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Linda asks: I’m writing on behalf of my mum, who’s distressed in regards to the upcoming modifications to superannuation. She is a widow who has labored arduous all her life, saving like loopy to make sure she had a safe retirement (believing it was her accountability to not be a burden to society by way of the pension) and to go away a tidy nest egg for her youngsters.
Mum has been suggested by her accountant that she is a smidge over the $3 million cap; as soon as he wraps his head across the modifications he’ll, I’m positive, provide her glorious recommendation on how one can proceed. However right here is my query: what the …. is the Labor Authorities desirous about attacking the little nest eggs of abnormal Australians? And what the …. is anybody doing about it? It seems that, regardless of adverse press consideration, the modifications are going full steam forward. It’s simply not honest! Thanks for listening, Scott, as nobody else appears to be listening to our small voices of protest.
Barefoot responds: I’m positive your mum should really feel like she’s being unfairly focused and her solely “crime” was that she labored arduous, saved tougher, and made savvy monetary selections. In spite of everything, she might have simply peed all her cash in opposition to the wall and retired on the complete pension, proper?
Effectively, that’s true.
But what’s additionally true is that your mom just isn’t “an abnormal Australian” and he or she doesn’t have a “little nest egg”. She’s obtained extra cheese stuffed in her tremendous than 99.5 per cent of the inhabitants!
And moreover, as you’ve stated, she has entry to an accountant who will dutifully work out a solution to siphon that “smidge” of the tax-affected a part of her $3 million stability into one other low-tax surroundings.
So she’s going to be completely effective.
Nonetheless, what most Australians are actually apprehensive about — and what the media has jumped on — is whether or not this transfer by the Authorities is the skinny fringe of the wedge.
So, is the media proper? Is the Authorities actually aiming to return after your tremendous?
Bloody oath they’re!
But that’s hardly breaking information. In spite of everything, with every passing yr, politicians — on either side — have made tremendous much less enticing.
Particularly for larger earnings earners. They’ve intentionally restricted the quantity you may put in every year and the way a lot you may preserve in there, and now they’re upping the taxes.
My take?
They’ll preserve doing it.
Cause being, Australia has a quickly ageing inhabitants. Taking care of previous folks is pricey. As are applications just like the NDIS. Somebody must pay for it, and the heavy lifting will come from the wealthiest folks in our nation.
So to your query: what’s the Labor Authorities doing attacking the little nest eggs of abnormal Australians?
They’re not.
It’s simply that the Authorities isn’t within the enterprise of offering a tax haven for rich folks.
Or serving to your mum present a tax-effective inheritance for you.
The Authorities’s finish recreation is for tremendous to (hopefully someday) take some warmth off the age pension.
So let’s speak in regards to the “little nest eggs of abnormal Australians”:
The median tremendous stability for Aussies aged 60-64 is simply $139,056 for ladies and $180,928 for males — and lots of of those folks must use their tremendous to repay their house mortgage once they retire.
Now that’s powerful!
A Thankyou from Kate
Final week’s column on Kate — the younger mum who was recognized with aggressive breast most cancers — obtained one of many largest responses I’ve ever acquired. We’ve obtained an incredible neighborhood: Barefooters wrote in providing their properties, the cash of their Give Jars, and plenty of form messages of assist.
So right here’s an replace from Kate: This week has been a bit foggy as I’ve began chemo, and I’m nonetheless recovering from the start — plus I’m in that new child bubble! We have now been sprinkled with kindness in each course we flip, and we’re eternally grateful. Thanks.
P.S. Preserve checking these boobs.
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