Go Back  British Expats > Living & Moving Abroad > New Zealand
Reload this Page >

Aussie Super changes - the thin end of the wedge?

Aussie Super changes - the thin end of the wedge?

Old Apr 9th 2013, 4:15 am
  #1  
I like kittens.
Thread Starter
 
downunderpom's Avatar
 
Joined: Oct 2003
Location: In my own little world
Posts: 1,457
downunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to behold
Question Aussie Super changes - the thin end of the wedge?

http://www.bloomberg.com/news/2013-0...n-savings.html

"Earnings over A$100,000 a year for retirees from superannuation assets will now be taxed at 15 percent, Swan told reporters in Canberra today. The changes will affect 20,000 people and save about A$900 million over four years, he said."

So, Aussies getting $100K will (at the present time) pay no tax, but those earning more than this from their savings will get taxed.

But once it's in law, what's to stop the gubbermint from lowering the threshold? Look at the way Gordon Brown used to dip his fingers into the UK pension fund....

Is this the thin end of the wedge, and will NZ follow in Oz's footsteps?
downunderpom is offline  
Old Apr 9th 2013, 4:52 am
  #2  
221b Baker Street
 
Sherlock Holmes's Avatar
 
Joined: Jun 2010
Location: Miles from anywhere, Victoria, Australia.
Posts: 14,125
Sherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond repute
Default Re: Aussie Super changes - the thin end of the wedge?

Originally Posted by downunderpom View Post
http://www.bloomberg.com/news/2013-0...n-savings.html

"Earnings over A$100,000 a year for retirees from superannuation assets will now be taxed at 15 percent, Swan told reporters in Canberra today. The changes will affect 20,000 people and save about A$900 million over four years, he said."

So, Aussies getting $100K will (at the present time) pay no tax, but those earning more than this from their savings will get taxed.

But once it's in law, what's to stop the gubbermint from lowering the threshold? Look at the way Gordon Brown used to dip his fingers into the UK pension fund....

Is this the thin end of the wedge, and will NZ follow in Oz's footsteps?
I made exactly this point in the thread in the Oz forum that is running on this subject.

Sounds a lot doesn't it - $100,000 untaxed for a pension BUT that is only if the fund continues to perform well enough to produce that year after year without touching the capital. Somewhat unlikely probably.

It is a DISINCENTIVE to save and an INCENTIVE to find a way round paying the tax.

Super in Oz is a pretty good system, 15% on the way in (instead of 30% on income) and it was wholly free on the way out.

I regret to say that you are right. What bugs me is that it taxes those who could be bothered to save for themselves to pay for those who won't.

Ho hum. Rant over.
Sherlock Holmes is offline  
Old Apr 9th 2013, 6:21 am
  #3  
I like kittens.
Thread Starter
 
downunderpom's Avatar
 
Joined: Oct 2003
Location: In my own little world
Posts: 1,457
downunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to beholddownunderpom is a splendid one to behold
Default Re: Aussie Super changes - the thin end of the wedge?

Nope. You're right. I get really fed up with these bar-stewards moving the goalposts mid-game, or even changing the rules entirely.

"Okay, people, here's how we're going to play the game." Then, when you've spent 20 or 30 years playing the game under THEIR rules, "Okay, people, now we're going to change the rules on you, so that you get screwed! Again!"

And the only ones who 'benefit' are those on benefits!
downunderpom is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.