Superannuation tax concessions are making inequality worse australiainstitute.org.au/post/superan... - ThreadSky

grogsgamut.bsky.social • 24 days ago

Superannuation tax concessions are making inequality worse
https://australiainstitute.org.au/post/superannuation-tax-concessions-are-making-inequality-worse/

Comments

djraison.bsky.social•24 days ago

Is a punitive inheritance tax needed , along with a gift tax

debbietg60.bsky.social•24 days ago

Yes ! Most of Europe has inheritance and gift tax ! Above a certain amount of course. Capturing the rich…which is why this administration will never introduce it…

https://images.app.goo.gl/bJVBpmd3tnwKidX97

guildnavigatorix.bsky.social•24 days ago

I know - just met with my financial planner last week and he’s advised I can transfer an additional $30k into my super (balance around $470k) and deduct the lot from my taxable income! These loopholes are clearly geared to those of us with high incomes

matthaggis666.bsky.social•24 days ago

If only Labor were in govt. they could fix this.

michtull.bsky.social•24 days ago

Can’t blame Labor. The teals voted against it in the house and Pocock & Tyrell won’t support it in the senate - which is a disgrace for these pollies who say they are for tax reforms that reduce the inequality in the system.

grogsgamut.bsky.social•24 days ago

tbh - at least they are trying - the changes to tax concessions on super balances above $3m is a small but decent start.

Cross benchers in the Senate are blocking it though

meandering12.bsky.social•24 days ago

Presumably the Greens support. So 3 independents/Lambie required. Too frightened of Lib tax scare tactics in their electorates?

michtull.bsky.social•24 days ago

Being frightened of the scare campaign may be why the Teals voted against it. Or it could be that they just like rich people getting big tax concessions to build massive super balances through property portfolios or running a business through the super system to minimise income tax.

handballhappy.bsky.social•24 days ago

The super system is supposed to save money (ie less age pension pmts) but the intergenerational report (think that looked at 40 yrs into future) indicated 0.2% of GDP drop in pension pmts, but 0.4% of GDP rise in super concession costs...so no savings at all for govt.

g-hoges.bsky.social•24 days ago

Just eyeballing it, are the contribs of the highest percentile roughly equal to the other 9? That in itself is nuts

grogsgamut.bsky.social•24 days ago

About 36% - top 20 is over half (55%)

g-hoges.bsky.social•24 days ago

Ah thanks. Shows who's really winning under the current system. Wow.

dustywombat.bsky.social•24 days ago

I wish - oh, how I wish - I could afford to pay the 30k a year into super I'm theorectically allowed to.

Thats more than my yearly income IS.

anneokeefe.bsky.social•24 days ago

Greg, what happened to the changes for those with more that 3 mill?

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