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According to chief market strategist at CMC Markets and host of The Artful Trader podcast Michael McCarthy, there are certain investor personality traits that seem to predict success in the share market.

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In this episode of the nestegg Podcast, Michael joins host Grace Ormsby to outline exactly what these characteristics are, the difference between high-risk and low-risk appetites, and how investors can apply different strategies depending on their own personality type.

Michael also explains how fear can be both helpful and a hindrance for confident decision-making, why failure is a crucial process for investors seeking growth, and where budding investors can begin educating themselves about the markets.

Thanks Matthew, for sharing your insights with the nestegg podcast team!

You can keep up to date with what CMC Markets are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Thursday, 27 February 2020

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Retirement

Opt-out super mere ‘tax grab in disguise’

By Grace Ormsby · January 23 2020

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Retirement

Opt-out super mere ‘tax grab in disguise’

By Grace Ormsby
January 23 2020

Reading:

Opt-out super mere ‘tax grab in disguise’

By Grace Ormsby · January 23 2020

Reading:

NSW workers would be slugged an extra $1.3 billion in tax per year if the radical plan to scrap compulsory superannuation for low-paid workers was approved.

Industry Super Australia (ISA) has calculated the figures in response to the proposition put forward by backbench Coalition MPs that would allow workers paid less than $50,000 to opt out of superannuation and take the money as wages.

The ISA said the average NSW resident who is earning less than $50,000 would be hit with a tax bill of $1,000 a year more as a result of any changes.

It also pointed out that workers in the federal electorates of Sydney, North Sydney, Grayndler and Kingsford Smith would be hit the hardest by the extra tax.

This is because wages are taxed at a higher rate than super contributions, ISA pointed out, which is more than double in most cases.

It expects more than 1.3 million people to be affected if the plan was to go ahead.

It’s reportedly being considered as part of the current Retirement Income Review.

As well as seeing low-paid workers losing money to tax, the plan would “demolish” the retirement savings of affected individuals, ISA has indicated.

“A 30-year-old working mum earning $50,000, who takes time out to raise children, would lose almost $300,000 from her super at retirement and pay more than $61,000 extra in tax,” it said.

Similarly, it highlighted that “a 30-year-old man on $50,000 – who has a continuous career – will lose a staggering $533,000 from their retirement savings and be lumped with an extra $113,000 tax bill over his working life”.

Industry Super Australia chief executive Bernie Dean called the proposal “dangerous” and said it would condemn more than 1 million NSW workers to poverty in retirement.

“The numbers don’t lie. Opt-out super is a blatant tax grab that would be used to prop up the government’s budget bottom line, at the expense of hardworking NSW workers’ retirement savings,” he stated.

Calling it bad for the economy and bad for NSW, Mr Dean said “local NSW MPs need to call out this proposal for what it is or explain to their constituents why they support them paying more tax for no gain”.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.