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Million dollar super income; no tax.

February 14th, 2016 Leave a comment Go to comments

How many retirees have super balances of $10 Million plus and pay no income tax?

It would be a small percentage of the retirees, but it costs the government probably some $15 billion in tax-loss, yet it is simply ignored by the government and the opposition in the recent tax debate.

Who supports the government to keep this iniquitous system going? It is not only the media and very rich voters, but there are Associations, claiming to represent the low super income retirees, like the SA Superannuants, SCOA, COTA and ACOSS, which also pretend to look after the interests of the average, or below average incomes, yet in reality they are only interested to keep the status quo, because the leaders of this Associations will also benefit from this government largesse.

 

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