Rules encourage ‘super envy’

Australia’s superannuation system is broken, but very few are prepared to call it or even dare ask how we find ourselves in this parlous state. Over the last 20 years, a cohort of mandarins (public servants who advise our federal government) have managed to take a system which worked reasonably well to turn it into something riddled with a) hurdles to disadvantage the less educated, the poor and the elderly; and b) loopholes which open an arbitrage opportunity available only to those who well understand the super/tax/social security interface. Caps on superannuation, namely the ‘Transfer Balance Cap’ and ‘Total Super

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