Ann: Dividend/Distribution - WPL, page-26

I work in the Funds management industry. This is wrong.

self managed super via a platform is the cheapest possible method of superannuation. Superfunds fear SMSF, especially for those in pension phase. This is why they are in Bill’s ear to some extent. Ever wondered why Australian super suddenly backed the franking policy? Analyse it mate.

$799pa via esuperfund for everything. Add on the tax levy of around $160 (something like that), your fund costs $959pa regardless of size and up to 6 members.

even a single member with $250,000 is an annual ICR of 0.38%. 

Industry and retail funds work out to around 1.00-1.50%pa once you add in all the admin, direct and indirect costs regardless of size. So a million balance is charged $10k-$15kpa. Whereas smsf is still charged $959pa which would be an ICR of 0.09%pa.

It’s a rip off for performance that generally is around index anyway, or have large exposure to risky unlisted PE and property.

anyway, point is, bill is taxing low income earners at 30%.

fyi I’m top tax bracket, this policy doesn’t effect me at all, and never will. I’m standing up for fairness in our tax system.