Superannuation Discussion + market volatility

[Quickstatus]

Yes, the point being that everyone think they have paid their fair share but from their point of view other people have not.

 

[Ansett Nostalgic]

The top rate of income tax should be reduced to 25%.

 

[CaptJCool]

The top rate of income tax should be reduced to 25%.

It has for the small business corporations

Everyone ought be allowed to be an independent contractor

 

[SYD]

It has for the small business corporations

But from the ground up. ie no concessional brackets nor concessional CGT. Also, goes back to 30% if the company only has “passive income”.

 

[Brissy1]

In today's AFR

These 4 deductions could cut your tax by $121,400

These tax deductions could give someone earning $200,000 a refund cheque north of $44,000. And that’s before any charitable donations.

www.afr.com

Journalist states "Concessional super contributions. The first deduction which is open to people age 66 or under with less than $500,000 in their superannuation account, is the ability to top up any shortfall in the so-called concessional contributions cap of $30,000 this year." Then goes on with an example, person with SG contribution of $23,000 "meaning there is a gap of $7,000 that the person can contribute...then claim a $7,000 deduction."

Surely this is wrong? I thought there was no $500,000 restriction unless using catchup to make a >$30,000 contribution?

 

[Ansett Nostalgic]

It has for the small business corporations

Everyone ought be allowed to be an independent contractor

I meant for individuals too