News

Don't panic just yet ... your super's still sound

COUNTING THE COST: Brad Bulow from Sammut Bulow Accountants urges people to wait until the Budget is released.
COUNTING THE COST: Brad Bulow from Sammut Bulow Accountants urges people to wait until the Budget is released. Claudia Baxter

LEADING Ipswich accountant Brad Bulow has urged the public "not to panic" over speculation about impending changes to the way superannuation might be taxed.

Reports have indicated the Federal Government intends to target the superannuation of high income earners in next month's Budget. Prime Minister Julia Gillard indicated yesterday that the government's changes to superannuation would possibly only impact those earning over $300,000.

She did however refuse to rule out retrospective amendments to the way retirement savings would be taxed.

Mr Bulow, a partner at Sammut Bulow Accountants, said that for most people superannuation was the second most valuable asset they would own outside of their home.

"It is something they need to monitor, look after and make sure it is invested in the right type of fund, whether it be a corporate fund, industry fund or self managed fund," he said.

"It is still a low rate tax environment and an important asset to all Australians. People shouldn't panic at the moment. We've got to wait to see what is in the Budget."

Meanwhile Blair MP Shayne Neumann said the main concern should not be the impact of possible super changes on the rich. He said 24,000 workers in Ipswich and the Somerset Region were at risk of an additional $500 slug on their superannuation under a Tony Abbott-led Coalition Government. Mr Neumann said Mr Abbott's policy would target those earning under $37,000 a year, who would face a 15% tax on their superannuation.

"Tony Abbott is going to take $500 a year off low and middle income earners in our local area. It is a tax grab and class warfare pure and simple," he said.

"At the same time they have opposed 43,000 people locally getting an increase from nine to 12 per cent in superannuation in the next few years."

LNP candidate for Blair Teresa Harding said her party would "restore stability and certainty in superannuation so people can plan for their retirement in confidence...and Labor will say anything to try and hide that they're planning a raid on people's savings to pay for their own waste".

"Over the past five years Labor has cut super benefits for low income earners by more than $3.3 billion, despite promising they wouldn't."

Mr Neumann said Ms Harding "stands up for very wealthy people and is silent when defending local middle to low income earners".

Are you worried about having enough superannuation when you retire?

This poll ended on 11 April 2013.

Current Results

Yes

72%

No

28%

This is not a scientific poll. The results reflect only the opinions of those who chose to participate.

Topics:  federal budget 2013 julia gillard shayne neumann superannuation teresa harding



Springfield group warned over button battery balloon release

The State Government will not prosecute ICON Community Inc over the New Year's Eve balloon release.

Department of Environment and Heritage Protection issues warning

Call for jail time for stinking enviro-vandals

NO MERCY: Ipswich Mayor Paul Pisasale is determined to rid Ipswich of its pong problem and come down hard on environmental vandals.

Tully says it's time for prison for culprits, Mayor lashes out

Empowering parents and teens online

Rebecca Sparrow is coming to Springfield as part of the Before You Hit Send: An online SOS for parents + teens event next month at Orion Springfield Central.

Social media event to teach online activity and safety

Local Partners

I was just screaming 'my baby is in the car'

Anne-Marie Priggins could have never predicted the gut-wrenching circumstances that would unfold.


Your gig guide to a great night out in Ipswich

THAT'S ENTERTAINMENT: Don't miss out on the offerings from the top spots in town.

The latest on the live music scene across the city

Paddinton Bear is coming to Ipswich

IN TOWN: Annette Kitching plays the part of Paddington Bear in The Cute Little Bear From Peru at the Incinerator Theatre.

FAVOURITE children's character set to delight in new show

What to expect at Birds of Tokyo's Ipswich gig

The band will perform at the Racehorse Hotel on Friday.

BAND member Glen Sarangapany talks music, pub grub and doing shoeys

Shannon Noll: What I don't like about The Voice

Australian Idol veteran talks reality TV during 35-date Aussie tour

Model Bella Hadid's see-through dress shocks in Cannes

US model Bella Hadid attends the Cinema Against AIDS amfAR gala 2017 held at the Hotel du Cap, Eden Roc in Cap d'Antibes, France, 25 May 2017.

It’s like she’s become addicted to shock value.

No room for morbid fans

Chris Cornell.

Fans want to stay in the hotel room where Chris Cornell died

Star Wars' 1977 Stormtrooper head banger confesses

A Stormtrooper is responsible for the biggest blunder in a Star Wars movie. Picture: Supplied

Man in most famous blooper in Star Wars history breaks silence

MASTERCHEF: David Thompson Thai test for Ipswich cook Nicole

Willowbank's Nicole Stevenson is a contestant on MasterChef Australia. Supplied by Channel 10.

"I love how he's being so true to the cuisine"

Lyn's knock-out show gets her to next round on The Voice

ONWARDS AND UPWARDS: Lyn Bowtell is through to the battle rounds on The Voice.

'It was bitter sweet to win like that'

Report reveals progress on $319m airport upgrade

Aerials of the Sunshine Coast.Jetstar plane in front of the Susnhine Coast terminal, Sunshine Coast Airport.

Over two dozen government approvals needed for airport expansion

Lost dough leaves sour taste after company collapse

Kathleen and John Mahoney from Sugar and Spice Bakery were stung after the collapse of Cantro Pty Ltd and are still owed money.

Supermarket operator collapse leaves sour taste for bakery

'Ridiculous': Council refuses renovation at heritage home

NOT FAIR: Karen Solomon of Newtown is angry with Ipswich City Council for refusing her plans to build a colonial style double car port at her Newtown home.

Council rejected development application

Council refusal of 'high density' development ends in court

Ipswich City Council first meeting with the new 2016 council.

Developer took the matter to the Queensland Planning Court

Open for inspection homes May 25-31

Check out this weekend's homes open for inspection

Ready to SELL your property?

Post Your Ad Here!