a start date of July 2025. I suspect you don't have $3 million so you will not have to pay 1c of extra tax.
Definition of Super: Forced savings, immediate cash cow for government and super funds because fiat money has a compounding devaluing affect by the time you can access it.
So if you do well in life, work hard, invest wisely, you are gonna get penalised left right and centre on your own savings - how about you waste time looking into big business hiding their investments
You are taxed before money goes to super-so what do you want? If you open self managed fund -again-the money going in are already taxed,again-what do you want??
Time for people to move away from super to a better investment vehicle. Negotiate with employers, new contracts with different forms of payment and benefits.
Another name for transfer of wealth. It Government was held accountable, these people would not be playing with ways of getting more dollars out of those willing to work and provide for selves and meet the needs of others. The land does not belong to you to even consider taxing. Criminals in the guise of government
Yeah like snowy hydro,from 2 billion to 22 billion,and counting,cause it's all borrowed money,and the borer is stuck and going no where,Australia really is run by the WEF and their mates,wake up people!@
It’s the super rich that have businesses that employ people that pay taxes and now with the 11% super increased. Then their is an inheritance tax if you leave your kids money. Money you’ve already been taxed on. Australia is going down the toilet fast. I’m glad we have people like you taking these people head on. I hope this doesn’t pass.
Here is an idea for Govco, stop taxing oir money at every turn, and start selling our resources for their true value. And put that money into the public purse, my purse is a private purse, amd it was taxed when I earned the money. How many times can you tax my money before I have no money., or is that the plan, to tax us into poverty? This government is to unAustralian to be in office... Their job is to make Australia a better place for all Austrakians, and so far, all they have done is the exact opposite, they should all ne sacked and charged with treason, as they all have an allegiance to an external governing body, namely the WEF, and that is treason u der our Constution, you know the ones tney divided tne nation on by trying to change it, when in all honesty, they can't even abide by it...
@@SamsungSamsung-md9xq A "Labor promise" isn't what everyone else understands a promise to be, they have a different definition. more like a "suggestion" or "possibility".
It's called "stealing money" from hard-working Australians means of retirement, that already pay copious amounts of tax. Superannuation was made compulsory so the Government, which is funded through a labyrinth of taxes on the people, wouldn't have to pay retirees, but now they want to tax this as well & they expect us to believe it will only affect the very rich! The greed of the registered business known as the "Australian Government " knows no end & has no regard for the Australian sovereign's it deceitfully misrepresents. Dissolve the whole of Government & replace it with true representatives of the sovereign people of Australia as depicted in the Commonwealth of Australia Constitution Act UK 1901.
I think the Phillies should be taxed 90% for under performance and never be allowed to work at the corporate level upon retirement. Let’s se how that goes. I can name only a handful that actually work for we the people.
Why aren't the judges, Politicians, Military etc tax on the defined benefits schemes, some are worth 6 to 8 million but there tax exempt from this 30% tax.
So moving to tax unrealised capital gains, what happens when your super fund returns -10% the next year and your balance goes under $3m? Do you get a discount for the tax you paid on unrealised capital gains in the period before? Ludicrous legislation.
There are 3 certainties in life. Birth death, and taxes. And aren't the government getting their moneys worth out of the ordinary hard working taxpayers! Jen
Superannuation was brought in to take the pressure off the tax payers paying for the aged pension but politicians use it like a cash cow & find new ways to take your savings at every opportunity.
It certainly sounds like government bureaucrats had all the answers for senators Bragg & Hume. Who are these two actually fighting for? As usual it’s the wealthy elite who think it’s their right to use the Super system as a publicly subsidised repository of their estate building. How about the LNP start doing some work to improve the lives of average and poor Australians?
I lived in Singapore for many years, One page return. I had use of the estimated tax for the year. Lo behold if you are late paying . Easy peasy and very few cheated
There now clearly is absolutely no incentive to try and get ahead in life. As a small business and paying into my superannuation myself I see no real gain to be made when my fund goes two steps backwards and one forwards. FFS why do we even bother. Maybe politicians superannuation should be on the same playing field as the rest of us. This country is going to the dogs.
