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Austraila's Cyprus moment; breaks promise not to tax retirement funds.
It is not the tax nor the fund amounts that are important here,
it is the Cyprus like move to suddely impose a tax on people's savings after they were encouraged to create the promised tax free accounts.
HUNDREDS of millions of dollars in tax concessions promised to ordinary families have been dumped, under a near $1 billion government raid on superannuation.
Treasurer Wayne Swan was also accused by the Opposition of breaking a promise not to tax retirement payments after he announced yesterday superannuation earnings over $100,000 a year would be slugged at 15 per cent.
Treasurer Wayne Swan was also accused by the Opposition of breaking a promise not to tax retirement payments after he announced yesterday superannuation earnings over $100,000 a year would be slugged at 15 per cent.
http://www.news.com.au/money/superannuation/raid-on-nest-eggs-to-hit-more-aussies/story-e6frfmdi-1226613624250
