http://www.thepunch.com.au/tags/superannuation/ Politics, political opinion, world news, sports news and the latest news and views updated live, daily on The Punch - Australia's best conversation. en Copyright 2013 The Punch penberthyd@newsltd.com.au penberthyd@newsltd.com.au Thu, 14 Mar 2013 19:00:10 +0000 Thu, 14 Mar 2013 19:00:10 +0000 Politics, opinion, world news, sports news, latest news, views, Barack Obama, Kevin Rudd, Julia Gillard, Nathan Rees, Malcolm Turnbull, Peter Garrett, Barnaby Joyce, Australian, federal politics, opinion polls, election, The Punch, thepunch, punch ExpressionEngine 1.6.7 http://blogs.law.harvard.edu/tech/rss 15 http://www.thepunch.com.au/images/punch-logo-rss.png http://www.thepunch.com.au/ 144 70 Politics, political opinion, world news, sports news and the latest news and views updated live, daily on The Punch - Australia's best conversation. Search The Punch keywords http://www.thepunch.com.au/search/ http://www.thepunch.com.au/articles/compulsory-super-is-an-illogical-political-rort/ When society’s biggest rent-seekers and parasites are in rare and furious agreement, ordinary working men and women should be profoundly sceptical. The plan to lift the Superannuation Guarantee from 9 to 12 per cent is vigorously endorsed by government, financial institutions and trade unions alike, yet sadly is receiving little scrutiny. Nothing is stopping workers from putting an extra 3 per cent of their wages in super right now. Indeed, workers’ mistaken belief that the burden of compulsory super falls on their employers, or even government, rather than themselves through a 9 per cent cut in take-home pay is allowing an extremely unfair, inefficient and ultimately ineffective policy become reality. The argument Australia ‘needs’ to increase superannuation to plug a ‘savings gap’ and ‘take the pressure’ off the Age Pension is a bogus platitude. feedback@thepunch.com.au (The Punch Team) Article http://www.thepunch.com.au/articles/compulsory-super-is-an-illogical-political-rort/#comments http://www.thepunch.com.au/articles/compulsory-super-is-an-illogical-political-rort/#item10654 Thu, 14 Mar 2013 19:00:10 +0000 Super nest eggs have emerged as the first major policy battle ground of the election and neither side of politics is covering itself in glory. The Opposition, while promising no “unexpected and detrimental” changes to super, has confirmed plans to axe a tax concession on the super balances of 3.6 million low income earners. Meanwhile, in its search for budget savings, Labor is running the ruler over the super balances of high income earners. After hinting it may tax withdrawals from million dollar super accounts, the government last week backed down and guaranteed the tax free status of all super withdrawals after age 60. That’s only fair. It’s one thing to tax new contributions to super at a higher level, but quite another to retrospectively tax someone who has been saving for years. http://www.thepunch.com.au/articles/hey-pollies-leave-our-super-alone-for-now/ Super nest eggs have emerged as the first major policy battle ground of the election and neither side of politics is covering itself in glory. The Opposition, while promising no “unexpected and detrimental” changes to super, has confirmed plans to axe a tax concession on the super balances of 3.6 million low income earners. Meanwhile, in its search for budget savings, Labor is running the ruler over the super balances of high income earners. After hinting it may tax withdrawals from million dollar super accounts, the government last week backed down and guaranteed the tax free status of all super withdrawals after age 60. That’s only fair. It’s one thing to tax new contributions to super at a higher level, but quite another to retrospectively tax someone who has been saving for years. feedback@thepunch.com.au (The Punch Team) Article http://www.thepunch.com.au/articles/hey-pollies-leave-our-super-alone-for-now/#comments http://www.thepunch.com.au/articles/hey-pollies-leave-our-super-alone-for-now/#item10577 Thu, 14 Mar 2013 19:00:10 +0000 Super nest eggs have emerged as the first major policy battle ground of the election and neither side of politics is covering itself in glory. The Opposition, while promising no “unexpected and detrimental” changes to super, has confirmed plans to axe a tax concession on the super balances of 3.6 million low income earners. Meanwhile, in its search for budget savings, Labor is running the ruler over the super balances of high income earners. After hinting it may tax withdrawals from million dollar super accounts, the government last week backed down and guaranteed the