They really should make the system more complicated and have 3 more levels of tax coupled to rebates on taxes paid. You could apply for a govt grant to offset the new tax and post date your earnings and backdate dividends paid and adjust for gst input credits. This would fix the problems.
Last year towards the end of the pandemic most super funds lost the value of individual units invested, this will affect the maturity sum at retirement, and the investor under this new tax method would lose.
It’s a unrealised capital gain and treated as a capital gain tax. Therefore super is devaluing quicker than inflation. By the time you retire, regardless how much you have, won’t be worth it’s value 5, 10,20 year ago. Super is a tax vehicle for government 😂
😢 I can’t say this is surprising! Although a lot of things the government does seem unfair to the people, we are still doing better as a nation then many around us so I’m not complaining. It’s not perfect and there are many that are struggling to survive. I have personally experienced coming from sleeping under a bridge to getting a job to buying my dream farm and having a family, suffering a TBI and am now disabled and have NDIS funding to help my family and I manage in home and with quality of life. If you are struggling, and sincerely want to have a better opportunity, the help is out there. Would be nice if opec would lower the price of oil 😅
Senator Bragg, can you please ask them why; the Tax Dept classes us as OFFSHORE BANKING UNITS. If you could get Clarification on what they mean that would be great, please. I'm not expecting much from you because you're a politician anyway. I already know the Answer!
Let's tax them at the highest rate and no super till retirement agealso penalties for not showing up to Parliament to hear our concerns. Tables by good pollies and sena5ors.if we decide not to show up to work WWE don't get paid.their parasites
Bit hard to answer a question,when he can't articulate the Question he is asking.What a nob.What party bought in the GST? the LNP of course.Who wants stage 3 tax cuts affecting a miniority "he does".Who owns 0ver 300 properties in parliament a National party member.Tooright we need a tax on Asetts,after 1o years of this lot we have more of 2 things.Billionaires and homeless people.
Bragg is NEVER prepared and sounds just as clueless as our breaucrats, Rennick is the only LP Senator who knows stuff. Very few of our politicians read and understand legislation and just vote on party lines, then when one of the uni-party become the opposition they become interested in the legislated they all voted for and that's why breaucrats can get away with it and are never held accountable. What's the point of these estimates 20-3o years out when there is an election every 3 years and then next party changes the rules.
The government's attitude to peoples super balances should only be concerned with government tax breaks and expenditures. If the government doesnt allow inflation offsetts and does allow non realised capital gains, the country will die financially. Just like the current problem of unreformed negative gearing is ruining the economy.
You are completely missing the point Sntr Kelly Farmers are big users of SMSF's If they have a crappy year & earn no income, and their farm earns no income cause its a crappy year, yet somehow their farm increases in value on the balance sheet - how do they pay a tax on unrealised gains in property values with no income???? This is a simple timing issue that has the potential to fold generational farming businesses. Leave super alone until a person is qualified to retire! This theft via taxation in the years prior to that milestone is completely unnecessary. How is anyone supposed to accumulate solid income driving assets which you MANDATE for retirement if you are going to screw them every year with tax!
I know of no other country in the world that taxes unrealised gains . The obscure instance she mentioned only relates to somebody basically leaving the country.
I think we need a fixed tax total every year and a fixed budget. ie the government does not decide if they increase or decrease tax... all they get is the same tax revenue every year. You know pretty much like every employee in Australia. Then if they want more money for some foolishness they have to come to the Australian people cap in hand asking for the extra money that year.
So they’re aiming to take a persons land by the sound of that. Collapse the farmer and take the land… nice strategy but I don’t think you’ve met many farmers. You might want to watch your step if you decide to actually take it. Different breed of people work the land as opposed to those in an office. Good luck
It's the fund managers that make the earning and based on the thousands in a fund, from people going in to people going out. THe "income Tax" that results should not be double dipped - tax the fund and the person. No way.
I will not be affected by this tax as it stands, but it is the princile of the thing - I say get your hands off superannuation!!!!! Leave it alone I tell you!!!!!! The reason they have not done there homework is that it is a thin edge of the wedge policy. It will not affect someone like me at the moment but once the law is in, it is just a matter of adjusting the figures within it, and it would then affect everyone. this is a snake in the grass policy.
