For decades, the term 'retirement' has always been linked with 'superannuation'. Superannuation funds, commonly known as 'super', have been a reliable source of financial support for older Australians during their golden years.

But now, a major change on the horizon could completely reshape the world of superannuation as we know it. This change has the potential to significantly alter how retirees use their savings, marking a monumental shift in the retirement landscape.

The aged care sector in Australia is facing a funding crisis, and the peak advocacy group for the sector, the Aged and Community Care Providers Association (ACCPA), has put forth some potential solutions.

They recently released an issues paper at a national summit, suggesting two main alternatives to address the funding shortfall.

Older Aussies could soon be forced to use their superannuation for aged care or pay an inheritance tax on their estate under a radical proposal put to the federal government. Credit: Shutterstock.

Firstly, they proposed that Australians could consider setting aside some of their superannuation savings to improve the standards in aged care. The superannuation system, with a value of $3.5 trillion, could play a part in addressing the funding gap.

By allocating a portion of people's superannuation funds specifically for aged care costs, there could be a way to bolster the funding available for this critical sector.

Secondly, the ACCPA discussed possibly implementing a new social insurance scheme or a Medicare-style levy. These alternatives could help bridge the financial gap and ensure adequate funding for aged care services.

These suggestions come in the wake of distressing revelations about the neglect of elderly Australians that came to light during the 2021 aged care royal commission.

The aged care sector's challenges are complex and multi-faceted, including insufficient funding and an aging population. The recent federal budget revealed that aged care costs for the coming financial year had increased significantly due to recommendations made by the royal commission.

Despite the increase in funding, the sector's allocation remains relatively low, with federal aged care funding accounting for only 1.2 per cent of the country's GDP, well below the OECD average of 2.5 per cent. However, there are plans to further increase funding for the sector, with projections indicating it will reach nearly $40 billion by the fiscal year 2026-27, including funds for a 15 per cent pay rise for aged care workers over the next four years.

While the federal government will continue to be the primary source of funding, the ACCPA's proposal to utilise a portion of superannuation savings could be one way to address the ongoing funding crisis and improve the quality of care for elderly Australians.

According to ACCPA's CEO Tom Symondson, the superannuation system aims to ensure financial independence for people during retirement by providing a source of income.

However, the system faces an issue where superannuation savings are sometimes passed on as inheritance instead of being used for aged care services, contrary to its intended purpose.

'We want to see a system that encourages the use of superannuation as it was intended,' he explained.

In 2021, the Productivity Commission released a research paper predicting that approximately $3.5 trillion in assets would change hands in Australia by the middle of the century, with the superannuation system playing a crucial role in this wealth transfer.

​

The issues paper proposes the implementation of an inheritance tax on a deceased estate if the funds from 'superannuation' are not used as intended for retirement—even though Australia abolished inheritance taxes in July 1979, following Queensland's National Party premier Joh Bjelke-Petersen's efforts to eliminate death duties.

Under this proposal, wealthier retirees may also be required to contribute additional funds to their superannuation to cover their aged care expenses, despite the recent increase in compulsory employer contributions to 11 per cent on July 1.

Key Takeaways

• The Aged and Community Care Providers Association (ACCPA) has proposed that some of Australians' superannuation savings should be set aside to help improve standards in aged care and address the sector's funding shortages.
• The ACCPA has revealed harrowing details of neglect towards elderly Australians in the 2021 Aged Care Royal Commission and claims the funding problems will be further exacerbated as Australia's population ages.
• ACCPA CEO Tom Symondson noted that superannuation savings are frequently passed on as inheritance rather than paying for aged care services. The executive called for a system where superannuation is used as it was intended.

Members, what are your thoughts on these proposals? Share your opinions with us in the comments below.

 

[deb.acton]

For decades, the term 'retirement' has always been linked with 'superannuation'. Superannuation funds, commonly known as 'super', have been a reliable source of financial support for older Australians during their golden years.

But now, a major change on the horizon could completely reshape the world of superannuation as we know it. This change has the potential to significantly alter how retirees use their savings, marking a monumental shift in the retirement landscape.

The aged care sector in Australia is facing a funding crisis, and the peak advocacy group for the sector, the Aged and Community Care Providers Association (ACCPA), has put forth some potential solutions.

They recently released an issues paper at a national summit, suggesting two main alternatives to address the funding shortfall.

View attachment 26673

Older Aussies could soon be forced to use their superannuation for aged care or pay an inheritance tax on their estate under a radical proposal put to the federal government. Credit: Shutterstock.

Firstly, they proposed that Australians could consider setting aside some of their superannuation savings to improve the standards in aged care. The superannuation system, with a value of $3.5 trillion, could play a part in addressing the funding gap.

