Albo’s Super Changes - Ho, hum?

In the highly unlikely event that the tiered tax rate for large superannuation balances announced this week will have any direct effect at all on you, it would be a good problem to have.

The reality is that this “tax grab” will affect a very, very small number of very, very well-heeled Australians - 0.5% of super fund members, according to the Treasurer.

We need to remember that we now have a compassionate, benevolent Socialist government (thank God!), and some “income redistribution” is both inevitable and good social policy.

There’s nothing new about a tiered tax rate. We’ve always had one for individuals, and even companies are taxed at either 25% or 30% depending on their size (a Liberal Government reform, incidentally).

So is it good economic policy? Well, a Socialist government needs to spend, so it needs to tax. And not to mention the “trillions of dollars of inherited debt” that offers a great stalking horse for revenue raising (although much of that is owed to ourselves from the “new money” that triggered our inflation problem).

As a political strategy, this “eat the rich” approach is a no-brainer. Those affected don’t vote Labor anyway, and it is right on point for Labor, Greens and Teal voters.

So “all good”, eh? Well not really. The distant rumble of substantial adverse family business tax reform just got a little closer. I am predicting a serious, albeit provoked, attack on Trusts in the May Budget.