Tax lump sums to beat longevity crisis: ASFABY MARK SMITH | THURSDAY, 16 MAY 2013 12:25PMImposing higher taxes on taking lump sums from superannuation will encourage members approaching retirement to opt for income streams, the Association of Superannuation Funds of Australia (ASFA) has said in a new whitepaper. |
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I am going without now so that I can get funds into superannuation to be able to access it tax-free in retirement. You start taxing funds on exit post age 60 and I will stop contributing any additional funds altogether. You would remove any incentive, particularly when weighing it all up, with the funds locked in and there is no guarantee I will live long enough to access my funds anyway. I would probably look to purchase 10 year bonds instead. I am sure that there are a lot of people out there that will feel the same. Looks to me like you are aiming to destroy your own industry.