While I have nothing like 3 million in my super account I can see it causing problems for people who have lived a high income lifestyle, then suddenly having to really budget after the extra tax. Maybe I'm wrong.

On the flip side I just read a story on here about 1 in 7 living below the poverty line, and have now just read what I believe is saying is if you earn $45,000 or under they've increased how much extra you can make voluntary extra payments.

Or have I just read that part wrong?

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I'm 89 I'm getting out of my SMSF to spend it and share it before the tax man thinks of any other devious way he can get into the honeypot. It's quite disgraceful. On the one hand they spend billions on nuclear submarine which would be inadequate (one not enough for our coastline) and light train in Canberra whereby our property rates are increasing every year by unreasonable amounts i could go.on so they're looking for a honey pot and they found one. Well I for one will short cut this rort.

I would advise young ones wait for your pension and enjoy your money while you're young. God knows what other changes to your detriment they will think of.

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How do they decide what is a $3m 'balance'? If it is no longer applied to unrealised gains...does that mean that none of it is taxed at a higher rate...because you have not realised ANY of your super until you withdraw it and spend it? For example, you invest in super at 20 years of age. If you bust your butt to study hard, get into a profession with extreme responsibility but a higher salary, (well deserved due to the very high level of responsibility) then contribute at maximum rate allowable to super until you are 65, you would easily reach $3m, using the law of compounding over those 45 years. Even if you contribute at the legislated minimum, with only your levy percentage, you would reach that amount. So why are they penalising people who work crazy hard, take on massive responsibility in their working lives - and are paid a higher amount through their lives? SUper is mandatory, it is not a choice, so why punish those people?

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The $10 million threshold should have been set at $5 million. It is good to see that the thresholds have been indexed.

There is no circular economic benefit from people having non-financial assets in superannuation and action is required to encourage people to remove such assets from their superannuation. The taxing of unrealised gains in superannuation may have achieved this.

People with superannuation exceeding $3m to $5m are not building their superannuation for the true purposes of superannuation. Rather, they are doing so for tax avoidance, Estate and inheritance purposes.

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They do this because the Labour Party believe everyone is equal and should be treated as such. We are not. Plenty of bludgers in this country.

Your comments are spot on. No incentive to study hard, work hard or save for your retirement hard.

Super is to save for your own retirement pension, not rely on the government. These vultures in Canberra have forgotten that. I agree with you, young ones should spend their money as they earn it and wait for the gov pension and use their mandatory only contributions as Super.

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Ian,

It is their money to do with what they please.

Give to their children now would be a good idea, however who knows how much is enough to have in Super with prices going up exponentially year on year. What if another GFC or Covid comes along and wipes out a large chunk of your balance. Super is to save for your retirement. Yes a few richies have abused the system, but don't penalise those for being astute investors and receiving above average returns over their working life.

You must work for the Labour Party with your discriminative comments. Not everyone is equal, get used to it. Some people study hard, work hard, and save hard and a higher Super balance at retirement is their reward.

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Good on you Monica.

Super is their own creation and only one of very few good ideas from Labour. It is now a huge pot sitting and growing for retirees to enjoy their retirement not for government revenue.

The vultures in Canberra see this as their money. Their spending is out of control, propping up the bludgers and the great unwashed.

Keep your balance below 3 mill and give to your children and grandchildren.

If the idiots in Canberra change the rules again to assist with their wasteful spending, move quickly to negate their stupidity.

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