Aussie wrote on Apr 1
st, 2013 at 5:05pm:
Quote:Just take note of what Crean and other Labour politicians are saying about the super rorts.
What 'super rorts?'
The AFR article “Call to scale back super tax breaks” 21’st March 2013 in which Mr.Ian Silk of Australian Super is reported as saying that the tax breaks for super are unsustainable, has really brought the super industry exponents out the woodwork.
In the AFR , Monday 1’st of April, Jennifer Hewett writes “Second grab for the piggy bank”, (whose piggy bank) the retirees with a million $ assets, or the managers of the retail super funds,
earning in excess of $500,000, managing workers super funds of less than $50,000.
The same day, on page 29, there is an article by John Kehoe, “The great super grab”
Another article in the same paper, Concerns grow over super tax rises” the disgruntled politicians have their gripes; I wonder how many of them sit on boards of industry super funds, earning a hefty remuneration on top of their parliamentary salaries.
The organizations which should be looking after the interests of workers with low super balances, like the Unions are surprisingly silent, because many of their leaders are sitting on boards of their members super funds.
The organizations representing retirees with modest defined super incomes, like ACPSRO (Australian Council of Public Sector Retiree Organisations) also do not seem to read the financial media, which will always go in to bat for super rich.
The Prime Minister Mr.Howard , in 2007 introduced the tax-free super for the over sixties and Gillard has backed off, of trying to reverse that decision, although as long as it stays in place, the cost to the government will rise exponentially and be unsustainable in the future. If the government abolishes the means test of the basic pension and all the tax concessions for super, what gripes should the owners of million dollar super assets have? The only gripe could be, that they could claim, that they benefit more from the tax concessions for super, than they would gain from receipt of the old-age pension, which after all would be taxable.