Quite correct Occam,
Keating was responsible for mucking this up. The initial system was as you described.
However, what's done is done.
No tax at all coming out, when there were tax concessions going in, and during accumulation, is a nonsense.
So, we need tax on money coming out, with concessions to reflect the tax that was paid during accumulation.
ie tax at normal rate with 15% rebate on concessional super would be one option.
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