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20 April 2024
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Why is only half of our retirement income system based on compulsion? From an economic point of view, it simply may not make sense to have a compulsory retirement system that switches to voluntary at retirement.
The vast sum of money in super will dwarf the size of the ASX and our GDP in coming years yet allocation is not subject to any regulatory control. Where should super policy be housed and how should assets be invested?
There is far more to the simple 'objective of super' than meets the eye. It will guide future policy and those who assume we've seen the end of major superannuation changes are not reading the signals.
Superannuation is both a revenue source from taxes and a cost from concessions. The Parliamentary Budget Office (PBO) has released its first 'super explainer' and it shows how they think and perhaps future targets.
Underpinning the current wave of consolidation amongst Australian super funds is the belief that it helps to be big. Is this really the case and is there any advantage in being a member of a large super fund?
The costs of super concessions are usually quoted in gross terms, ignoring offsetting behavioural changes and social security savings. The impact of very large balances should be measured in net terms.
Most people accept there should be a limit to the tax concessions for high super balances, but the mechanics of Government's $3 million proposal must be fixed before it is legislated. Treasury missed the detail.
No entity holds a consolidated view of the taxable income of super, not even the ATO. So Treasury and the Treasurer adopted a simple method to impose a new tax, and the adverse consequences then started to surface.
Treasury might not realise, but it's not a 30% tax, it's a completely new tax. And payment will not be due until FY28. Taxing unrealised gains will have major implications and the lack of indexing must change.
The benefits in retirement come at the cost of consumption in prior years and this trade-off should be the focus in making reforms to super. Otherwise, the system will continue to benefit the rich at the expense of the poor.
The Government rushed a decision to increase tax on super balances above $3 million. Although the effective date is after the next election, the big surprise is including unrealised capital gains in earnings.
Six years on, the Labor Government used exactly the same words that Treasurer Scott Morrison said in 2016. Before changes in super rules, we are promised "stability and certainty", but the top 1% is too tempting.
The ATO has released all the superannuation rates and thresholds that will apply from 1 July 2024. Here's what’s changing and what’s not, and some key considerations and opportunities in the lead up to 30 June and beyond.
Jim Simons has achieved breathtaking returns of 62% p.a. over 33 years, a track record like no other, yet he remains little known to the public. Here’s how he’s done it, and the lessons that can be applied to our own investing.
Life has radically shifted with my brain cancer, and I don’t know if it will ever be the same again. After decades of writing and a dozen years with Firstlinks, I still want to contribute, but exactly how and when I do that is unclear.
Australia will have 3.7 million more people in a decade's time, though the growth won't be evenly distributed. Over 85s will see the fastest growth, while the number of younger people will barely rise.
Being rich is having a high-paying job and accumulating fancy houses and cars, while being wealthy is owning assets that provide passive income, as well as freedom and flexibility. Knowing the difference can reframe your life.
Investor disgust, consolidation, de-listings, price discounts, activist investors entering - it’s what typically happens at business cycle troughs, and it’s happening to LICs now. That may present a potential opportunity.