www.moneymorning.com.au/super-retirement-wealth

Wealth confiscation is something that goes on in Australia every day. Look at your pay slip. Look at the line that says 'tax'. The government already confiscates a huge chunk of your salary each year, from a quarter up to almost half. And what's your reaction to that? You accept it and move on. So does it now really sound like such a crazy idea that the government could take more and more of your superannuation money, by degrees, until you have nothing left?

I was reading up about that yesterday.
I came to the conclusion it must have been written by our very own Macpweet33.

Well done macpweet! A well written and amusing piece of alarmist fiction.

For those who can't be bothered reading it, (and I can well understand that,.. it's a sound decision) it's all about how the government is planning to take ALL your superannuation.
It says you will never see even one cent of your super fund contributions.
I can't see even the greens ever proposing that. The greens would take half if they thought for a second they would get away with it, but not all of it.

However,.. I do agree that there will be significant changes to the super contributions system in the near future and my guess is,..

Anyone on the top tax table and with more than what the government will decree is an overly sufficient total in their super fund, will pay a higher tax on any further contributions, and my guess is, it will be 30% rather than the present 15%.
The aforementioned 'overly sufficient' figure will be high enough so that it doesn't impact politicians super benefits, so probably somewhere around 1 million to 2 million dollars.

Also, anyone with a total super fund of more than this 'overly sufficient' total will no longer have that fund operate tax free in the draw down phase, that is, after retirement. It will continue to pay the present tax rate of 15% on earnings after retirement.

So,.. that's my guess.
You can make a note of it and see in 5 years time who is closer to correct, either the highly paid alarmist referred to above, who says the government will take all of it, every last cent,.. or your resident twit, Pweedarse. (recent portrait top left)

Select to expand quote

FlySurfer said..
So does it now really sound like such a crazy idea that the government could take more and more of your superannuation money, by degrees, until you have nothing left?

Yes

/thread over

The government knows about the "Superannuation Black Hole" and is trying to stop it happening.

It may take control of your super funds so you don't blow it but I doubt it will snatch it.

Ha ha. Jokes on them. I have stuff all super anyway. After beautifully mistiming the 2007 crash, and the recovery I had bugger all. Then I was self employed for nearly a decade where it is optional. I put it against my mortgage instead, sorta.

Has everyone done the calculations for how much super they'll need when they retire? It's probably a lot more than you think.

Reckon I need 100 acres of rates free prime farm land plus $100 per week for beer n whisky. Realistically I will have 50 acres of ok land, some worn out tools, a 50 year old mtb and a lot of arthritis