tax free status of all super withdrawals after age 60. That’s only fair. It’s one thing to tax new contributions to super at a higher level, but quite another to retrospectively tax someone who has been saving for years. http://www.thepunch.com.au/articles/tinkering-with-super-is-just-a-taxing-waste/ Assume for a moment that superannuation, compulsory private saving, is a good idea. How should it be taxed? If something is compulsory, it doesn’t need to be encouraged; yet almost all countries have concessional taxation arrangements for personal contributions to retirement nest eggs, whether they are mandatory or not. In theory, saving – consumption in the future – should not be taxed more heavily than spending – or consumption today. Yet by taxing the income savings generate, income tax does precisely that. The argument for concessional taxation of retirement saving is even stronger: the tax wedge between current and future consumption grows the longer the savings period (especially if inflation is high), and concessions might even prompt people to save more, which could defray the cost of any taxpayer-funded retirement pensions. feedback@thepunch.com.au (The Punch Team) Article http://www.thepunch.com.au/articles/tinkering-with-super-is-just-a-taxing-waste/#comments http://www.thepunch.com.au/articles/tinkering-with-super-is-just-a-taxing-waste/#item10564 Thu, 14 Mar 2013 19:00:10 +0000 Super nest eggs have emerged as the first major policy battle ground of the election and neither side of politics is covering itself in glory. The Opposition, while promising no “unexpected and detrimental” changes to super, has confirmed plans to axe a tax concession on the super balances of 3.6 million low income earners. Meanwhile, in its search for budget savings, Labor is running the ruler over the super balances of high income earners. After hinting it may tax withdrawals from million dollar super accounts, the government last week backed down and guaranteed the tax free status of all super withdrawals after age 60. That’s only fair. It’s one thing to tax new contributions to super at a higher level, but quite another to retrospectively tax someone who has been saving for years. http://www.thepunch.com.au/articles/pollies-want-to-vacuum-up-your-retirement-dollars/ Retirement savings which were starved during the global recession four years ago are plumping up as the stock market comes storming back. The bad news, for some, is that this coincides with rising speculation the fattened superannuation industry is being eyed by federal politicians hungry for cash to counter shrinking revenue prospects elsewhere. Specifically, the generous tax treatment of superannuation money is likely to be reduced for the wealthy in a move which could revive the annual accusations of “class warfare” from the Opposition. feedback@thepunch.com.au (The Punch Team) Article http://www.thepunch.com.au/articles/pollies-want-to-vacuum-up-your-retirement-dollars/#comments http://www.thepunch.com.au/articles/pollies-want-to-vacuum-up-your-retirement-dollars/#item10534 Thu, 14 Mar 2013 19:00:10 +0000 Super nest eggs have emerged as the first major policy battle ground of the election and neither side of politics is covering itself in glory. The Opposition, while promising no “unexpected and detrimental” changes to super, has confirmed plans to axe a tax concession on the super balances of 3.6 million low income earners. Meanwhile, in its search for budget savings, Labor is running the ruler over the super balances of high income earners. After hinting it may tax withdrawals from million dollar super accounts, the government last week backed down and guaranteed the tax free status of all super withdrawals after age 60. That’s only fair. It’s one thing to tax new contributions to super at a higher level, but quite another to retrospectively tax someone who has been saving for years. http://www.thepunch.com.au/articles/A-super-solution-to-fix-congestion-on-our-roads/ Are you sick of being stuck in Sydney traffic for hours? Are you annoyed about the near constant traffic chaos around Sydney airport? And do you ever wonder why there are so many cars driving through Sydney’s CBD? Well, what you are seeing is a general failure of transport planning by successive governments over many decades. Not since Dr JJC Bradfield have we had a true transport visionary in Sydney. What we get is an endless procession of so-called transport experts who are increasingly just free market fundamentalists having this delusional view that the market will fix all transport and infrastructure problems. The so-called market in this case are those big private