I agree with everything in this article. The restrictions and complexities that Treasury recommends and Governments follow are just crazy in this regard.

There seems to be anathema is Treasury, that anyone not in the public service should be restricted with respect to planning for the future.

Admittedly, the Gillard, Rudd, Gillard governments went so overboard that the private sector had to be punished because of it.

There is now a surcharge tax on anyone earning more than $300,000, contributing to superannuation. Why? Surely that person is paying their tax already on that income because taxing them now will mean less money when they retire.

It is just punishment by fiat that shouldn't occur. The general logic would indicate that such retirees would not be calling so readily on the public pension area at a later date, if this surcharge wasn't levied.

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I totally agree. Not only Superannuation but Centrelink rules are ridiculous and when the two meet which is most probable, it's a minefield.

Who thought up the idea that contributions to Super be capped at $150,000 pa after age 60 (recently increased to $180,000 pa) providing you pass a work test. Who is going to give a 70 year old a job let alone a 74 year old? Then after age 74 you can't contribute at all.

It's likely that after 70, retirees will be selling their homes to downsize, move into a retirement village, move in with relatives or move into permanent care. Just what are they supposed to do with the large pot of money released when faced with ludicrous restricted contribution requirements.

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