Nathan I could be wrong, but with the so called "super raid", wont the squillionaires just put there money/equities somewhere else?, I mean they didnt get all that money being dickheads so I'm sure if it was going to hurt them in any way there financial advisers will just tell them to stick there money "here" so to speak......and so goes another "gee, we didnt think that they would do that?" senario like the mining tax....and the coffers will still be empty. Swan is hell bent on making Australia a communist country where everyone has the same....but it will never happen.....the muslims will own us before then. The sooner the election is over the better, then business will pick up for everyone.
Not this time.
Compulsory superannuation is a good thing (brought to you by Labor...). However, during the Howard years, it became an income tax dodge that massively favors the wealthy at the direct expense of government revenue.
Basically, you earn however much money, so you (can) put some (more) into super, you pay income tax on the rest, and you live on what's left over. The more you make, the bigger the tax benefit you get from putting it into super.
The government has (correctly) said "Sod that, the ultra-wealthy don't need a tax break to convince them to increase their super savings, and it's costing us STACKS of money in lost income tax revenue", so they've reduced the tax-dodge for the ultra-wealthy.
It's a good move for the country, despite the ridiculous crap written by people like Robert Gottliebsen.
The only way to dodge this one is to earn less money - which nobody is going to do.
The biggest real criticism of the changes is that they were too timid.