sector companies that just want toll roads so they can simply milk motorists for decades with ever increasing tolls. It’s so easy for a private sector company to build a toll road that barely meets the existing transport needs to just rake in lots of easy money until the toll road can’t cope anymore. Then there’s inevitable call for a new toll road with a new income stream to milk motorists. feedback@thepunch.com.au (The Punch Team) Article http://www.thepunch.com.au/articles/A-super-solution-to-fix-congestion-on-our-roads/#comments http://www.thepunch.com.au/articles/A-super-solution-to-fix-congestion-on-our-roads/#item10153 Thu, 14 Mar 2013 19:00:10 +0000 Super nest eggs have emerged as the first major policy battle ground of the election and neither side of politics is covering itself in glory. The Opposition, while promising no “unexpected and detrimental” changes to super, has confirmed plans to axe a tax concession on the super balances of 3.6 million low income earners. Meanwhile, in its search for budget savings, Labor is running the ruler over the super balances of high income earners. After hinting it may tax withdrawals from million dollar super accounts, the government last week backed down and guaranteed the tax free status of all super withdrawals after age 60. That’s only fair. It’s one thing to tax new contributions to super at a higher level, but quite another to retrospectively tax someone who has been saving for years. http://www.thepunch.com.au/articles/whos-looking-after-your-super-well-i-dunno/ Who is looking after your retirement savings? Twenty years after the introduction of compulsory superannuation, an alarmingly high proportion of Australians are unable to answer this seemingly simple question. This week News Limited published rankings of the nations best and worst performing super funds over the past decade, based on their investment return after fees and taxes on their default product. feedback@thepunch.com.au (The Punch Team) Article http://www.thepunch.com.au/articles/whos-looking-after-your-super-well-i-dunno/#comments http://www.thepunch.com.au/articles/whos-looking-after-your-super-well-i-dunno/#item9685 Thu, 14 Mar 2013 19:00:10 +0000 Super nest eggs have emerged as the first major policy battle ground of the election and neither side of politics is covering itself in glory. The Opposition, while promising no “unexpected and detrimental” changes to super, has confirmed plans to axe a tax concession on the super balances of 3.6 million low income earners. Meanwhile, in its search for budget savings, Labor is running the ruler over the super balances of high income earners. After hinting it may tax withdrawals from million dollar super accounts, the government last week backed down and guaranteed the tax free status of all super withdrawals after age 60. That’s only fair. It’s one thing to tax new contributions to super at a higher level, but quite another to retrospectively tax someone who has been saving for years. http://www.thepunch.com.au/articles/how-much-is-enough-to-live-on-when-you-retire/ It’s a question that will affect everyone at some point in their lives, but very few people know how to answer. The most recent estimation comes from the Association of Superannuation Funds in Australia. According to their researchers every Australian will need at least $55, 000 per person, for every year of retirement to ensure they will be enjoying the last years of their lives in comfort. feedback@thepunch.com.au (The Punch Team) Article http://www.thepunch.com.au/articles/how-much-is-enough-to-live-on-when-you-retire/#comments http://www.thepunch.com.au/articles/how-much-is-enough-to-live-on-when-you-retire/#item9188 Thu, 14 Mar 2013 19:00:10 +0000 Super nest eggs have emerged as the first major policy battle ground of the election and neither side of politics is covering itself in glory. The Opposition, while promising no “unexpected and detrimental” changes to super, has confirmed plans to axe a tax concession on the super balances of 3.6 million low income earners. Meanwhile, in its search for budget savings, Labor is running the ruler over the super balances of high income earners. After hinting it may tax withdrawals from million dollar super accounts, the government last week backed down and guaranteed the tax free status of all super withdrawals after age 60. That’s only fair. It’s one thing to tax new contributions to super at a higher level, but quite another to retrospectively tax someone who has been saving for years. http://www.thepunch.com.au/articles/the-generation-asking-why-youre-spending-our-money/ Retirees. They’re living it up