Increasing the tax rate on superannuation balances above $3m would affect less than 1% of the population – and yet it is still unlikely to pass
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Australia’s superannuation is a broken system that works to give the richest 10% over $20bn a year in tax breaks, while nearly a quarter of retirees live in poverty due to the miserable level of the age pension. The government is trying to reduce some of the most egregious abuses of superannuation – and yet misleading fear campaigns look likely to win out.
Let me put some numbers in your head.
Continue reading…Increasing the tax rate on superannuation balances above $3m would affect less than 1% of the population – and yet it is still unlikely to passGet our breaking news email, free app or daily news podcastAustralia’s superannuation is a broken system that works to give the richest 10% over $20bn a year in tax breaks, while nearly a quarter of retirees live in poverty due to the miserable level of the age pension. The government is trying to reduce some of the most egregious abuses of superannuation – and yet misleading fear campaigns look likely to win out.Let me put some numbers in your head. Continue reading…