The Netherlands had a tax on unrealised earnings on savings, not super. It assumed that when you had more than x amount in savings you would be taxed at, I believe it was 4%. Don’t know all the details. You ended up paying wether your balance went up or down. After 10 years it was deemed illegal.
Housing crisis how about cut the 50% gov taxes - sales tax,stamp duty, land tax, council fee, water fees, road contributions,community fees, environmental levy, heritage searches, bank fees, insurance tax, registration fees, GST on build materials, licensing fees for the builder, real estate agent etc…. On and on, oh capital gains tax
![Superannuation Tax Changes at Age 60: What You Need To Know [Australia]](http://i.ytimg.com/vi/h7F7Fc_ZpnE/mqdefault.jpg)
I think politicians should pay 60% tax until they start listening to the people and doing what we, as a collective, want. That's how democracy works. Too many corrupt oxygen thieves, walking the halls of OUR parliament.
60% try 80%
They also should be docked for not showing up.
@@carolseidl1971 yep or supply a medical certificate just like we do
BEST COMMENT I'VE SEEN IN YEARS.. I'M GOING TO COPY AND PASTE IT INTO CURRENT VIDEOS SEEING THIS IS NOW 9 MONTHS OLD... GOD BLESS
I have an idea: less government, less bureaucracy, less taxes, abolish political pensions.
I don't know about anyone else, but I am done with my hard earned tax money going to fund the lavish lifestyles of these useless politicians.
Lock : And there is Nothing you can , or will do about it . Serf !
It is an attitude like this that gets us Nowhere, why those of us that are fighting back consider people like you with your attitude... the Enemy. Either that or just a brainwashed shill.
@@justinsmith8161 And exactly how are you and others going to change a corrupt broken system that has been operating for Centuries? Every three years like clockwork, another clown comes from behind the curtain to replace the first clown, and the public keep re-electing these clowns knowing they are clowns. So, unless you have the solution to un-brainwash 90% of the Australian population; then nothing is going to happen besides one more fart escaping a bottle.
@@jimmyhvy2277 Well, having a "talk-fest" about it certainly hasn't worked - has it?
The truth is that your hard earned tax money pays for the things that make us a civilised society - roads, schools, hospitals, pension payments, defence etc. Yes, there is no doubt that some of our politicians (Sussan Ley comes to mind when she charged tax payers for her trips to extend her housing portfolio) rip off the system.
If governments were to stop pissing our money away on feel good stuff maybe we wouldn’t need to tax so much.
40 Billon in evaporated aboriginal funding with Zero outcome.
Income Tax, Fuel Tax, Gst, Super Tax, Capital Gains Tax, Payroll Tax, Stamp Duty, Savings Tax, Business Tax, Land Tax, Two Alcohol Tax's, Fringe Benefit Tax, Medicare Levi(TAX), Luxury Car Tax, Excise Tax, PAYG, Vehicle Duty (Transfer Fee/Tax, ! Wake up Australia enough is enough!!!
Don't know why we still have the Luxury Car Tax. Wasn't it meant to be used to help prop up the local car industry...
this is out of control... the government wont be happy until they have taxed every cent out of every person. they can get stuffed
Yep l agree they can get stuffed alright , mongrels, bludgers ,
I believe you need to do a little research before believing the BS from Senator Bragg. Under the proposal, the earnings on super balances of more than $3 million will be taxed at 30 per cent, rather than 15. It will raise about $2 billion a year once it comes into effect after the next federal election, with a start date of July 2025. I suspect you don't have $3 million so you will not have to pay 1c of extra tax.
This is the tail end of voting for the uniparty.
@@briananderson7285 I believe you need to do a little research before believing the BS from Senator Bragg. Under the proposal, the earnings on super balances of more than $3 million will be taxed at 30 per cent, rather than 15. It will raise about $2 billion a year once it comes into effect after the next federal election, with a start date of July 2025. I suspect you don't have $3 million so you will not have to pay 1c of extra tax.
