Originally posted by asculpeous
Hi Baxterclear.pngnce transferred into the super fund hard to get out unless in the pension phase which I assume yours is.They are getting stricture on these things now hat super is under the auspices of the ATO.
One of the first actions of labour if the get in will be to order the Tax office to rape and pillage SMSFs for any perceived indescretion. Grab the money and ask questions later like the raid on people with disability and welfare pensions.
Have a family trust also.It's useful to retain due to its flexability,but it all costs and labour will target these also.A company is probably the safest structure as it can retain profits,but with labour nothing is safe except poverty as there's nothing for them to get their hands on.
We've given excess fund to help the kids into owning their own homes.Soon they'll invent a tax for that also as "unearned gifts" as the best and brightest labour brains are working to extract money from us rather than growing the nation's wealth where we all benefit.
Thank You for your input...Yes we are in pension phase , we get the health card only , no old age pension which is fine by me , I do pay tax on other investments outside super , I am not a drain on the system , I closed the family trust because of the BS from centrelink when I was getting the old age pension . There is a gift clause on the old age pension but not sure if there is one on only receiving the health card , must check , want to pay down some of the kids mortgages before they get hit with the oncoming rate increases..I suppose I could take a higher pension and duck shove the excess I dont need into their accounts by cash only.
Yes , seems changing the goal posts to steal more money . I can understand folk with off shore tax haven accounts , I dont condone that but I understand why...
My view is that the Libs used to want you to prosper so as they get more tax where as Labor want to grab as much as they can now , a tax on incentive...which is a short term money hit and but overall is non incentive ...why bust your balls to be raped and pillaged...
There are 700,000 SMSF personal accounts , the wise will be voting against Labor and its stealing of franking credits . Plans to exclude some that are on part /full age pensions , I mean can you trust them to hold that when elected ??
Stay healthy..cheers BAX
