The self-funded retiree is a misnomer: InstituteBY JAMIE WILLIAMSON | MONDAY, 6 FEB 2023 12:49PMNew research from The Australia Institute shows the cost to the federal budget of tax concessions is almost on par with the total cost of the Age Pension, with the think tank declaring the 'self-funded retiree' a misnomer. Related News |
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Featured Profile
Philip Miall
HEAD OF MULTI-SECTOR PRIVATE DEBT
QIC LIMITED
QIC LIMITED
QIC head of private debt Australia Phil Miall's nearly 30 years' experience covers every corner of the credit market. He shares why active management is critical in the asset class and what he's learned during periods of tumult. Karren Vergara writes.
"According to the ATO, there's just shy of 900 self-managed superannuation funds producing incomes of $1 million or more."
Why is there this obsession with Self Managed Super Funds?
The issue applies to all superannuation funds, including Defined Benefit Funds.
There should be income tax applicable to earnings above a certain threshold for all superannuation funds. This should be part of total income tac review including: Personal tax, Capital Gain Tax, all Trusts, Company taxand GST.