{"id":13258,"date":"2016-05-09T21:13:58","date_gmt":"2016-05-10T01:13:58","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=13258"},"modified":"2016-05-09T21:13:58","modified_gmt":"2016-05-10T01:13:58","slug":"why-every-government-will-increase-taxes-on-superannuation","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2016\/05\/09\/why-every-government-will-increase-taxes-on-superannuation\/","title":{"rendered":"Why Every Government Will Increase Taxes on Superannuation"},"content":{"rendered":"

From Sam Volkering, 6 May 2016:<\/p>\n

\"\"<\/a><\/p>\n

The fallout from this week\u2019s federal budget continues. As I noted yesterday, it was a pretty weak budget all things considered. Nothing of any substance. Nothing to grab the reigns of the country and ride it to a sunny future.But there were some interesting tidbits in there \u2014 in particular some changes to the much-beloved superannuation system. An article in the Australian Financial Review yesterday caught my eye about said changes. The title reads: \u2018AFR readers dismiss super caps as disgrace\u2019.<\/p>\n

Thems fightin\u2019 words if you ask me. But I can see where the AFR readers are coming from. After getting a cushy ride with super over the last decade some people are asking, \u2018why now?\u2019If you had a wonderful tax-free environment to look forward to, and an easy way to pay considerably less tax, you\u2019d be a tad annoyed too if it was taken away.<\/p>\n

No wonder the (almost retired) masses are crying, \u2018why makes changes now, right when it\u2019s going to impact us? Why makes changes at all?\u2019Of course, the reality is that, any time there\u2019s a change to the super system, some segment of the public will be left worse-off than others.<\/p>\n

If changes to superannuation caps weren\u2019t this year, they\u2019d be next. And the next crop of retirees would be saying the same thing, \u2018Why now? Why us?\u2019<\/p>\n

But if you delay change every time someone asks \u2018what about us?\u2019 then nothing would ever change. Sometimes you\u2019ve just got to suck it up and deal with it. Now that might sound a tad harsh. But most people forget that the superannuation system in Australia has done a lot of people a world of good. Well, mainly the baby boomers, in any case.<\/p>\n

In reality, superannuation is the beast that got out of control.The stats don\u2019t lie \u2014 but they\u2019re a little unbelievable<\/p>\n

Let\u2019s take a quick look at the latest ATO tax statistics from the 2013\/14 financial year (these are the most current). I touched on some other ATO statistics in yesterday\u2019s Money Morning when looking at the number of people earning big bucks in Australia.<\/p>\n

Today, though, I had a trawl through the ATO\u2019s superannuation tax stats; in particular those relating to self-managed super funds (SMSFs).<\/p>\n

Now, I appreciate the stats here are a couple of years old\u2026but they\u2019re not far off.Nonetheless, in 2013\u201314, there were 465,946 SMSFs. Compare this to 2009\u201310 when there were just 208,285. That\u2019s a 123% growth in just a few years.In the 2009\u201310 financial year, those 208,285 SMSFs paid net tax of $2.19 billion. That was paid on taxable income of $14.67 billion. For simplicity\u2019s sake, that works out at an average of $10,517 in taxes paid per fund.<\/p>\n

Also, with some basic math, that gives an overall tax rate of just 14.92%.In 2013\u201314, 465,946 SMSFs paid net tax of $2 billion. And that was on taxable income of $13.49 billion. That works out to around $4,298 in tax per fund\u2026Let\u2019s also add the fact that every year the average balance of SMSFs continues to grow. In the 2009\u201310, average assets per SMSF was $811,595. In 2013\u201314, it was a whopping $1.06 million.<\/p>\n

Say what? That doesn\u2019t seem right does it? No, it doesn\u2019t. But the stats don\u2019t lie.Let\u2019s run through that again: 123% more SMSFs from 2009\u201310 to 2013\u201314. And 31.3% growth in average assets per SMSF from 2009\u201310 to 2013\u201314. Yet\u2026they paid less tax and made less money than three years prior.Oh dear. If you\u2019re the government, that\u2019s not how the system was supposed to work.<\/p>\n

Think about superannuation as the government\u2019s own stockholding. In fact, view the SMSF pool as one big company. Let\u2019s give it the stock ticker \u2018SMSF\u2019.The government owned 208,285 shares in this \u2018SMSF\u2019 in 2009\u201310. And it delivered $10,517 per share. At this point the \u2018SMSF\u2019 market cap was about $189 billion.<\/p>\n

Fast forward a few years and the government now owns 465,946 shares in \u2018SMSF\u2019. The market cap is now around $496 billion. Now, if the return (tax paid) to the government was even remotely close to what it was in 2009\u201310, then the government might be looking at net tax receipts of, say, $4.9 billion.<\/p>\n

But that\u2019s not the case now, is it? Nope. The stock now returns $4,298 per share. The stock has grown significantly, but the returns have not. Tax receipts are a trickle over $2 billion.<\/p>\n

If you look at it from a purely investment point of view, the government\u2019s return has been abysmal. Tax per fund has fallen by over 59%. That\u2019s a poor return. If they could they\u2019d probably sell this dud\u2026But they can\u2019t. They can\u2019t get rid of it. So they can only do what they can do. And that\u2019s change it.<\/p>\n

After all, they\u2019re trying to get better return on their investment….<\/p>\n

What makes this interesting too is that, from 2012, funds in \u2018full pension phase\u2019 didn\u2019t even have to report income on the SMSF return. That means actual income was likely considerably higher. But that means little really because, for the government, it\u2019s about how much tax revenue they can generate from super.<\/p>\n

