By now you may have heard the news about the proposed changes to superannuation that the Prime Minister has announced in the last week.
For those who haven’t – from 2025, if you have more than $3 million in your superfund, then under these proposed changes, your tax rate will change from 15 to 30% on your super – around 80,000 people will be impacted.
You may be wondering what the big deal is, why should we care if those with millions are taxed a little more?
We all supported superannuation, we all wanted superannuation. Why? So that we could live a better life in our retirement years, while lessening the burden on our pension system.
At the last election, Anthony Albanese and the Labor Party said that they would not be making any change to superannuation in this county. No change at all. Full stop.
Less than a year later, the Prime Minister has already broken this promise and the has Treasurer struggled to rule out any further tinkering to the tax system.
Nobody voted for this change – but the Government now says it needs it to balance their own Budget.
As hard-working Australians, we have all put our money into super in good faith.
Many of us have made additional contributions to ensure we all have an affordable and a comfortable retirement when that time comes.
The idea of the rules being changed, and taxes being increased on a whim, should be worrying to everyone.
It’s your money and under Labor, where will it end?
Once this initial promise is broken, what is stopping them from going further?
We all remember Bill Shorten’s retiree tax from the 2019 Election – can those of us diligently building for our retirement be certain that there won’t be further taxes imposed across other super accounts?
Labor has always believed it can spend your money better than you can.
Their Assistant Treasurer has labelled your superannuation savings as ‘honey’ – which could be used, as the Treasurer puts it, ‘in the best interests of the hive’.
Superannuation is your hard-earned money, not a government slush fund.
