Post Aum4QBYID3Wz1UmFgO by smitjo@mastodon.au
 (DIR) More posts by smitjo@mastodon.au
 (DIR) Post #Aum4Q74MsNDX7WkIU4 by spinopsys@aus.social
       2025-06-03T22:14:05Z
       
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       LOL, Canavan is feeling his impotence. They do have the means. It will never affect me but I do have an issue with taxing unrealised gains within it and the lack of indexation but it’s about bringing super back to its original purpose. Why the fuck is your farm in the instrument? “There’s no way in hell we’ll support a tax on people who don’t have the means to pay for it. This so-called tax on unrealised gains is incredibly unfair,” Canavan told Nine’s Today this morning.“We should only tax people when you’ve got some sort of income to be able to pay the tax man. The problem with unrealised gains is that a lot of people out there like farmers who have assets in superannuation – they may be asset rich, but they’re cash poor, and they don’t have the cash flow to pay a tax bill on an annual basis,” he said.“There’s no way in hell we’ll support that, we’ll fight that to the death”.
       
 (DIR) Post #Aum4Q8FOUrdCm0ucJE by spinopsys@aus.social
       2025-06-03T22:22:34Z
       
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       Anyway, it’s going to pass the upper house with Green support and we can get on with our lives.
       
 (DIR) Post #Aum4Q9Desnpxmv6kF6 by MorpheusB@aus.social
       2025-06-03T22:39:06Z
       
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       @spinopsys i have to agree, regretfully with Canavan.
       
 (DIR) Post #Aum4QA2LqKO2K8pEG0 by smitjo@mastodon.au
       2025-06-04T01:25:11Z
       
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       @MorpheusB @spinopsys I don't like the idea of taxing unrealised capital gains either but a super fund should ensure it has enough liquid assets to cover it's tax bills. Also, it's not a novel idea - for example, rates and land tax are levied on a notional land value each year.
       
 (DIR) Post #Aum4QAouvlEcklY0xM by DjityDjity@mastodon.social
       2025-06-04T01:38:01Z
       
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       @smitjo @MorpheusB @spinopsys My super fund holds my balance in the form of shares and these shares are valued by the market.  The value goes up and down all by itself.  They pay tax of 15% on the apparent earnings of my account - even though they have not cashed in my shares into actual money.  That sounds to me like taxing unrealised capital gains to me and it happens all the time.  The loudest shouters against this are in self-managed funds.
       
 (DIR) Post #Aum4QBYID3Wz1UmFgO by smitjo@mastodon.au
       2025-06-04T01:42:14Z
       
       0 likes, 1 repeats
       
       @DjityDjity @MorpheusB @spinopsys yep. I think the loudest shouters are the people who have been using superannuation as a tax dodge.