If anything, with an increasing number of retirees and SMSFs in \u2018full pension phase\u2019, there\u2019s an even bigger reason to start whacking on more taxes.<\/p>\n

That\u2019s exactly why this government \u2014 and every government from this day forth \u2014 will try to plunder the superannuation pool. They simply have to.<\/p>\n

They have to tame the beast and get it to pay them back.<\/p>\n

It\u2019s an \u2018own goal\u2019 really. They\u2019ve put all this work into superannuation. No doubt with the long term view it would pay them back. But it\u2019s bit them on the backside. And keeping it the way it is, or making it a more tax-free environment is a dud economic strategy to follow.<\/p>\n

That\u2019s why you shouldn\u2019t be surprised that they\u2019re doubling tax on high income earner contributions\u2026 and why you expect contributions caps\u2026and why more restrictions and regulations are coming.<\/p>\n

You should expect more taxes. Expect more restriction. Expect the worst. The new reality is the super-gravy train is coming to a halt. The party\u2019s over people.<\/p>\n

From my view, the worst is yet to come. The whole $2 trillion beast that is the super system is out of control.<\/p>\n

It\u2019s a big, fat juicy tax target. And it might be the only way the country ever gets close to an economic surplus in the next decade or two\u2026or three.<\/p>\n

What can you do about this approaching storm? Well, what do you think? Be smart, hedge your bets. Something\u2019s going to happen, and it\u2019s coming fast. So you can sit idly by and watch it unfold. Or get ahead of the game and look at other ways to grow and protect your money for the most important person \u2014 you.<\/p>\n

Regards,<\/p>\n

Sam Volkering,<\/p>\n

Editor, Australian Small-Cap Investigator<\/p>\n

Ed note: This article was originally published in Money Morning.<\/p><\/blockquote>\n

Can’t see how government ever thought that creating a tax-free environment for super funds in pension mode was sustainable.<\/p>\n

Source: Why Every Government Will Increase Taxes on Superannuation<\/a><\/p>\n

Hat tip to Frank Aquino.<\/p>\n","protected":false},"excerpt":{"rendered":"

From Sam Volkering, 6 May 2016: The fallout from this week\u2019s federal budget continues. As I noted yesterday, it was a pretty weak budget all things considered. Nothing of any substance. Nothing to grab the reigns of the country and ride it to a sunny future.But there were some interesting tidbits in there \u2014 in … <\/p>\n

Continue reading “Why Every Government Will Increase Taxes on Superannuation”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[57],"tags":[],"class_list":["post-13258","post","type-post","status-publish","format-standard","hentry","category-stock-markets"],"yoast_head":"\nWhy Every Government Will Increase Taxes on Superannuation - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Every Government Will Increase Taxes on Superannuation - the patient investor\" \/>\n<meta property=\"og:description\" content=\"From Sam Volkering, 6 May 2016: The fallout from this week\u2019s federal budget continues. 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But simply opposing measures without providing alternatives, as has been done by the\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11609,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/03\/09\/dads-army-fumbles-housing-affordability-macrobusiness\/","url_meta":{"origin":13258,"position":2},"title":"Dad\u2019s Army fumbles housing affordability | Macrobusiness","author":"ColinTwiggs","date":"March 9, 2015","format":false,"excerpt":"By Leith van Onselen \u2014 Published with kind permission from Macrobusiness. After his shoddy effort yesterday defending Australia\u2019s giant superannuation rort,\u00a0Dad\u2019s Army\u2019s Robert Gottliebsen (\u201cGotti\u201d), has backed Treasurer Hockey\u2019s proposal to allow young home buyers to raid their superannuation accounts to purchase their first home: Joe Hockey\u2019s idea to allow\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Broken Window","src":"http:\/\/upload.wikimedia.org\/wikipedia\/commons\/4\/4c\/Young_woman_and_broken_window-2.jpg","width":350,"height":200},"classes":[]},{"id":7414,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/04\/07\/australia-unsuspecting-super-investors-are-being-sold-a-pup\/","url_meta":{"origin":13258,"position":3},"title":"Australia: Unsuspecting super investors are being sold a pup","author":"ColinTwiggs","date":"April 7, 2013","format":false,"excerpt":"David Potts at the Sydney Morning Herald writes: Retirees with far less than $2 million in superannuation face extra tax bills...... the new tax will apply to all earnings above $100,000 a year from 2014, no matter the size of the nest egg. The tax net is far broader than\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4559,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/06\/smsf-education-sohow-much-can-i-contribute\/","url_meta":{"origin":13258,"position":4},"title":"SMSF Education: So\u2026how much can I contribute?","author":"Colin Twiggs","date":"June 6, 2012","format":false,"excerpt":"SMSF Education is a free online education resource for SMSF trustees and their advisers. SO\u2026HOW MUCH CAN I CONTRIBUTE? There are two types of contributions that can be made to superannuation. These are known as Concessional (pre-tax) contributions and Non-Concessional (post-tax) contributions. There are contribution caps that determine the maximum\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3229,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/01\/04\/the-significance-of-tax-components-within-your-smsf-warrick-hanley\/","url_meta":{"origin":13258,"position":5},"title":"The significance of tax components within your SMSF – Warrick Hanley","author":"ColinTwiggs","date":"January 4, 2012","format":false,"excerpt":"Have you ever taken note of the tax components within your SMSF? Behind the balance of your member account are two main components that make up your superannuation savings \u2013 these are the Taxable Component and the Exempt (or Tax Free) Component. The Taxable bucket consists of contributions made to\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13258","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=13258"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13258\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=13258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=13258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=13258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}