Federal Budget and Superannuation

[UIZ733]

The budget has cut concessional contribution limits from $50,000 to $25,000 for over 50's with super balances of less that $500,000. Why is there so little publicity in relation to very stupid policy change? Apathy? Ignorance? Or do people just feel BOHICA?
Regards P

[dazzler]

brand me an ignoramous cause i dont know what that means........... 

[hargs]

brand me an ignoramous cause i dont know what that means........... 

well I think it means for us ( on average wages )less support to help us increase our super, which aint very much yet........both in our early 50's ......... after having kids and educating them.....but hey ....we just continually to live simply and go camping for fun !!!

At this rate we will both be working till we are 70 or die.

[Wandering Tassie]

At this rate we will both be working till we are 70 or die.
[/quote]


Thats what they want.

Trevor

[UIZ733]

The decision means people on middle incomes (read well under $100,000 pa.) are being screwed for more tax. This leaves less money to invest in super, which means longer working!
On the basis of this decision my future voting routine will be easier (I will NEVER vote Labor again) 
Coulden't possibly vote Liberal (anything associated with Jabba The Hut, aka Clive Palmer) makes my stomach churn.
Greens ?
A decent independent yes!
The more likely will be a "Donkey Vote".
Politicians at this time are abhorrent self-serving sleazebags!

[alnjan]

A vote for Greens is a vote for labour and not too many independents can be trusted, they just do what they want that is best for them, not you.

[JCOJ]

This is one of the dumbest decisions ever!! 

Don't they want people to be able to fund their own super - do they want people on the pension instead?

They really have no idea.

And also the schoolkid bonus - what a waste of money.  Yes I do have two children of my own, but I don't need it and don't want it.  It was my choice to have kids and I don't want them to have to pay off govt debt later in their lives by giving money away now for nothing which can be spent at Hardly Normal on a new tv.

[GeoffA]

This is one of the dumbest decisions ever!! 

Don't they want people to be able to fund their own super - do they want people on the pension instead?

It's not your super that's important........it's all about their surplus.........

[mrdenn1s]

You forget they dropped the limits from $50k to $25k for everyone when Rudd was in.

This is so dumb

You want to encourage people to invest in super.

1) It takes pressure off the welfare system
2) Super funds actually use that money to invest in vital infrastructure (think PPP's)

By trying to scrimp tax back from super is a wealth redistribution socialist agenda rather than a wealth creation and long term view. Nanny state politics

Labor have zero idea

[rusti]

word of advice,line your own pockets,not the pockets of fund administrators you have no control over your money,still waiting for my fund advisor to tell me to move my money before the 2008 GFC hits,no contact so lose 50%.
UIZ733 surely we vote for policies not people,i was doing much better under liberal than ever under labor.

[crackacoldie]

This is one of the dumbest decisions ever!! 

And also the schoolkid bonus - what a waste of money.  Yes I do have two children of my own, but I don't need it and don't want it.  It was my choice to have kids and I don't want them to have to pay off govt debt later in their lives by giving money away now for nothing which can be spent at Hardly Normal on a new tv.

I am one of those who fall just (read less than $10) over the threshold, meaning I am a working family that this patronising mob keep refering to, who gets screwed because I am also "the rich".  Unfortunately, this current government forgets that some people work hard, make some very large sacrifices, to try and get ahead, only to be punished as a High income earner, who, acoprding to the way Juliar and co talk, is not infact a working person.

Time for me to go  and  in my  in the corner.

[richee]

The budget has cut concessional contribution limits from $50,000 to $25,000 for over 50's with super balances of less that $500,000. Why is there so little publicity in relation to very stupid policy change? Apathy? Ignorance? Or do people just feel BOHICA?
Regards P

This could change

From the ATO web site http://www.ato.gov.au/super/content.aspx?doc=/content/60489.htm&page=3&H3

The government has announced changes that, if passed by parliament, will permanently increase the concessional contributions cap to $50,000 for individuals who have total super balances below $500,000 and are 50 years old or over. We will publish updated guidance if these announced changes become law.

[LJs GU]

The budget has cut concessional contribution limits from $50,000 to $25,000 for over 50's with super balances of less that $500,000.
Regards P

This could change

From the ATO web site http://www.ato.gov.au/super/content.aspx?doc=/content/60489.htm&page=3&H3

The government has announced changes that, if passed by parliament, will permanently increase the concessional contributions cap to $50,000 for individuals who have total super balances below $500,000 and are 50 years old or over. We will publish updated guidance if these announced changes become law.