By allocating a portion of people's superannuation funds specifically for aged care costs, there could be a way to bolster the funding available for this critical sector.

Secondly, the ACCPA discussed possibly implementing a new social insurance scheme or a Medicare-style levy. These alternatives could help bridge the financial gap and ensure adequate funding for aged care services.

These suggestions come in the wake of distressing revelations about the neglect of elderly Australians that came to light during the 2021 aged care royal commission.

The aged care sector's challenges are complex and multi-faceted, including insufficient funding and an aging population. The recent federal budget revealed that aged care costs for the coming financial year had increased significantly due to recommendations made by the royal commission.

Despite the increase in funding, the sector's allocation remains relatively low, with federal aged care funding accounting for only 1.2 per cent of the country's GDP, well below the OECD average of 2.5 per cent. However, there are plans to further increase funding for the sector, with projections indicating it will reach nearly $40 billion by the fiscal year 2026-27, including funds for a 15 per cent pay rise for aged care workers over the next four years.

While the federal government will continue to be the primary source of funding, the ACCPA's proposal to utilise a portion of superannuation savings could be one way to address the ongoing funding crisis and improve the quality of care for elderly Australians.

According to ACCPA's CEO Tom Symondson, the superannuation system aims to ensure financial independence for people during retirement by providing a source of income.

However, the system faces an issue where superannuation savings are sometimes passed on as inheritance instead of being used for aged care services, contrary to its intended purpose.

'We want to see a system that encourages the use of superannuation as it was intended,' he explained.

In 2021, the Productivity Commission released a research paper predicting that approximately $3.5 trillion in assets would change hands in Australia by the middle of the century, with the superannuation system playing a crucial role in this wealth transfer.

View attachment 26708​

The issues paper proposes the implementation of an inheritance tax on a deceased estate if the funds from 'superannuation' are not used as intended for retirement—even though Australia abolished inheritance taxes in July 1979, following Queensland's National Party premier Joh Bjelke-Petersen's efforts to eliminate death duties.

Under this proposal, wealthier retirees may also be required to contribute additional funds to their superannuation to cover their aged care expenses, despite the recent increase in compulsory employer contributions to 11 per cent on July 1.

Key Takeaways

• The Aged and Community Care Providers Association (ACCPA) has proposed that some of Australians' superannuation savings should be set aside to help improve standards in aged care and address the sector's funding shortages.
• The ACCPA has revealed harrowing details of neglect towards elderly Australians in the 2021 Aged Care Royal Commission and claims the funding problems will be further exacerbated as Australia's population ages.
• ACCPA CEO Tom Symondson noted that superannuation savings are frequently passed on as inheritance rather than paying for aged care services. The executive called for a system where superannuation is used as it was intended.

Members, what are your thoughts on these proposals? Share your opinions with us in the comments below.

Funding goes firstly into the pockets of the CEO's then as it slowly goes down the ladder to the aged in facilities it has dwindled to almost nothing. If the hierarchy didn't take such a huge slice of the pie, maybe there would be enough funding.

 

[Trudi]

So like the retirement fund we all used to be compelled to pay into before the creation of Superannuation. The one that the Labor Government took saying the next generation can cover the costs of the peoples money they stole ? Young people now have to pay for the pre Superannuation retirement, but only becayse the retirement savings have already been taken by Labor. Its not paying for, its paying back....

You are mistaking the Labor government with Menzies! He was the one who stopped it.

 

[mylittletibbies]

You are mistaking the Labor government with Menzies! He was the one who stopped it.

It wasn't stopped, the taxes didn't go down, the money just got rorted.

 

[Vio Kot]

Whats new , we will always have to pay one way or another.

 

[Catherines]

Cut the politicians wages and ALSO the "forever" money and allowances Prime Ministers and others in a similar position get when they are defeated or retire. Why do they still get an allowance after they retire? Where is that money coming from - - OUR POCKETS from taxes paid in the past. No one gives us the same perks - we have to use what we saved during our working lives and also what is left in our superannuation to live on for the rest of our lives.

 

[Squizzy1]

For decades, the term 'retirement' has always been linked with 'superannuation'. Superannuation funds, commonly known as 'super', have been a reliable source of financial support for older Australians during their golden years.

But now, a major change on the horizon could completely reshape the world of superannuation as we know it. This change has the potential to significantly alter how retirees use their savings, marking a monumental shift in the retirement landscape.

The aged care sector in Australia is facing a funding crisis, and the peak advocacy group for the sector, the Aged and Community Care Providers Association (ACCPA), has put forth some potential solutions.

They recently released an issues paper at a national summit, suggesting two main alternatives to address the funding shortfall.

