Connect and engage

RBLs should never have been scraped. 

Because in a Capitalist society, rational self interest can lead to economic prosperity for all.
That’s why.

Those big balances should pay more tax. Getting rid of RBLs gave them massive tax windfalls 10 years, that TBC partially fixed. 
The problem being the Untealised CGT is purely because Industry Super Funds systems are crap and can’t work out the income component separately from the capital gain. 
And as ALP is owned and run by Industry Super, they are going this Regulatory Capture Corrupted approach. 
That is the concern of how Regulatory Capture Corrupted the ALP and the rest of Canberras regulatory bodies and bureaucrats are. 
Party on at the ISA sponsored sport boxes. 

So not much has changed since Gen X.

Thank you for Exhibit A.

More than ATO portal access (which should be a no brainier, except that the bureaucracy has none); has anyone EVER considered that the system we've created might just be a little bit too complicated??

If professional advisers, who now have all of the very best of education requirements, more CPD than any other profession, Codes coming out of our ears, and the most prescriptive and authoritarian regulatory regime known to man, still make mistakes then maybe - just maybe - it's the system that's the problem!

Additionally, 'reprimanding' advisers over minor errors (that let's face it, we've all made - we are all human, after all) is surely a self defeating waste of time.

Why should I as a taxpayer subsidise someone with this much wealth in super?

So truly sad to see pensioners and savers wiped out by the RBA incessantly caving into media and political pressure to reduce rates. If RBA had a backbone and true independence behind the scenes, understood economics correctly and was serious about keeping inflation in a cage (if indeed they properly understand inflation) then they'd be increasing rates right now or at the very least NOT decreasing them. America will be increasing soon if Trump doesn't overpower Powell and we all know what happens when America sneezes. If people are going to over-borrow just because they can and not plan properly BEFORE they get a mortgage for future rate rises then, sorry, the pain will be inevitable. I don't wish anyone ill-will here but people get greedy and expect a free ride with interest rate that affect savers who also want to build wealth not to mention the struggling pensioners where bank interest on savings means a great deal and they have little control to mitigate pitiful lower rates on their hard-earned savings.

This shows time and time again that we should have access to the ATO portal, it is so dumb that we are expected to give advice with limited information.

Imagine if the Govt & ATO gave Adviser access to the critical data that Advisers need to advise clients. 
That would of course be an absurd thing for Govt & ATO to do. 
Can Canberra get any more stupid ?? 

Easy mistake and no help from the funds or the ATO portal.

and ScoMo & Frydenberg proved to be hopeless.

Wayne Swan is a serious problem. 

or, you know, read the research report that should have been collected from the super fund. Or the File Notes on their system. This is just plain lazy.

Having said that, access to the portal would be good as well...

FSCP pushing hard for adviser access to the ATO portal? This must be the third such reprimand in as many weeks. 

Lets apply these same standards to judges , pollies and those that work at the FSCP please . I anm happy to do the reprimanding if needed  

whoops.

I can’t help but think had the adviser/s had access to the ATO portal may well have avoided this situation…?

What world are you living in thinking Labor would change the CGT aspect if it was a single issue? They never listened to start off with!

Not sure why you don’t think it is our money (not theirs) which just makes Labor nothing more than thieves and the greens are even worse!

The Object of Super became an issue when the Turnbull Liberal government imposed caps that will soon increase to $2m for the maximum that can enjoy the generous tax benefits first set up by the Hawke Keating government to build deal with the demographic retirement that is now upon us. The Howard government introduced concessions that allowed amounts that far exceeded what was required to provide a comfortable tax free income retirement income. Those concessions were only available to those with the funds to take maximum advantage of the generous uncapped tax benefits. Turnbull was lambasted as a traitor to those who had long enjoyed the benefits of the largest tax perk and fastest growing hole in Australia's budget and the main reason, along with the combination of negative gearing and capital gains discount that has skewed investment preferences in Australia away from investments that might actually produce something into property, largely residential. I noticed the Communist tag above. I am far from a Communist, but I was surprised that I actually agreed with Xi Jinping when faced with a decision on baling out the impending collapse of Chinese property developers, saying The Object of Residential Properties is for People to Live in Them. Never thought I would ever agree with Xi on anything!!