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Round-table talk on super

March 2nd, 2012 No comments

How can an individual make a submission to the round-table discussion on super? It appears to be very difficult, yet all the organizations which benefit from the super industry seem to be able to express their views freely.
Recently there have been suggestions of annuities, but they are not going to be tax-free for the over sixties as are other super incomes, if paid from a so-called taxed fund.
Can any private fund provide defined life long annuities?
The simple answer is no, because any fund is subject to investment vagaries, therefore only a government can provide any citizen with a guaranteed defined income, provided the government does not go bankrupt, but in that case all its citizens would, or should be equally affected.
Most European countries provide a life-long defined benefit for its citizens, yet the Australian government use a system, which benefits mainly the top 30% of its retired citizens by exempting them from paying tax and Medicare levy, on their income if paid from a taxed super fund, and they are over sixty years of age, and the income can be more than $200,000.00 plus, yet a retired couple on an income, which is not exempt from paying tax, has to pay Medicare levy on a combined income of $37,000.00 per annum.
The only way to make the Australian super and social security fairer for every-one, is, abolish compulsory super, abolish all tax concessions for super and abolish the means-test of the basic pension.
I have been trying for a long time to bring the “Great Sutralian super fraud” to the attention of the public, but the media will not publish any of my views and suggestions, while the super industry gets all the publicity it wants, yet it is deceiving the public, and in the process, making the people who profit from the super industry, very rich.
Even the ABC, is not prepared to challenge the unfairness of the Australian social system and the super fraud.
Hawil

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