Effectivelydouble taxation the new black @Brissy1 ? ?
So first cab off the rank must be franking credits.. mega bucks for the coffers of the fiscal fiend...![]()
I didn't know that. The famous "age of entitlement"... that would be 67...Seniors Health care card (super 100% excluded)
My heart bleeds.Just had a visit from someone that fits into the >$3M category. Ran a small business working 80-90 hours a week and is not happy Jan
Well, that was the plan for compulsory super. Get the majority of peeps onto self-funded retirement and off the OAP.Itās why the vast majority of seniors over 67 get a Seniors Health care card (super 100% excluded) but not an age pension (as only 10% of the super is excluded)
Good luck travelling along the footpaths (no roads) with your private bodyguards (no police or justice system) and your personal doctor and nurse.
If you have a heart attack, hire some tradesmen to build a hospital for your treatment in the 15 minutes you have before the heart muscle dies.
I'm sure you will donate generously to charity to help the beggar retirees, illiterate poor children and disabled people who would otherwise get in your way.
If a foreign country decides to invade, form a militia with your friends.
Australia is an amazing country and part of that is because we pay taxes. Every 3 years, we get a (tax-funded) opportunity to express our wishes on how much those taxes are, who pays them and how they are spent.
Maybe introduce a 15% tax on all super pension withdrawals above the current income tax free threshold.
Not my area of expertise but aren't rules around that now redundant?reasonable benefit limit
You can withdraw ALL of your super at retirement age Tax free, stash the cash in a safe, divest of all other assets, then go on old age pension.P.S. Can I still take out the reasonable benefit limit as lump sum or would that also be taxed?
Not quite.You can withdraw ALL of your super at retirement age Tax free, stash the cash in a safe, divest of all other assets, then go on old age pension.
Not if you said you spent it or lost it all in a scam. They will have to raid your house first.You would need to declare the stash of cash in the safe as an asset to the government.
Better thing to spend it on is a much bigger house (or renovations) and use that as your main residence. Removes the risk of a nasty audit and a 'raid".Not if you said you spent it. They will have to raid your house first.
Like investing in an airline ... oops, sorry, wrong threadLots of ways to "get rid" of cash![]()
I knew someone who actually did buried tins back in the days when Australia had death tax. Dug it up after the husband died, water had got in (FNQ) and turned wads into into solid lumps. I suggest use of inert metal (Au)Not if you said you spent it or lost it all in a scam. They will have to raid your house first.
What about if the cash is buried in the back yard?