This tax offset (not a tax reduction) was promised in the April...

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    This tax offset (not a tax reduction) was promised in the April 2 Budget and is being honoured. It will be very interesting to see whether Morrison does achieve the surplus estimated by the end of next financial year. Although it is far from a popular idea, I think that superannuation annuities should not be tax free. That is far from a popular idea. However, this could be done on a progressive tax scale with a significant tax-free threshhold before it impacts. Those with superannuation annuities backed by many millions of dollars now have a cap, viz the $1.6 million but anything over and above still in super mode are only taxed at 15 cents in the dollar on earnings, no matter has many millions they are holding in that mode. I, too, would like to see serious and genuine budget surpluses, year-on-year.
    Last edited by picastoc: 21/05/19
 
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