The Phaserl


SORRY SUCKAS! The next domino: Australia doubles tax on retirement savings

from Sovereign Man:

Though Australia’s national balance sheet is comparatively quite strong, the government has been running at a net deficit for years… and they’re under intense pressure to balance the budget.

The good news is that Australia now has a goodly number of investor-friendly immigration programs designed to bring productive foreigners into the country, similar to the trend we’re seeing across Europe.

On the flip side, though, the Australian government has just announced new rules which penalize citizens who have responsibly set aside savings for their own retirement.

Any income over A$100,000 drawn from a superannuation fund (the equivalent of an IRA in the United States) will now be taxed at 15%. Previously, all such income was tax-free.

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2 comments to SORRY SUCKAS! The next domino: Australia doubles tax on retirement savings

  • SilverHawk

    Good. Serves them right. I NEVER see spot Silver go up, when the Sidney exchange is the only exchange open. Tells me the Aussie’s with money, aren’t buying gold and silver. But then again, what do you expect from a society of people, whose origin was a prison in England? (IQ???)

    • I am totally disappointed in silver hawk comments You my friend are true american ignorant. Please do your research next time. Comments like that are way to offensive and totally unnecessary. Australians are good hard working people and like many others invest in presious metals as well. So keep that in mind when you decide to write your comment Be different to your CNN news.Please

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