Treasurer Jim Chalmers said the government had priced in people shifting money out of super when they forecast that the new measure, planned to kick in from July 1, 2025, would raise an extra $2 billion a year in revenue.
He said the forecast $2 billion a year in revenue seemed fair, but added there were tax agents who would offer people the chance to avoid paying more tax.“There are behavioural tax agents out there who don’t want people to pay any tax. They’ll offer their services,” he said. ANU economics and statistics expert Associate Professor Ben Phillips said there was a bit of uncertainty around the government’s estimate of an additional $2 billion a year in revenue.
Phillips said putting more money into a family home was one way to pay less tax, but that could involve buying a new house, which came with other expenses.“That might involve significant amounts of stamp duty; it might involve other forms of taxation, like rates and things like that. So, obviously, there’s a lot of transaction costs in terms of moving,” he said.
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People will start ‘losing faith’ in super when govt starts ‘chopping and changing’Former Liberal Advisor David Gazard says as soon as the government starts “chopping and changing” superannuation, people start “losing faith” that it will sort them out for their retirement. “That’s a difficult position,” Mr Gazard told Sky News Australia. “It corrodes confidence in the system.” OK to have Tax rorts for the wealthy and that's a danger for us average punters with not enough super...and we pay our tax in full? '...people start “losing faith” ' What 'people'... the 0.5% rorting super ? That's a Lib' election pitch? Protect rorts?
Source: SkyNewsAust - 🏆 7. / 78 Read more »
New super taxes are creating a ‘complex system’ for a small group of peopleThe new taxes on superannuation are creating a “complex system” for a small group of people, according to Chartered Accountants’ Superannuation Leader Tony Negline. “You could actually argue that this could be potentially a little bit like the old Reasonable Benefit Limit system which some people may remember way back in – was the Keating government introduced,” he told Sky News Australia. “Created this huge great big bureaucracy that impacted a small number of people and probably raised very little revenue.” Tough luck.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
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Source: FinancialReview - 🏆 2. / 90 Read more »
Super tax brawl looms at next electionTreasurer Jim Chalmers wants a contest over super taxes at the next election by daring the Coalition to go in to bat for the wealthiest retirees. I'd just take 'good policy because it's the right thing to do'. From either side. I like this move, this is a good move. Why do you stand LNP? They say they now stand for blue collar, well? There is no context. Look at the polls, green entitled millnials that hate the people brought up to save and u can understand it is not about rich retirees, it is about giving a voice to the loudest complainers. So the coalition won't have a chance.
Source: FinancialReview - 🏆 2. / 90 Read more »
Labor’s broken promise on super looks like a ‘premeditated tactic’Labor’s broken promise on super looks “very much like a premeditated tactic” as they “knew they would do this all the way along,” says Sky News host Peta Credlin. “It’s just that they decided it was less pain to wear the broken promise after a win than to the tell the people before the election, before they voted, and risk losing the election as they did under Bill Shorten,” Ms Credlin said. “You'd remember, Bill Shorten lost the unlosable election in 2019 because of an effective campaign against Labor's big tax on retirees and investors, plus a campaign against their price inflating and job destroying energy policy. Ms Credlin said clearly, the Shorten campaign experience changed how Labor “played things last May”. “Don't promise anything that might upset anyone, was clearly the lesson, but once you're in government, as Peter Garrett once said, don't worry, you can change everything,” she said. Yes Peta, they always planned to do some *actual* work. I know it's shocking for LNP folk to witness it in action... WhiteNoise Can’t wait for the tears of the right when they drop the stage 3 tax cuts 😂😂😂
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Source: SkyNewsAust - 🏆 7. / 78 Read more »