Superannuation exemption hits those over 65
Super exemption To the over 65s
Did you know that if you have a super fund underperforming or in fact losing your money (like we experienced) on that Super funds negative returns that the Government will not allow you to withdraw those funds and redeposit it with a better performing fund (so our fund adviser tells us).
If over 65 , we are advised, You are not allowed to invest any more into superannuation at all , if you do so you pay a large tax penalty that absorbs any interest earned . Now isn't that unfair and horrific .
You cant save for a better life later in super funds as the Government stops you from doing so.
How ridiculous and counter productive. Further the Govt determines ("deems" ) that you receive a certain interest rate (fantasy land) that's often above what you received and uses that inflated amount as if you did in fact receive it when you did not to reduce your pension (income test)
This grossly unfair fantasy has to be stopped . It's quite easy actually just like the old Provisional tax basis . So Join the protest to protect yourself, No present Government will.
Its just rhetoric to say the under 65s can invest say $500,00 but really how many pensioners have a lazy half a million dollars?