Bit you will just keep paying because goverment made the population think they have no power. The people have all the power they're just to comfotable and cowardly to do anything about it. It's sickening to see how pathetically weak humanity has become.
I love the argument "It's just a tax on the rich" That's how they sold the income tax in America...and now it applies to everyone 🤣
GST was the same too, was meant to impact people buying lots of things and income tax would be removed entirely by a 20% GST.. never happened and we just got yet another tax that hits everyone at every level for 10%. Australia's taxation system is a joke, a bad one.
The fact they're not indexing it makes the lie even worse. The average 20 year old will be subjected to this tax assuming below historical market rates of return and that the average wage in Australia doesn't change. If they get historical rates of return and the mean wage increases as much as it has the last 25 years then the majority of 20 year olds will be impacted by this and a significant portion of 25 and 30 year olds as well.
The worst part is it's a wealth tax as well rather than income based. I'd actually support a higher marginal rate on income in superfunds, that would actually be perfectly fair, but an unindexed wealth tax is abhorrent.
Good point
Just another incentive for people to opt out of the super system.
Have already. xx
Having consulted to the Federal Govt, I can assure you most of the executive public service are punching way above their weight. Cluelessly advising and implementing nonsense legislation.
We also know how much government consultants usually serve the purpose of enriching themselves rather than providing value for tax payers. PWC anyone? Or how about KPMG in countries overseas? Give me an old fashioned public servant who actually has a calling to serve the people of Australia any day.
The results of the Voice referendum from Canberra, where electors there voted 61% for YES , shows how different the public service is from Australia.
We wish !
@@jackstanton8212 We had that kind of public service before neo-liberalism deskilled and undermanned it, replacing career experts with ridiculously highly paid department secretaries on $million salaries who were owned by their ministers to tow the line in order to keep their gravy train going. Kathryn Campbell of Robodebt fame comes to mind.
People playing with super which affects people decades into the future don't do any modelling beyond a handful of years from now? What a surprise.
Laws can be changed over time. At the moment, very few Australians see this tax as anything other than very fair. Think about the purpose of Super. If you want to build estate wealth, do it outside of Super.
@@chrisburnett4742 "fair" would be indexing the new super tax threshold to wage growth or % increases in pensions etc. Income tax brackets not being indexed also isn't "fair" at the moment, especially when Centrelink payments are increasing all the time.
IMO "very fair" would be converting government-funded support payments and pensions to a HECS-style loan scheme, repayable from the deceased estate (you could limit the repayment to say 80% of the estate assets if you really want).
Every single major infrastructure project seems predicated on something like "with Australia growing to XX million people by 20YY, we need to start building Project Z right now" - why can we look so far into a theoretical future situation when it's the government spending our money to accommodate non-existent future residents, but not when making actual enforceable laws to tax actual residents in perpetuity?
Please tell me you don’t have kids Chris. Your short sightedness is insane. Its clearly not fair to future generations because it isn’t indexed, everyone who is under 20 will practically be affected by this. Also what’s the bet they combine couples like they do the income tax. Laws change over time, yep but taxes rarely get removed. Why don’t we get rid of income tax Chris? It was supposed to be phased out and gst take over. What about luxury car tax? We don’t even manufacture cars anymore. Hell we can’t even get rid of the toll road fees on citilink because the state government wanted to keep getting paid. Shocker, taxes are hard to get off the books because it means deficits.
Albo should pay 90% tax on his parliamentary pension.
Man they want to have hands in all pockets, damn gluttony.
Labor the TAX PARTY …Enjoying them yet ?
No different on the other side that's the problem..Both work for the WEF UN WHO NATO
Super is already taxed, so we are now embarking on double taxation. The end result is business will have to pay more super to mitigate the tax. The current government requires a large tax base for the inumerable schemes in which it wants to participate. Get inflation under control and the economy on track before considering more tax.
