logo
Older Aussies back increased superannuation tax

Older Aussies back increased superannuation tax

Yahoo06-07-2025
Most older Australians support increasing taxes on high superannuation balances.
The federal government is controversially hoping to lift taxes on super balances above $3 million from 15 per cent to 30 per cent in a move predicted to impact about 0.5 per cent of savers.
Despite outcry from the opposition, about 57 per cent of seniors endorse the change, according to a survey of 3000 people aged 50 and older conducted by National Seniors Australia for the Super Members Council.
The results appear to track with broader public sentiment on Labor's bill, Super Members Council CEO Misha Schubert said.
"There seems to be broad Australian understanding about the importance of equity and sustainability in the super system, and a strong sense of fairness as the starting point," she told AAP.
While a significant majority of those surveyed believed the super system was strong and sustainable, comparatively fewer thought it was equitable.
Women, those with poorer health and Australians with less formal education had lower levels of confidence in its fairness, the report found.
Many of these demographics do not have equal access to the benefits of superannuation because of a lack of employment opportunities or disrupted work histories.
But overall, older Australians almost universally understand the importance of super with 89.5 per cent believing it must be saved for retirement.
Just one in four supported early release of funds beyond current rules.
But the coalition has continued to push a housing plan that would allow first-time home buyers to access up to $50,000 from their super to put down a deposit, despite protests it would raise house prices and leave savers worse-off in the future.
"Policy ideas that propose early release are dangerous and they make Australians poorer," Ms Schubert said.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

What You Need To Know About The New Retirement Account RMD Penalty
What You Need To Know About The New Retirement Account RMD Penalty

Forbes

time30 minutes ago

  • Forbes

What You Need To Know About The New Retirement Account RMD Penalty

Retirement account owners above a certain age must take annual distributions from their accounts each year, known as required minimum distributions. Failure to take the full distribution can incur a penalty. The good news is that the penalty recently was reduced. The beginning age for RMDs changed several times in recent years from 72 for those born before 1951, 73 for those born from 1951 through 1959, and 75 for those born in 1960 or later. The current rule is the first RMD must be taken by April 1 of the year following the year you turn 73. If you turn 73 in June 2025, you have until April 1, 2026, to take that first RMD. The RMD is computed by taking the traditional IRA balance as of December 31 of the previous year and dividing it by your life expectancy factor from the tables in the back of IRS Publication 590-B, available free on the IRS website. Most people use Table III; married people whose spouses are more than 10 years younger than they are use Table II. Beneficiaries use Table I. When you have multiple IRAs, compute the RMD separately for each IRA. Then, if you want you can aggregate the RMDs and take the total from the traditional IRAs in any ratio you want. RMDs also must be taken from 401(k)s and other traditional retirement accounts. But you can't aggregate RMDs from those accounts. They must be computed and taken from each account. It's important to distribute at least the full amount of the RMD by December 31. The IRS realized some years ago that many people weren't taking RMDs or calculated them incorrectly. So, the IRS stepped up its tracking and enforcement of RMDs and is quick to impose penalties. Thanks to a recent law, the penalty is only 25% of the amount that should have been distributed but wasn't, instead of the longstanding 50%. In addition, the penalty can be reduced to 10% if the mistake is corrected in a timely manner. To qualify for the 10% penalty, you generally must correct the mistake by taking the RMD before the IRS sends you a notice of deficiency or before the last day of the second taxable year that begins after the year in which the RMD should have been taken, whichever is earlier. The penalty can be avoided completely by convincing the IRS to waive it because you had a reasonable cause for missing the RMD. But there's no guarantee the IRS will waive the penalty. If you take the time to apply for a waiver and the IRS denies the request, then it probably will be too late to qualify for the 10% penalty and you'll be stuck with the 25% penalty. Most IRA custodians compute RMDs for their customers and include it in at least one of the monthly statements or the online account. But you don't want to rely on this computation. In a recent case, an IRA owner was hit with a penalty by the IRS because the custodian had the wrong birth date for the customer in its records and computed the wrong RMD amount. The taxpayer lost the case and had to pay the penalty.