View attachment 26673

Older Aussies could soon be forced to use their superannuation for aged care or pay an inheritance tax on their estate under a radical proposal put to the federal government. Credit: Shutterstock.

Firstly, they proposed that Australians could consider setting aside some of their superannuation savings to improve the standards in aged care. The superannuation system, with a value of $3.5 trillion, could play a part in addressing the funding gap.

By allocating a portion of people's superannuation funds specifically for aged care costs, there could be a way to bolster the funding available for this critical sector.

Secondly, the ACCPA discussed possibly implementing a new social insurance scheme or a Medicare-style levy. These alternatives could help bridge the financial gap and ensure adequate funding for aged care services.

These suggestions come in the wake of distressing revelations about the neglect of elderly Australians that came to light during the 2021 aged care royal commission.

The aged care sector's challenges are complex and multi-faceted, including insufficient funding and an aging population. The recent federal budget revealed that aged care costs for the coming financial year had increased significantly due to recommendations made by the royal commission.

Despite the increase in funding, the sector's allocation remains relatively low, with federal aged care funding accounting for only 1.2 per cent of the country's GDP, well below the OECD average of 2.5 per cent. However, there are plans to further increase funding for the sector, with projections indicating it will reach nearly $40 billion by the fiscal year 2026-27, including funds for a 15 per cent pay rise for aged care workers over the next four years.

While the federal government will continue to be the primary source of funding, the ACCPA's proposal to utilise a portion of superannuation savings could be one way to address the ongoing funding crisis and improve the quality of care for elderly Australians.

According to ACCPA's CEO Tom Symondson, the superannuation system aims to ensure financial independence for people during retirement by providing a source of income.

However, the system faces an issue where superannuation savings are sometimes passed on as inheritance instead of being used for aged care services, contrary to its intended purpose.

'We want to see a system that encourages the use of superannuation as it was intended,' he explained.

In 2021, the Productivity Commission released a research paper predicting that approximately $3.5 trillion in assets would change hands in Australia by the middle of the century, with the superannuation system playing a crucial role in this wealth transfer.

View attachment 26708​

The issues paper proposes the implementation of an inheritance tax on a deceased estate if the funds from 'superannuation' are not used as intended for retirement—even though Australia abolished inheritance taxes in July 1979, following Queensland's National Party premier Joh Bjelke-Petersen's efforts to eliminate death duties.

Under this proposal, wealthier retirees may also be required to contribute additional funds to their superannuation to cover their aged care expenses, despite the recent increase in compulsory employer contributions to 11 per cent on July 1.

Key Takeaways

• The Aged and Community Care Providers Association (ACCPA) has proposed that some of Australians' superannuation savings should be set aside to help improve standards in aged care and address the sector's funding shortages.
• The ACCPA has revealed harrowing details of neglect towards elderly Australians in the 2021 Aged Care Royal Commission and claims the funding problems will be further exacerbated as Australia's population ages.
• ACCPA CEO Tom Symondson noted that superannuation savings are frequently passed on as inheritance rather than paying for aged care services. The executive called for a system where superannuation is used as it was intended.

Members, what are your thoughts on these proposals? Share your opinions with us in the comments below.

I agree with the premise, but how it would work is another question. I did not know anyone else would pay?

 

[Trudi]

As [B]kevinwoodtufftyke5[/B]2 pointed out, retirement homes are run by private for profit organisations, rather than by government bodies like public hospitals.

Just as I would object to be taxed to fund private hospital, I object to fund private retirement homes regardless of whether this is through a levy or a deduction from my super funds!

I have had to work for the money in my super fund, so it is MY money to use as I choose!

"The issues paper proposes the implementation of an inheritance tax on a deceased estate if the funds from 'superannuation' are not used as intended for retirement"

There is already an "inheritance tax" on inheritances from any superannuation where this money goes to non-dependent heirs, such as adult children of the deceased! Are they suggesting to subject surplus super funds to double taxation? And what happens if the money goes to a surviving spouse? Will they be hit with an inheritance tax?

 

[Tipsy]

So like the retirement fund we all used to be compelled to pay into before the creation of Superannuation. The one that the Labor Government took saying the next generation can cover the costs of the peoples money they stole ? Young people now have to pay for the pre Superannuation retirement, but only becayse the retirement savings have already been taken by Labor. Its not paying for, its paying back....

Not just Labour but the LNP as well... the only thing we can trust about any political party is that we CAN NOT TRUST THEM

 

[TIN]

The Government has no right to touch our super, once they start they will keep working out ways to take more. How about looking after their own first instead of all the oversea
aid, and stop wasting tax payers money and tighten their belt for a start.