Absolute garbage. Super is taxed at a subsidised rate (15%) when it is paid into a fund. After 60 it can be taken out, tax free. Up to $27,000 PA can be salary sacrificed into super BEFORE tax is paid, thus reducing taxable income. For most people this means they are at least halving their tax rate by putting money into Super pre-tax. No businesses will have to pay more to mitigate the new tax because more than 99.5% of employees will never get anywhere near having $3 million in Super. Unfortunately our tax base is shrinking with next years tax cuts costing our country’s revenue over $20 billion. This is not far from double the national defence budget. Best of all, nearly all of the benefits of the stage 3 tax cuts go to our country’s wealthiest earners.
almost every AU$, that you have earned and payed income tax on, will be taxed at least one more time when you spend it. they are always looking for new angles.
I thought John Howards GST (THE TAX ON EVERYTHING) was supposed to level the playingfield when some other Taxes were abolished but that didn't happen
However we are the highest taxed country in the worldand Victorians pay a higher rate than any other state or territory plus we pay additional taxes which no one else pays.
Bring back the 21%
@@gppsoftware it doesn't matter who Labor or LNP they all could have got riiden of them .. They all work for the WEF WHO UN NATO BLACKROCK VANAGUARD
@@302esky they could have got rid of them, but LABOUR ADD MORE!
@@whtkngofc both work together, to ruin the low income anyone under 200K
Superannuation is the single biggest financial scam every perpetrated on the Australian workers.
@@hayloft3834 Agreed, and it keeps wages low as a consequence. Then some the super funds charge large fees and 'under perform' so the fund makes more profit for themselves than the worker off that money. It's a massive scam. A transference of wealth from the poorest to the richest.
@@hayloft3834 you're almost there. It's wages that are being withheld from workers until they reach retirement age, with no guarantee it will still be there when needed. It's money that could be used for housing or other living expenses. It is a compulsory govt scheme makes a lot of people wealthy using low income worker's money to invest while the worker is banned from accessing that money to live.
@@hayloft3834 I'll also add that wage rises in the private sector have all but dried up since Julia Gillard announced that very generous (with other people's money) increase to super contributions. 1-2% is the annual wage rise if any is given at all. Wages are stagnant and that money withheld in super (rather than available for pay rises that can keep up with CPI) is causing poverty for low income families. Oh, and the kicker is, that low income earner will never be able to retire on that small super balance, and will still be on a pension. So how did this super scam help low income worker's?
The worst part is that the government/ATO then target anyone who actually tries to use it to their advantage as well. Such as the people being targeted by this wealth tax for daring to want a great retirement.
It's effectively an 11% tax that everyone now has to pay on top of all the other taxes to replace the pension in old age except we're not even allowed to access it when we want to retire and have to wait until the government decides we're old enough to retire.
@@hayloft3834 If you think employers don't consider it as a part of payroll and employment decisions then I've got a bridge to sell you. The ever increasing rate of SGC is a very significant reason that Australian wages have been so stagnant since it's introduction and especially since its mandated increases.
There is a reason that superannuation is included in every salary package that gets listed, whether inclusive or + super, it's explicitly stated and a direct result of your employment. Just because the payment is made direct to your superfund on your behalf doesn't mean it wasn't paid to you.
You're just trying to argue semantics, SGC absolutely forms a part of your remuneration for employment and I dare say most employees would rather have that extra 11% in their pocket than unable to use it how they see fit for the next 40 years.
Criminals makes no sense to tax on paper gains.
Criminals just don't pay tax just look at Trump. Under the proposal, the earnings on super balances of more than $3 million will be taxed at 30 per cent, rather than 15. It will raise about $2 billion a year once it comes into effect after the next federal election, with a start date of July 2025. I suspect you don't have $3 million so you will not have to pay 1c of extra tax.
Take take take tax tax tax
I believe you need to do a little research before believing the BS from Senator Bragg. Under the proposal, the earnings on super balances of more than $3 million will be taxed at 30 per cent, rather than 15. It will raise about $2 billion a year once it comes into effect after the next federal election, with a start date of July 2025. I suspect you don't have $3 million so you will not have to pay 1c of extra tax.
Definition of Super:
Forced savings, immediate cash cow for government and super funds because fiat money has a compounding devaluing affect by the time you can access it.
We could see this coming a decade ago - too much money in Super for governments to keep their grubby hands off.
