Are Labor's proposed superannuation tax changes a super big deal?
Labor is proposing to double the earnings tax on superannuation balances above $3m, bringing the total tax rate to 30%. Guardian Australia's Matilda Boseley explains who the change would (and wouldn't) affect and how the current super tax breaks overwhelmingly benefit the wealthiest people in Australia
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How to stop the taxman taking a big slice of your pension
Almost 300 savers paid at least £98,000 tax on their retirement pots last year after withdrawing large pensions all at once. The investment firm Standard Life found that 292 fully withdrew a pension pot of £250,000 or more between October 2023 and March 2024, resulting in tax bills of at least £98,700 each. Some 1,600 cashed in pots worth between £100,000 and £249,000, paying at least £27,400 in tax. These are extreme cases. Most savers do not take their whole pension in one go, instead taking an income from their pot gradually throughout retirement — but that doesn't mean they are necessarily taking income in the most tax-efficient way. Numbers crunched for The Sunday Times by the pensions company AJ Bell show that a saver could pay more than twice as much tax on their pension income, simply by withdrawing the money in a less tax-efficient way.
Reuters
2 hours ago
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Indonesia's Prabowo to hold talks with Putin this week, eyes 'strategic partnership'
MOSCOW, June 17 (Reuters) - Indonesian President Prabowo Subianto will hold talks with President Vladimir Putin in St Petersburg later this week and the two countries should explore a strategic partnership, the Asian nation's foreign minister said on Tuesday. Russia is due to hold its annual economic forum in St Petersburg this week where Putin traditionally gives a key-note speech and hosts a foreign leader. Russian Foreign Minister Sergei Lavrov, speaking at a meeting in Moscow with Indonesia's foreign minister, Sugiono, who uses only one name, said that relations between Moscow and Jakarta were trustworthy, friendly and constructive. "We welcome our close ties," Lavrov told Sugiono. "There is chemistry between both of the leaders," Sugiono said of ties between Putin and Prabowo, and suggested they develop and deepen their ties "into a strategic partnership." Indonesia and Russia, Sugiono said, would continue to work on developing trade, economic, security, investment, energy and tourism ties. Indonesia became a full member of the BRICS grouping earlier this year. Indonesia last year dismissed a report in defence publication Janes that Russia has requested basing military aircraft in Papua, its easternmost province, after the issue caused concern in Australia. Papua is about 1,200 km (750 miles) north of the Australian city of Darwin.
The Sun
4 hours ago
- The Sun
‘World's most beautiful' superyacht, garage for 500 cars and his own private airline – meet Royal Ascot's richest owner
IN this world there are the rich, the super-rich… and then there are the having-your-own-private-airline rich. Where millions won't do and instead we're talking billions - hundreds and hundreds of them. 8 8 8 8 8 That's where Sheikh Tamin Bin Hamad Al-Thani, better known as the Emir of Qatar, comes in. And nowhere will his seemingly limitless buying power - his family are said to be worth £250billion - be on bigger display this week than at Royal Ascot. In racing terms, Sheikh Tamim is a relatively new kid on the block compared to the established old guard. The likes of Godolphin, owned by the Ruler of Dubai with his own £300m yacht, and Juddmonte, run by the family of the late Sheikh Khalid Abdullah, who was a member of the House of Saud, have been dominating racing for decades. But in just three years, the Emir, with his impressive Wathnan Racing operation, has made an almighty splash - and got the veterans very, very worried. They won the Gold Cup - Ascot's feature race - at their first attempt with Courage Mon Ami in 2023. At last year's Ascot they had four winners. And they haven't slowed down since, their awesome buying power - highlighted by the recent massive-money purchase of awesome sprinter Lazzat - showing they have money to burn. But it's not just on the racecourse that this unimaginable wealth is on display. He might not fancy mooring it up in the Thames, but The Sheikh owns a staggering £370million superyacht called Al Lusail. Said to 'put the super in superyacht' and hailed as 'the most beautiful in the world', it is believed to boast 'several' indoor pools. The 400ft vessel has its own helicopter landing pad and its 'extraordinary' decor was put together by March and White, the award-winning interior designers based in London. 8 8 Inside you'll also find the ship's own lift, movie theatre and beauty salon - enough to keep the yacht's 36 guests over 18 bedrooms and 56 crew happy. When they're at home the ruling family of Qatar reside in their £1bn Royal Palace - dubbed a 'golden architectural marvel'. It's actually 15 palaces in one, with a garage big enough for 500 cars, a collection which is said to include a £6m Bugatti Divo, of which only 40 were ever made. There are also Bugatti Veyrons and Chirons, a LaFerrari Aperta, Lamborghini Centenario - you name it, it's probably there. The ultimate mode of transport, though, is Qatar Amiri Flight, the Emir's own private airline. With 14 planes in all, it serves only the royal family and is believed to have among its fleet three Boeing 747-8 jets, each costing over £300m. Don't be surprised to see some artwork on there either. The Qatari Royal Family's collection is, you guessed it, worth hundreds of millions. And among their most significant pieces of art is one of Paul Cezanne's 'The Card Players' paintings, bought for £260m in 2011 - the most amount of money ever paid for a painting at the time. There are also works by Andy Warhol and Mark Rothko worth well north of £100m. All in all, it makes the £567,100 Lazzat would win with victory in the Queen Elizabeth II Jubilee Stakes on Saturday look insignificant. But as they say - nothing beats the feeling of a winner! 8 Commercial content notice: Taking one of the offers featured in this article may result in a payment to The Sun. You should be aware brands pay fees to appear in the highest placements on the page. 18+. T&Cs apply. Remember to gamble responsibly A responsible gambler is someone who:
