Rod Rye

[Rod Rye @rodrye01]

@CIADirector Since making things up is perfectly legal, how can it be both incorrect and illegally sourced?

[Rod Rye @rodrye01]

@andersonh83 @LanceMi85530671 A weird angle given this is reducing a tax concession on money explicitly earned by not working at all. The tax on wages earned working is much higher, but lower for most than the LNP promised.

[Rod Rye @rodrye01]

@CryptoPanday888 @LanceMi85530671 You get a 15-25% discount on taxes to contribute. Then currently have to pay 15%. Only on the portion above 3m will you have to pay 30% on *future earnings* just like you have to pay taxes on bank account interest for money you were already taxed as well. But 0% in pension phase.

[Rod Rye @rodrye01]

@CommunityGoat_ @LanceMi85530671 @grok Because the balance transfer cap is indexed and is currently $2m in 30 years the 0% tax rate for earnings in pension phase will be well above $3m anyway. And that’s assuming no government increases either beyond what is legislated.

[Rod Rye @rodrye01]

@MurgsToday81923 @LanceMi85530671 Everyone ‘has already paid taxes’ we all still have to pay taxes on future money we earn, and still most of us at a higher rate than this.

[Rod Rye @rodrye01]

@CryptoPanday888 @LanceMi85530671 The ‘other 30%’ is only in future earnings, which are currently taxed at 15% (and will still be on the earnings of the first $3m) in accumulation. But are still going to going to be 0% on up to $2m (indexed) in pension phase. 99% of people will never pay a cent more.

[Rod Rye @rodrye01]

@essentwin @LanceMi85530671 They are not. It even encompasses defined benefits schemes for politicians that have the decades old scheme.

[Rod Rye @rodrye01]

@soupercocky @LanceMi85530671 I’m sure the 15% tax on earnings vs the 25% company tax rate or 39% ish personal tax rate doesn’t hurt either.

[Rod Rye @rodrye01]

@the_chappening @LanceMi85530671 I contribute the maximum possible concessional to super. I wouldn’t be able to hit $2m in 2 decades much less $3m and my balance is double the average for my age.

It should be indexed, but it should also be $1.5-2m not $3m. Setting it at $3m gives decades before a future raise.

[Rod Rye @rodrye01]

@jamesj1207 @LanceMi85530671 In pension phase the tax on earnings is 0%. And tax outside super can be much higher. There’s no need to tax people with lots of money less than people with little.

[Rod Rye @rodrye01]

@Martywa467 @LanceMi85530671 You don’t pay capital gain tax on any inheritance. If you choose not to sell inherited assets within 2 years you pay only on the gains of value since you inherited it. Working people pay GST too but don’t get the generous tax concession in super.

[Rod Rye @rodrye01]

@benji_snowball @LanceMi85530671 It’s not as if the government in 10 years can’t raise the threshold. It’s already about 50-100% higher than it should be. Should be indexed with the balance transfer cap.

[Rod Rye @rodrye01]

@HealthyVibes812 @LanceMi85530671 You realize this is a change for future earnings, of cash outside the the pension phase, not another tax ontop of money that has been taxed? Talk about entitlement. 15% is taxed on contributions and 15% on earnings in accumulation, with 0% on earnings up to $2m in pension phase

[Rod Rye @rodrye01]

@HJnL29 @LanceMi85530671 Except it’s still being taxed less after these changes than money you have outside super… so…,

[Rod Rye @rodrye01]

@NevisE42383 @LanceMi85530671 This isn’t a tax on money that is in super but a tax on earning is that money. And that hasn’t been taxed yet and would be taxed more outside super… so it’s still a tax break. Just not as generous.

[Rod Rye @rodrye01]

@ringsau @LanceMi85530671 Should be half that but indexed.

[Rod Rye @rodrye01]

@In_D_Klein @LanceMi85530671 It should be $1,5-2m today. But indexed. $3m today is overly generous.

[Rod Rye @rodrye01]

@SueSz1112 @LanceMi85530671 Actually no, that’s the point. It’s removing the tax concession that means people with over three million in super aren’t paying as much tax as average.

[Rod Rye @rodrye01]

@AntBA013 @LanceMi85530671 The ones complaining that generous tax concessions will be slightly less generous are the parasites.

[Rod Rye @rodrye01]

@CoachPeterBrow1 @LanceMi85530671 Paying what is still less tax than most workers is hardly been here being penalized for what in most cases is still luck or inherited money.