Labor doesnt know how anything works. Ask Albo, oh sorry he is out of country yet again. NEED to rename him as a temporary resident
another reason for the Labor Government to become another one term government
A lot of paperwork for only 1% of super holders
Work all day for bull$hit pay for the Rich men north of Richmond. And taxed to no end, for the rich men !
Time to rise up people!
😂the level of censorship happening on this platform is making the communist party envious 🎉
We already pay tax.....our super is our dam retirement coz u lot took our pension away (if born after 69) stop with the greed
They are just a mob of thieves.
Dam labor we are stuck with them until we vote them OUT
Well lest get them out
If you make an increase one year and pay tax , but then lose the gain the next year ,will the ato refund your tax paid ?
Thank god someone is asking some questions! Thank you!!
So if you do well in life, work hard, invest wisely, you are gonna get penalised left right and centre on your own savings - how about you waste time looking into big business hiding their investments
No no,they contribute to the party
well, somebody voted for labor.
This is just so painful to listen to🤨
Quite frankly, this proposition is disgusting.
Think about when they get their every thing digital wish.
Seriously we are taxed so many times on our savings…
Disgusting.
Shame on this so called government paid by us the people!
Basically your money is now our money
You are taxed before money goes to super-so what do you want? If you open self managed fund -again-the money going in are already taxed,again-what do you want??
Time for people to move away from super to a better investment vehicle. Negotiate with employers, new contracts with different forms of payment and benefits.
Taxes rise in parallel with government waste
They hire ‘experts’ who tell them what they want to hear
Another name for transfer of wealth. It Government was held accountable, these people would not be playing with ways of getting more dollars out of those willing to work and provide for selves and meet the needs of others. The land does not belong to you to even consider taxing. Criminals in the guise of government
Maybe if governments stopped wasting so much money, they wouldn't need to keep inventing ridiculous new taxes.
Yeah like snowy hydro,from 2 billion to 22 billion,and counting,cause it's all borrowed money,and the borer is stuck and going no where,Australia really is run by the WEF and their mates,wake up people!@
People should not be taxed on their super that’s disgusting!!!!
It’s about time the labor, greens and teals are booted out.
It’s the super rich that have businesses that employ people that pay taxes and now with the 11% super increased. Then their is an inheritance tax if you leave your kids money. Money you’ve already been taxed on. Australia is going down the toilet fast. I’m glad we have people like you taking these people head on. I hope this doesn’t pass.
Here is an idea for Govco, stop taxing oir money at every turn, and start selling our resources for their true value. And put that money into the public purse, my purse is a private purse, amd it was taxed when I earned the money. How many times can you tax my money before I have no money., or is that the plan, to tax us into poverty?
This government is to unAustralian to be in office...
Their job is to make Australia a better place for all Austrakians, and so far, all they have done is the exact opposite, they should all ne sacked and charged with treason, as they all have an allegiance to an external governing body, namely the WEF, and that is treason u der our Constution, you know the ones tney divided tne nation on by trying to change it, when in all honesty, they can't even abide by it...
Gee, I'm surprised, Labor chasing more of the peoples money (who save) due to their own over spending, hahahahahahaha, who would have thought.
And they promised they wouldn't before the elections!
@@SamsungSamsung-md9xq A "Labor promise" isn't what everyone else understands a promise to be, they have a different definition. more like a "suggestion" or "possibility".
Warning to my fellow Aussies. DO NOT work hard. Otherwise you get taxed 4 times
Well why be surprised, Albo had not read the voice .
The bit that gets me the most is..... he cried and targeted Scmo for corruption... but this guy and his party are just as corrupt.... it's vile.
It's called "stealing money" from hard-working Australians means of retirement, that already pay copious amounts of tax. Superannuation was made compulsory so the Government, which is funded through a labyrinth of taxes on the people, wouldn't have to pay retirees, but now they want to tax this as well & they expect us to believe it will only affect the very rich! The greed of the registered business known as the "Australian Government " knows no end & has no regard for the Australian sovereign's it deceitfully misrepresents. Dissolve the whole of Government & replace it with true representatives of the sovereign people of Australia as depicted in the Commonwealth of Australia Constitution Act UK 1901.
