Superannuation tax concessions

Superannuation Mistake Might Be Costing Retirees Up To AU$9,000 In Extra Taxes

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Superannuation Mistake Might Be Costing Retirees Up To AU,000 In Extra Taxes

Around 700,000 Australians aged over 65 could be paying unnecessary tax on their superannuation by keeping their funds in an accumulation account instead of transferring them to a pension account, according to the Super Members Council (SMC). For a retiree with AU$100,000 in an accumulation account, the tax on superannuation earnings could reach as high … Read more

Who Benefits And At What Cost?

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Who Benefits And At What Cost?

Economist Chris Richardson sparked debate earlier this year by describing Australia’s superannuation system as “a reverse Robin Hood,” arguing that it took money from poorer Australians and gives it to the rich. “The super system is best thought of as a trucking company,” Richardson wrote. “It collects cash from the less well-off and dumps those … Read more