A Tax we need to know about

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Episode Transcript

Speaker 1 (00:00):
What people are talking about.

Speaker 2 (00:01):
People are talking about a thing called two nine tax money.
It's a piece of legislation to do with our superannuation.
And Alex Jamson, he's a leading financial advisor, joins us.

Speaker 1 (00:11):
Now, how you doing, Alex, I'm doing well?

Speaker 2 (00:13):
Tell us about the changes in super you want everyone
to know about.

Speaker 1 (00:17):
Yeah, it's the three milt cap that's sort of been
bouncing around the legislation at the moment in parliament. And essentially,
you know, they're taxing what we call unrealized gains, so
it's a new new principle. You know, you haven't sold
the asset, you're still going to get taxed on any
increase in value. So it's a very changing, different change

(00:38):
in landscape. So basically they're still trying to knock it
through parliament. Hasn't quite passed yet, but certainly if it
does get through parliament, I guess some of the concerns
we have is will it sort of I guess head
in a similar trajectory like over Insaye New Zealand for example,
where they roll it out to other assets as well too,
So we see it as a bit of a testing ground.

Speaker 3 (01:00):
When you say other assets meaning or what would that include.

Speaker 1 (01:03):
Yeah, So you know, if we take New Zealand as
the example, you know, essentially if you own some shares,
some particular types of shares, so you get taxed on
unrealized gains. So for example, the CBA shares went up
in value, or you Telstra shares went up in value,
hadn't sold them, the government would put their hand out
and say, oh, look we'd like some tax on that.
And it's a very different sort of proposition.

Speaker 3 (01:25):
So that's that's terrible because I mean, isn't that the
purpose of having shares?

Speaker 4 (01:29):
So they go up and down and you make money?

Speaker 3 (01:31):
I mean what just so you make money because the
shares worth I mean, I don't get shares, but it's
your money, isn't it.

Speaker 4 (01:37):
So they're going to tax you on that.

Speaker 3 (01:38):
What happens when you lose it, like and then it
comes back up that do they do it again?

Speaker 2 (01:42):
Yeah?

Speaker 1 (01:43):
So in terms of how it's being proposed in the superannuation,
they talk about a high watermark, so basically once it
gets over that high watermark, they'll tax you again. And
so we're a bit concerned about you know, is this
going to be a bit of a testing ground and
if they get through this first hurdle, then you know
the government's always looking for different ways to tax.

Speaker 3 (02:04):
People's the reason you've got you super in there is
so that they don't have to pay you a pension
and do all of that down the track.

Speaker 4 (02:08):
But they're going to tax you again on it.

Speaker 2 (02:10):
We need people to stop to this.

Speaker 4 (02:11):
You get taxed in your own you pay. I mean man, really.

Speaker 2 (02:15):
Well paid people can't afford to live as it is,
and they're they're going to.

Speaker 4 (02:17):
Tax us on your own money. Yeah, it's crazy, terrible mate,
that's not good news at all.

Speaker 2 (02:22):
What's the website?

Speaker 4 (02:23):
Many a j f P dot com dot au