I think the Phillies should be taxed 90% for under performance and never be allowed to work at the corporate level upon retirement. Let’s se how that goes. I can name only a handful that actually work for we the people.
Can you believe the apparent deliberate evasion of answering the simple questions by these bureaucrats, and the plain incompetence of these people.
Why aren't the judges, Politicians, Military etc tax on the defined benefits schemes, some are worth 6 to 8 million but there tax exempt from this 30% tax.
If you are in an Industry or Retail superannuation fund you are paying tax on unrealised capital gains every year unknowingly . SMSFs don't pay this .
No you're not.
So moving to tax unrealised capital gains, what happens when your super fund returns -10% the next year and your balance goes under $3m? Do you get a discount for the tax you paid on unrealised capital gains in the period before? Ludicrous legislation.
This is us "paying the rent"
So a super loss in a financial tax year is a tax deduction?
Because they’re treating gains as investment income
There are 3 certainties in life. Birth death, and taxes. And aren't the government getting their moneys worth out of the ordinary hard working taxpayers! Jen
TAX TAX TAX...... Land Grab ????
Wohaa get these people out of office right now!
Wtf?
Superannuation was brought in to take the pressure off the tax payers paying for the aged pension but politicians use it like a cash cow & find new ways to take your savings at every opportunity.
It's already taxed when we get paid. This is criminal and double dipping.
It certainly sounds like government bureaucrats had all the answers for senators Bragg & Hume. Who are these two actually fighting for? As usual it’s the wealthy elite who think it’s their right to use the Super system as a publicly subsidised repository of their estate building. How about the LNP start doing some work to improve the lives of average and poor Australians?
I lived in Singapore for many years, One page return. I had use of the estimated tax for the year. Lo behold if you are late paying . Easy peasy and very few cheated
Penny Wong went to China to sell them Australian wine but she had the Wong price 😢
I would like to know how many public servants will have 3 million in super ????
There now clearly is absolutely no incentive to try and get ahead in life. As a small business and paying into my superannuation myself I see no real gain to be made when my fund goes two steps backwards and one forwards. FFS why do we even bother. Maybe politicians superannuation should be on the same playing field as the rest of us. This country is going to the dogs.
Labor can’t keep their hands off our money, this is just the start
They really should make the system more complicated and have 3 more levels of tax coupled to rebates on taxes paid. You could apply for a govt grant to offset the new tax and post date your earnings and backdate dividends paid and adjust for gst input credits. This would fix the problems.
Last year towards the end of the pandemic most super funds lost the value of individual units invested, this will affect the maturity sum at retirement, and the investor under this new tax method would lose.
I almost feel sorry for these Treasury Public Servants - they're just implementing what the ALP ministers have directed. Note "almost".
It’s a unrealised capital gain and treated as a capital gain tax. Therefore super is devaluing quicker than inflation.
By the time you retire, regardless how much you have, won’t be worth it’s value 5, 10,20 year ago. Super is a tax vehicle for government 😂
Even superannuation gets taxed? They might as well put a tax on just to be alive each day.
😢 I can’t say this is surprising!
Although a lot of things the government does seem unfair to the people, we are still doing better as a nation then many around us so I’m not complaining. It’s not perfect and there are many that are struggling to survive. I have personally experienced coming from sleeping under a bridge to getting a job to buying my dream farm and having a family, suffering a TBI and am now disabled and have NDIS funding to help my family and I manage in home and with quality of life.
If you are struggling, and sincerely want to have a better opportunity, the help is out there.
Would be nice if opec would lower the price of oil 😅
It womt go down till your leaders wake up to themselves and stop this green BS
A Lawnmower Tax
Yep,GST on the mower,import Duty if applicable,EXCISE then GST on fuel and oil.
Senator Bragg, can you please ask them why; the Tax Dept classes us as OFFSHORE BANKING UNITS.
If you could get Clarification on what they mean that would be great, please.
I'm not expecting much from you because you're a politician anyway.
I already know the Answer!
