Super not sacred: Rice WarnerBY HARRISON WORLEY | MONDAY, 25 MAY 2020 12:38PMRice Warner founder Michael Rice has warned the superannuation industry to prepare for the government using the system as a means of repaying its stimulus debt, saying super won't be as sacred as it has been in the past. Related News |
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Liza McDonald
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Liza McDonald would have you believe her path from a legal secretary to the head of responsible investment at Aware Super was a matter of good fortune. Her career says otherwise. Riddhima Talwani writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
"The obvious way to collect more taxes would be to tax each fund's earnings in the pension phase at the same rate as the accumulation phase, namely 15%. That would increase taxes from the superannuation funds collectively by close to 50%, as well as simplifying the system - you would no longer need a pension transfer balance."
This wouldnt work as the majority of self funded retirees would then be better of cashing out all or part of their Pension phase super funds and holding investments directly, where they have access to the tax free threshold of $18,200.