Yeah just to clarify the $500k balance requirement, that's actually been deferred till 1/7/2014, so they can work out how the hell they're going to monitor balances and implement it.

At this stage, assuming it gets passed, it's just simply going to be anyone, regardless of age, can't contribute more than $50k as concessional contributions (which are basically your 9% SG and salary sacrifice contributions).  It's not the end of the world if you do, you just pay more super tax.

LJ

[Nomad]

The whole budget is an insult to small and medium business who usually employ 50% of the workforce. If you work for a small business your employment prospects just got a bit riskier. They policies they brought in may have worked in 2008, but not today. These guys are lying money grabbing caarnts who think cutting spending to bring a premature surplus to the budget is going to keep them in power.

I can't believe Labor paid for that grubs legal bill so they didn't face the prospect of a by election. And as for Slipper................

[D4D]

It's not the end of the world if you do, you just pay more super tax.

It is if you're near retirement age and don't have capacity to 'pay more super tax'.

Super really worries me, what's to say my plan for today will work for the tax rules in the future. Any government that discourages people saving for their future instead of living on the pension has rocks in their head. This was done purely so the 'labor battlers' think Joolia and Swanny are sticking it to the 'rich liberals' to buy some votes.

[McGirr]

I have a dream 

Mark

[Isuzumu]

We believe that the school students bonus should be allocated to the schools which the children attend. So that the school fees are paid for and any excursions etc are paid, which I would imagine takes the burden off parents that pay up all the time.

[D4D]

But then they wouldn't be able to buy a new flat panel. They need to upgrade the 42 inch they bought with the last round of Rudd $.

[BigJules]

So, what of the reply? Standard Liberal approach these days, say nothing, do nothing, make no mistakes. This is working for them, as the Labor Party are their own worst enemy, but at some point I'd them to enunciate how they are a viable alternative.

Another bunch of nest featherers isn't necessarily a better option. I'd opt for a benign dictatorship headed by Malcolm Turnbull based on present performances.

[D4D]

I'd opt for a benign dictatorship headed by Malcolm Turnbull based on present performances.

At least he would bin the NBN and let the free market decide what network they wanted instead of flushing money down the drain on a network nobody will use.

[Blueroo]

With me the superannuation changes are a real sore point.

Since 2009 to 2012 the Labor govt have dropped the concessional contributions cap for over 50 year olds from $100K to $25K.

I'm over 50 and trying to save for self funded retirement. Labor has made this nearly impossible.

I will NEVER again vote labor, I will NEVER EVER EVER vote green. and I will NEVER again trust an independent.

I complained about the superannuation changes (meddling) 2 weeks ago to my federal Labor member and didn't even get a reply.

Not Happy.

Stue

[Wortho]

Not only are you going to be penalised for personal super contributions but if you do happen to run out of money due to this decision you won't qualify for the aged pension either because they will keep moving the goal post.
"The qualifying age for Age Pension for both men and women will be increased by 6 months every 2 years starting from 1 July 2017. At 1 July 2023, the qualifying age will reach 67"
http://www.centrelink.gov.au/internet/internet.nsf/individuals/ssp_age_pension.htm

Work till you drop is the governments master plan!!

[Blueroo]

Have a look at this site

http://www.superguide.com.au/boost-your-superannuation/another-super-con-over-50s-contributions-cap-removed

It explains the super contributions cap and takes away the myths.

cheers
Stue

[gacoxd]

At least he would bin the NBN and let the free market decide what network they wanted instead of flushing money down the drain on a network nobody will use.

You understand that this a capital investment that benefits all Australians right?

Not just the ones who live within 50km of a capital city. That's what the free market would give you.

Damo

[Fridge Magnet]

Work till you drop is the governments master plan!!

Any government will have to deal with the cost of the big demographic spike that is currently moving out of the work force. The money will always come out of the pockets of the current work force. Whoever is power will either try to make people work longer or take more off them in the short term. Either way it's going to happen. We have two choices for a government and despite the current government's poor track record I'd love to see what the alternative is. Looks like the Coalition will stall as long as they can on announcing any policy whatsoever at least until directly before they get voted in, or Labor get voted out whichever way you want to look at it. It'll be interesting to see whether Liberal nirvana is as great as people are predicting.