Mainstream Media Wakes Up on Retirement Savings
Three years ago I warned investors that the government was taking steps to steal your superannuation. At the time some people pilloried me. They said I was scare-mongering, such as this comment from Ken on the Daily Reckoning website:
‘Passing legislation in Australia takes at the minimum a month [or] two, from the initial bill to formal implementation, and if the government even mentioned proposals to confiscate individual super assets the result would be obvious. Every SMSF would sell its assets immediately, the ASX would crash immediately, and thirdly all money from the sales would leave Australia asap. And all this would happen while the legislation was still being discussed. Sayce’s article is paranoid nonsense.’
This week the Australian Financial Review revealed the government had backed down on a plan to change the tax rules in super…an indirect way of taking your retirement savings.
And as you can imagine, the mainstream press has started warning their readers about ‘Super Theft’…a concept I warned you about three years ago.
In today’s Business Spectator, James Kirby writes in an article titled ‘Teele reveals a silent attack on super’:
‘Suddenly the superannuation system is under attack on all fronts. But it took Bruce Teele — the legendary executive chairman of AFIC, the nation’s biggest listed investment company — to highlight how the government is quietly choking a mainstay of Australia’s investment income.’
Clearly Mr Kirby doesn’t subscribe to Money Morning or Pursuit of Happiness. If he did he’d know that the government has been staging a ‘silent attack’ on retirement savings for at least the past three years.
The attack referenced is on the tax benefits of franking credits on share dividends. The bigger picture of course is as I’ve revealed since 2009, the attack on all retirement savings.
One day the mainstream will completely get it. But it will take a while. Until then they’ll continue to believe that the government cares about you and your retirement.
The attack on your retirement savings is set to be a big story in 2013, especially leading up to next year’s budget.
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