Let's tax them at the highest rate and no super till retirement agealso penalties for not showing up to Parliament to hear our concerns. Tables by good pollies and sena5ors.if we decide not to show up to work WWE don't get paid.their parasites
Bit hard to answer a question,when he can't articulate the Question he is asking.What a nob.What party bought in the GST? the LNP of course.Who wants stage 3 tax cuts affecting a miniority "he does".Who owns 0ver 300 properties in parliament a National party member.Tooright we need a tax on Asetts,after 1o years of this lot we have more of 2 things.Billionaires and homeless people.
Taxing unrealised gains is OUTRAGEOUS!
Sounds like the Voice, they haven’t got a clue
Bragg is NEVER prepared and sounds just as clueless as our breaucrats, Rennick is the only LP Senator who knows stuff. Very few of our politicians read and understand legislation and just vote on party lines, then when one of the uni-party become the opposition they become interested in the legislated they all voted for and that's why breaucrats can get away with it and are never held accountable.
What's the point of these estimates 20-3o years out when there is an election every 3 years and then next party changes the rules.
It's a little absurd to expect the threshold not to change for 39 years....
It's nothing but scare mongering!
The government's attitude to peoples super balances should only be concerned with government tax breaks and expenditures. If the government doesnt allow inflation offsetts and does allow non realised capital gains, the country will die financially. Just like the current problem of unreformed negative gearing is ruining the economy.
Australia's tax system is ludicrous
You are completely missing the point Sntr Kelly
Farmers are big users of SMSF's
If they have a crappy year & earn no income, and their farm earns no income cause its a crappy year, yet somehow their farm increases in value on the balance sheet - how do they pay a tax on unrealised gains in property values with no income????
This is a simple timing issue that has the potential to fold generational farming businesses.
Leave super alone until a person is qualified to retire!
This theft via taxation in the years prior to that milestone is completely unnecessary.
How is anyone supposed to accumulate solid income driving assets which you MANDATE for retirement if you are going to screw them every year with tax!
Remove the GST, increase tax free threshold to 40k, cap salaries of public servants, remove tax on super...to start.
I know of no other country in the world that taxes unrealised gains . The obscure instance she mentioned only relates to somebody basically leaving the country.
Trying to keep the Bastards honest is a joke can't answer a simple question. God Help this Country
And get rid of public funded broadcasters
I think we need a fixed tax total every year and a fixed budget. ie the government does not decide if they increase or decrease tax... all they get is the same tax revenue every year. You know pretty much like every employee in Australia. Then if they want more money for some foolishness they have to come to the Australian people cap in hand asking for the extra money that year.
NO TAXES is the way to go.
So they’re aiming to take a persons land by the sound of that. Collapse the farmer and take the land… nice strategy but I don’t think you’ve met many farmers. You might want to watch your step if you decide to actually take it. Different breed of people work the land as opposed to those in an office. Good luck
Superannuation the goal posts change all the time it’s a terrible system with no future stability for the population.
It's the fund managers that make the earning and based on the thousands in a fund, from people going in to people going out. THe "income Tax" that results should not be double dipped - tax the fund and the person. No way.
I will not be affected by this tax as it stands, but it is the princile of the thing - I say get your hands off superannuation!!!!! Leave it alone I tell you!!!!!!
The reason they have not done there homework is that it is a thin edge of the wedge policy.
It will not affect someone like me at the moment but once the law is in, it is just a matter of adjusting the figures within it, and it would then affect everyone.
this is a snake in the grass policy.
Kelly and her mob sitting high unlike poor Ned
The Netherlands had a tax on unrealised earnings on savings, not super. It assumed that when you had more than x amount in savings you would be taxed at, I believe it was 4%. Don’t know all the details. You ended up paying wether your balance went up or down. After 10 years it was deemed illegal.
Good Job Andrew keep it up
Housing crisis how about cut the 50% gov taxes - sales tax,stamp duty, land tax, council fee, water fees, road contributions,community fees, environmental levy, heritage searches, bank fees, insurance tax, registration fees, GST on build materials, licensing fees for the builder, real estate agent etc…. On and on, oh capital gains tax