Stable Genius
Regular
NON BRN related but for BRN holders with super
Hi @miaeffect
I’ve been following this tax grab with much disappointment.
I’ve gone without many things and saved for many decades to accumulate my wealth. I left home at 17 with $250 to my name and have worked hard for what I’ve got. For example for the last 20 years I’ve contributed %15 of my wage to my super. And now I am taking an educated risk to grow it on the ASX in my SMSF.
I imagine this new tax regime would have a substantial effect on those with larger holdings of BRN as they cash some out to live.
$3M is too low in this day and age to raise the tax threshold and I wouldn’t consider $3M overly wealthy in comparison to cost of living increases and house prices. If you have been smart with your money that’s not too ambitious over a 40 year savings plan.
My daughter for example although only 20 has started a modest plan which is quite achievable aimed at having $7M by the time she is 60; and I’m not sure that will be enough in 40 years time.
I would have thought somewhere between $5-10M increasing with CPI, myself would be more reasonable before raising the tax threshold.
This will also affect those who do a little bit of trading in their super; whether it to be to accumulate more or make a bit of profit on the side. The margins will increase from %15-30 so I see it as too big a risk to try and time/judge those thresholds.
I’m hoping it becomes a hot political issue and changed between now and 2025 to something more reasonable.
Just for the record; I don’t mind paying some tax but I do hate how much of it is wasted and mismanaged, but that’s another issue!
P.s. I’m hoping by 2031 when I can cash some out I will be able to live off the dividends each year but it will obviously affect my bottom line!