Sent: 24-04-2012 12:23:02
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Taking the knife to super tax concessions
The big news this week is obviously the reduction in superannuation tax concessions expected to be in this year's Federal Budget.
Clearly the Government wants to find some significant cost savings and super is an obvious place to find these. How many people really understand how super is taxed even after Costello's "simplication".
It also needs to do something about the lack of tax concessions for most taxpayers who are forced to save in vehicle which delivers them no tax concessions.
Perhaps the reduction in tax breaks won't turn out to be as bad as predicted - if this does occur this won't be the first time some 'bad' news has been overstated so the actual nasty sandwich doesn't have such a foul taste when it has to be digested.
Right now the unseemly haste with which the super industry grabbed at the mining tax Super Guarantee increases and other baubles might appear foolish. I'm not expecting too many to admit to this however.
Unfortunately it's reasonable to assume that anyone who earns over $100,000 will be belted from a tax increase perspective once again. These taxpayers already pay an unfair amount of tax. How many more times can the Government go back to these stones and hope to find blood?
For years the super industry tried to argue that super was so important that its vast asset base would "never ever" be honey pot for Government's desperate for money.
I think we can safely dispatch that view to the dustbin.
Version 6.0 of my SMSF book is now available.
You can see all the changes that have been made between Version 5.1 and 6.0 (the latest edition).
You can look at the contents page at the following link: http://www.atcbiz.com.au/r.php?r=0mjd6ne
For details of the changes made from version 5 to version 6 visit: http://www.atcbiz.com.au/r.php?r=d5xcpch
As you'll see from the list there have been many changes.
Two purchase options are available - once only subscription - $55 inc GST - or an annual subscription will gives you access to all the updates made throughout the year ($120 inc GST). The book can be purchased at the following link: http://www.atcbiz.com.au/r.php?r=5a4agqb
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