Capricorn Metals to acquire Warriedar Resources in Australia
Capricorn Metals to acquire Warriedar Resources in Australia

Yahoo

timean hour ago

  • Yahoo

Capricorn Metals to acquire Warriedar Resources in Australia

Capricorn Metals and Warriedar Resources have announced a binding scheme implementation deed under which Capricorn will acquire 100% of the securities in Warriedar by way of a Court-approved scheme of arrangement. This acquisition is structured to provide Warriedar shareholders with a fixed exchange ratio of one new Capricorn share for every 62 Warriedar shares. Upon the implementation of the scheme, Warriedar shareholders will own approximately 4.36% of all issued shares in Capricorn. Based on Capricorn's closing price of A$9.60 ($6.32) per share on 23 July 2025, the transaction suggests a value of approximately A$0.155 per Warriedar share, which represents a 29% premium over Warriedar's closing share price of A$0.12 on 23 July 2025. The scheme is contingent upon several conditions including an independent expert's conclusion that it is in the best interests of Warriedar shareholders. Additionally, customary conditions such as regulatory approvals and the absence of material adverse changes must be satisfied. Capricorn gains ownership of Warriedar's flagship Golden Range project through the acquisition. The project encompasses the Ricciardo gold-antimony deposit and the Fields Find gold project, all situated 90km north of Capricorn's promising Mt Gibson gold project. Capricorn executive chairman Mark Clark said: 'This is a compelling transaction for all stakeholders, and we believe that combining Capricorn and Warriedar represents a unique opportunity to generate value for shareholders of both companies. 'This acquisition is on-strategy and continues the expansion of Capricorn's Mt Gibson exploration and development footprint and adds resource ounces, highly prospective exploration targets and valuable infrastructure, which will further enhance what is clearly one of the best development projects in the Australian gold industry.' In addition to the share acquisition, the parties have agreed on a separate scheme of arrangement for the outstanding Warriedar listed options. Under this option scheme, Warriedar listed options will be exchanged for new Capricorn options at the same exchange ratio as the share scheme. The existing A$0.10 exercise price per listed option will be adjusted to A$6.20, maintaining the same expiry date of 11 April 2028. The option scheme is conditional upon the approval of the scheme for Warriedar shares by the requisite majority. The Warriedar Board has unanimously recommended that listed optionholders vote in favour of the option scheme, provided no superior proposal emerges and an independent expert concludes that it is in the best interests of the option-holders. Additionally, Warriedar performance rights must be cancelled or vested as a condition of the scheme, with the resulting Warriedar shares subject to the scheme. Capricorn also intends to enter into private treaty arrangements with holders of unlisted options in Warriedar. Warriedar non-executive chairman Mark Connelly said: 'In addition to delivering an attractive premium, this transaction allows Warriedar shareholders to retain ongoing but significantly de-risked, exposure to the exploration and development of the Golden Range project, more diversified enterprise with a strong balance sheet, cash flow generation and technical expertise, all of which will support the successful exploration and development of the Ricciardo gold-antimony deposit.' Longreach Capital is serving as financial adviser for Capricorn, while Corrs Chambers Westgarth is the legal adviser for the scheme. Warriedar has engaged Discovery Capital Partners as its financial adviser and Thomson Geer as its legal adviser. In May, Sabre Resources completed the sale of its Ninghan gold project tenements in the southern Murchison region of Western Australia to Capricorn Metals for A$1.6m. "Capricorn Metals to acquire Warriedar Resources in Australia" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio

The Australian Dollar Is Heating Up. Should You Buy It Here?
The Australian Dollar Is Heating Up. Should You Buy It Here?

Yahoo

timean hour ago

  • Yahoo

The Australian Dollar Is Heating Up. Should You Buy It Here?

September Australian dollar futures (A6U25) present a buying opportunity on more price strength. See on the daily bar chart for the September Australian dollar futures that prices are trending higher and have just hit a nine-month high after producing a bullish upside breakout from the recent trading range. See, too, at the bottom of the chart that the moving average convergence divergence (MACD) indicator has just produced a bullish line crossover signal, whereby the red MACD line crossed above the blue trigger line. The bulls are in firm technical control. More News from Barchart NVDA Broken Wing Butterfly Trade Targets A Profit Zone Between 150 and 160 Is Opendoor Stock a Buy at New 52-Week Highs? Billionaire Peter Thiel is Betting Big on Stablecoins. Should You Buy the "MicroStrategy of Ethereum," Too? Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Fundamentally, the commodity-export-driven Australian economy is healthy. Australia generally has a strong and resilient economy, seeing consistent growth, a diversified workforce, and a high level of economic freedom. A move in the September Aussie dollar above chart resistance at this week's high of .6631 would become a buying opportunity. The upside price objective would be .6950, or above. Technical support, for which to place a protective sell stop just below, is located at .6500. IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any trades and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature. Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%): Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you. On the date of publication, Jim Wyckoff did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store