nowadays, blowing any pitiful inheritance their kids could expect on all their tree-changes, sea-changes, and various kinds of me-changes. But a number of Gen Ys - my generation - reckon they’re still going to get a fair bit from their parents when they die. According the ING Direct Financial Wellbeing Index, one in seven Gen Ys are expecting to rely on their parents’ inheritance to support them in retirement. feedback@thepunch.com.au (The Punch Team) Article http://www.thepunch.com.au/articles/the-generation-asking-why-youre-spending-our-money/#comments http://www.thepunch.com.au/articles/the-generation-asking-why-youre-spending-our-money/#item9057 Thu, 14 Mar 2013 19:00:10 +0000 Super nest eggs have emerged as the first major policy battle ground of the election and neither side of politics is covering itself in glory. The Opposition, while promising no “unexpected and detrimental” changes to super, has confirmed plans to axe a tax concession on the super balances of 3.6 million low income earners. Meanwhile, in its search for budget savings, Labor is running the ruler over the super balances of high income earners. After hinting it may tax withdrawals from million dollar super accounts, the government last week backed down and guaranteed the tax free status of all super withdrawals after age 60. That’s only fair. It’s one thing to tax new contributions to super at a higher level, but quite another to retrospectively tax someone who has been saving for years. http://www.thepunch.com.au/articles/get-workers-snouts-out-of-the-government-trough/ Why should we expect others to cover our needs when we could and should do it ourselves? We want a consumer lifestyle and for the Government to pay, provide and in short, take from someone else to cover those things we insist are basic needs.  Basic needs that are apparently not so important that we set aside our own money before discretionary spending to cover them. feedback@thepunch.com.au (The Punch Team) Article http://www.thepunch.com.au/articles/get-workers-snouts-out-of-the-government-trough/#comments http://www.thepunch.com.au/articles/get-workers-snouts-out-of-the-government-trough/#item8753 Thu, 14 Mar 2013 19:00:10 +0000 Super nest eggs have emerged as the first major policy battle ground of the election and neither side of politics is covering itself in glory. The Opposition, while promising no “unexpected and detrimental” changes to super, has confirmed plans to axe a tax concession on the super balances of 3.6 million low income earners. Meanwhile, in its search for budget savings, Labor is running the ruler over the super balances of high income earners. After hinting it may tax withdrawals from million dollar super accounts, the government last week backed down and guaranteed the tax free status of all super withdrawals after age 60. That’s only fair. It’s one thing to tax new contributions to super at a higher level, but quite another to retrospectively tax someone who has been saving for years. http://www.thepunch.com.au/articles/Deep-down-were-all-unionists-even-the-haters/ Bill Kelty made a memorable speech last week. Addressing the ACTU Congress Dinner in Sydney, the legendary ACTU Secretary who helped shape the Accord in the 1980s and 1990s, explained why he became a unionist. “It was the underdog you always sided with in our family,” he told a hushed audience that included former Prime Ministers Bob Hawke and Paul Keating. “The Aboriginal on death row, the Gurindji people, women not getting equal pay. It was Australia of whom you were proud, but not the Australia who sang God Save the Queen. feedback@thepunch.com.au (The Punch Team) Article http://www.thepunch.com.au/articles/Deep-down-were-all-unionists-even-the-haters/#comments http://www.thepunch.com.au/articles/Deep-down-were-all-unionists-even-the-haters/#item8556 Thu, 14 Mar 2013 19:00:10 +0000 Super nest eggs have emerged as the first major policy battle ground of the election and neither side of politics is covering itself in glory. The Opposition, while promising no “unexpected and detrimental” changes to super, has confirmed plans to axe a tax concession on the super balances of 3.6 million low income earners. Meanwhile, in its search for budget savings, Labor is running the ruler over the super balances of high income earners. After hinting it may tax withdrawals from million dollar super accounts, the government last week backed down and guaranteed the tax free status of all super withdrawals after age 60. That’s only fair. It’s one thing to tax new contributions to super at a higher level, but quite another to retrospectively tax someone who has been saving for years.