67. Noel Whittaker - Australian Personal Finance Legend
Aussie Firebug
00:00
Roll Your Money Over, or Roll It Over?
There were people retiring in lump sum payments like airline pilots and skilled teachers. They had a choice of rolling it over into a tax-free fund, I forget. In 85, kidding changed the rules totally. It suddenly worked out that the 30% tax was very good for future governments, but no good for the days governments. So he put a 15% extra tax if it wasn't rolled and a 15% when you eventually took it. But to encourage shares, he put a15% tax on the earnings as well. And Katie will tell you that the need was used in the imputation system. That's when financial planning got going, advising all these retirees on this super.
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