Swan's Super Swindle - why those with self-managed superannuation funds will pay for Wayne Swan's economic mismanagement
Thursday, 22 November 2012
The Federal Member for Mitchell, Alex Hawke MP, is calling on the Gillard Government to come clean and tell hard working Australians in Mitchell that they will finance this Government’s economic mismanagement.
“Wayne Swan is at it again, removing incentives for hard working Australians to secure their economic future. It is bad enough that the Gillard Government has spent this nation into a $173 billion budget black hole, but now he is hitting those with self-managed superannuation funds with higher fees.
“Over the forward estimates released in the Mid-Year Economic and Fiscal Outlook, over half of the Gillard Government’s so called “iron-clad” surplus will be delivered by ripping even more money out of superannuation, said Alex Hawke.
The government’s increase to the Self Managed Superannuation Fund Levy from $191 to $259 will hit 480,000 self managed superannuation funds nationwide, including 7,500 self managed superannuation funds in Mitchell, raising $320 million.
This latest tax grab comes on top of previous tax increases targeting those Australians saving for their retirement, such as Labor's dramatic reduction in concessional contribution caps down from $50,000 and $100,000 to $25,000 and savage cutbacks to the successful and popular co-contribution scheme which was introduced by the Howard Coalition government.
“I have spoken with many people in our local community who are concerned that after working hard for many years to achieve financial independence in retirement that this Government is going to take that away from them with increases to the Self Managed Superannuation Fund Levy.
“These short-sighted actions will end up costing Government more money in the long run, and reek of a desperate government which is out of ideas, out of money and that has a blatant disregard for the future. A Coalition Government will get Australia back on track by rewarding these hard-working Australians” concluded Alex Hawke.