Three million?! Who the hell has that much?
At that point, 5% interest will give you an annual salary of $150k. You can comfortably live off that and never touch the Three Million!
Three million?! Who the hell has that much?
80,000 rich Australians, mostly its via an SMSF and they dump.assents in ther to avoid …paying tax , whihc is the entire point of this.
Personally i think the Greens $2Million cap thats indexed is a better idea but Im sure Albo will die on that cross with his hatred of The Greens as he’s now trying to work with the LNP to get it through the Senate instead.
150k won’t be so much in 50 years of 4% CPI
Unless you are a teenager, you’ll be retiring far sooner than 50 years. Less than 20, for me (hopefully).
This reform should go ahead. It’s a no-brainer and the ALP has more than enough political capital now to do it, especially if they act quickly. About the only criticism I can see for this is the lack of indexation in the bill, but I have no doubt a future government will revise the threshold upwards (particularly if the LNP return to power in the 2030s).
