Developereo
Elite Member
- Jul 31, 2009
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Hold on..isn't the retirement deductions taken out of Australian paychecks mandatory?
So they are forcing Australians to have less spending money due to mandatory withholdings and then they want to hit them with extra taxes??? What kind of ridiculous logic is this?
The amount you can contribute into your retirement account (called superannuation) is capped at around $27,500/year and you can make after-tax contribution of about $110,000/year (caps increase every year a little bit).
The rationale is that an average worker would not accumulate $3 million over a lifetime and large mega balances are used by the rich to stash away wealth because CGT is so low in a retirement account.