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ALP Devalue Retirees and Boomers

Discussion in 'General Chat' started by Garpal Gumnut, May 12, 2012.

  1. Garpal Gumnut

    Garpal Gumnut

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    The recent Gillard/Swan ALP budget epitomises the contempt that the leftards in the ALP have for those who work, those who save, and those who work and save.

    The heist of the boomers investment in their retirement is a continuation of the Whitlam/Hawke/Keating vulgar pillage of a generation they despised for their self reliance and attention to service and the advancement of Australia.

    http://m.theaustralian.com.au/busin...posts-move-again/story-e6frgac6-1226353304004

    gg
     
  2. Garpal Gumnut

    Garpal Gumnut

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    Labor politicians will escape the Superannuation tax they are imposing on workers and baby boomers.

    How dishonest.

    http://www.theaustralian.com.au/nat...ax-dodge-slammed/story-fndbwnla-1226353454796

    gg
     
  3. drsmith

    drsmith

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    The Hoiward government had similar problems when it came to applying its superannuation surcharge to members of the older "unfunded defined benefit" schemes within the public service.

    Their solution was to have an actuary estimate the present dollar value of the empolyer financed component each year and apply the surcharge in accordance with the taxpayer's "surchargable contributions". As this amount could not be drawn from the fund typically until retierment age, the taxpayer had the option of paying the liability each year out of after tax income or letting it accrue until retirement with interest at the 10-year bond rate. The benefit was effectively no longer defined due to this tax iliability.

    Essentially, it was a mess, but I assume the underlying structure would still be in place for Labor to use if it chose to do so.
     
  4. Garpal Gumnut

    Garpal Gumnut

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    Thanks Doc,

    That makes it all much more clear.

    Nonetheless Gillard and Swan are screwing retirees and boomers by limiting self funded super to $25000 pa while still maintaining a 50% contribution of earnings by politicians , judges and senior public servants to Super.

    gg
     
  5. Julia

    Julia In Memoriam

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    More of their hideous hypocrisy at work. And Gillard has the hide to say Tony Abbott is 'out of touch with working people'.:(:(
     
  6. drsmith

    drsmith

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    The problem is governments keep changing the rules and that in itself creates problems.

    The defined benefit public sector schemes such as the PSS and CSS are legacy schemes that have been closed to new members for some time. The current active scheme available to public servants is PSSap and is an accumulation scheme. With PSSap, the government makes a contribution of 15.4% of salary which is taxed at 15%. Judges and politicians may be different again.

    http://www.pssap.gov.au/documents/factsheets/PSSap3.pdf
     
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