As cost-of-living pressures mount, more than half of Australians are feeling the pressure on their wallets. There’s no denying many faced financial challenges in 2023, from 13 interest rate rises in 15 months to high inflation and a soaring rental crisis. With more of the same being predicted for atContinue Reading
A proposal to double taxes on superannuation funds with hefty balances will snatch about $80,000 from 50,000 Australians with self-managed super funds (SMSFs) and leave some struggling to meet their new payments. A new report from the International Centre for Financial Services found Treasurer Jim Chalmers’ proposal to reduce taxContinue Reading
Australians are losing upwards of tens of millions of dollars per year due to a vicious loophole in the super system which is leaving people up to $50k worse off when they leave work, a finance expert has warned. Director of Super Consumers Australia Xavier O‘Halloran duplicate accounts were aContinue Reading
A former Treasury boss who led the last major review of Australia’s taxation system says the controversial stage three tax cuts that will benefit the highest earners should stay. Ken Henry says he understands why politically it would be a good call to axe the cuts due to come intoContinue Reading
Wealthy businessman Dick Smith has revealed the extent of his failures at school where he assigned himself the name “Dick Miff” and came close to last in his classes. The multi-millionaire on Saturday – his 79th birthday – discussed his infamous “rags to riches” story with 2GB host Michael McLaren,Continue Reading
One of the country’s wealthiest and most successful businessmen claims wealthy Australians “can and should” pay more tax, after the federal government announced people with more than $3 million in superannuation would lose tax concessions. Australians with more than $3 million in their superannuation accounts will now have their concessionalContinue Reading
Treasurer Jim Chalmers has hit back at “ridiculous and dishonest” claims the government is making “reckless” changes to national superannuation policy in a heated rebuttal to his Coalition counterpart. As the debate ignites around the hotly contested changes, Mr Chalmers told the ABC that Opposition Treasurer Angus Taylor was spreadingContinue Reading
More than 500,000 people are likely to be slugged over the coming decades with the federal government’s proposed tax increase for superannuation accounts over $3m. New estimates suggest young people will be left worse off by the tax increase on super earnings, up from 15 to 30 per cent, dueContinue Reading
Have you ever wondered how some people end up with millions in their retirement accounts? Take Gary Belgre, a retiree from North Sydney, for example. At 66 years old, he enjoys a “very comfortable” retirement, thanks to earnings on his superannuation. However, despite his good fortune, Belgre fully supports theContinue Reading
Anthony Albanese has slammed the door shut on a future change to a tax break on the family home after the Treasurer failed to categorically rule it out despite being asked repeatedly. Jim Chalmers was attempting to sell the government’s decision to lift taxes on superannuation funds that exceed aContinue Reading