Letter

In response to Don’t let rich old men tell you the planned super tax is terribly bad

Scrap DIV 296 super tax

Tell the government to scrap the DIV 296 Super legislation. Replace it with a new one that sets the limit of all TSB — Total Superannuation Balance — to a maximum of $3 million. Any excess must be taken out, or face a heavy penalty at personal tax rate of 49.5% + Medicare Levy.

After all the Liberal Party, under John Howard and Peter Costello, legislated unlimited accumulations of super balances with the most generous concessions.

— Alex Teoh from ACT