Tucked away in the maelstrom of Budget announcements is a measure which turns private pension funds into the financial equivalent of a magic pudding; valuable, inexhaustible and sheltered from tax until ready to be passed on to the next generation. Harry Chemay unveils the quadrella of self-managed superannuation lurks which favour wealthy retirees.
While many Australians were looking for relief from cost of living pressures, wealthy retirees had another reason to celebrate the recently delivered Budget. It continues a measure that turns their private pension funds into the financial equivalent of a magic pudding; valuable, inexhaustible and sheltered from tax until ready to be passed on to the next generation.
Tucked away in the maelstrom of Budget announcements, barely noticeable among various hot-button cost of living measures, sits one that will warm the hearts of Australia’s retirees.
Well, not all retirees exactly, but certainly those of substantial means, for whom this measure allows the continuance of a neat little device to keep significant family wealth out of reach of the tax office.
Having been announced on social media in the lead up to Budget night, it was no surprise to hear Treasurer Frydenberg confirm the 50 per cent reduction in the minimum super pension drawdown factor would be retained for 2022-23.
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Michael West established Michael West Media in 2016 to focus on journalism of high public interest, particularly the rising power of corporations over democracy. West was formerly a journalist and editor with Fairfax newspapers, a columnist for News Corp and even, once, a stockbroker.