 

[Abby2]

Cut the politicians wages and ALSO the "forever" money and allowances Prime Ministers and others in a similar position get when they are defeated or retire. Why do they still get an allowance after they retire? Where is that money coming from - - OUR POCKETS from taxes paid in the past. No one gives us the same perks - we have to use what we saved during our working lives and also what is left in our superannuation to live on for the rest of our lives.

Must agree retired pollies are treated like royals

 

[Helengu]

I am a self-funded retiree. I receive zero pension from the Government. Take away additional funds from my superannuation so I can pay additional for aged care then I become eligible for a full/part pension.

 

[Hyacyinth Bucket]

For decades, the term 'retirement' has always been linked with 'superannuation'. Superannuation funds, commonly known as 'super', have been a reliable source of financial support for older Australians during their golden years.

But now, a major change on the horizon could completely reshape the world of superannuation as we know it. This change has the potential to significantly alter how retirees use their savings, marking a monumental shift in the retirement landscape.

The aged care sector in Australia is facing a funding crisis, and the peak advocacy group for the sector, the Aged and Community Care Providers Association (ACCPA), has put forth some potential solutions.

They recently released an issues paper at a national summit, suggesting two main alternatives to address the funding shortfall.

View attachment 26673

Older Aussies could soon be forced to use their superannuation for aged care or pay an inheritance tax on their estate under a radical proposal put to the federal government. Credit: Shutterstock.

Firstly, they proposed that Australians could consider setting aside some of their superannuation savings to improve the standards in aged care. The superannuation system, with a value of $3.5 trillion, could play a part in addressing the funding gap.

By allocating a portion of people's superannuation funds specifically for aged care costs, there could be a way to bolster the funding available for this critical sector.

Secondly, the ACCPA discussed possibly implementing a new social insurance scheme or a Medicare-style levy. These alternatives could help bridge the financial gap and ensure adequate funding for aged care services.

These suggestions come in the wake of distressing revelations about the neglect of elderly Australians that came to light during the 2021 aged care royal commission.

The aged care sector's challenges are complex and multi-faceted, including insufficient funding and an aging population. The recent federal budget revealed that aged care costs for the coming financial year had increased significantly due to recommendations made by the royal commission.

Despite the increase in funding, the sector's allocation remains relatively low, with federal aged care funding accounting for only 1.2 per cent of the country's GDP, well below the OECD average of 2.5 per cent. However, there are plans to further increase funding for the sector, with projections indicating it will reach nearly $40 billion by the fiscal year 2026-27, including funds for a 15 per cent pay rise for aged care workers over the next four years.

While the federal government will continue to be the primary source of funding, the ACCPA's proposal to utilise a portion of superannuation savings could be one way to address the ongoing funding crisis and improve the quality of care for elderly Australians.

According to ACCPA's CEO Tom Symondson, the superannuation system aims to ensure financial independence for people during retirement by providing a source of income.

However, the system faces an issue where superannuation savings are sometimes passed on as inheritance instead of being used for aged care services, contrary to its intended purpose.

'We want to see a system that encourages the use of superannuation as it was intended,' he explained.

In 2021, the Productivity Commission released a research paper predicting that approximately $3.5 trillion in assets would change hands in Australia by the middle of the century, with the superannuation system playing a crucial role in this wealth transfer.

View attachment 26708​

The issues paper proposes the implementation of an inheritance tax on a deceased estate if the funds from 'superannuation' are not used as intended for retirement—even though Australia abolished inheritance taxes in July 1979, following Queensland's National Party premier Joh Bjelke-Petersen's efforts to eliminate death duties.

Under this proposal, wealthier retirees may also be required to contribute additional funds to their superannuation to cover their aged care expenses, despite the recent increase in compulsory employer contributions to 11 per cent on July 1.

Key Takeaways

• The Aged and Community Care Providers Association (ACCPA) has proposed that some of Australians' superannuation savings should be set aside to help improve standards in aged care and address the sector's funding shortages.
• The ACCPA has revealed harrowing details of neglect towards elderly Australians in the 2021 Aged Care Royal Commission and claims the funding problems will be further exacerbated as Australia's population ages.
• ACCPA CEO Tom Symondson noted that superannuation savings are frequently passed on as inheritance rather than paying for aged care services. The executive called for a system where superannuation is used as it was intended.

Members, what are your thoughts on these proposals? Share your opinions with us in the comments below.

That’s a HUGE NO from me.

 

[Shane/#]

Insread of relying on private run retirement centres where the owners are in it to make profits, maybe our superannuation funds could invest in building and running retirement centres for a small profit. Governments could also make all multinationals taxes and miners pay higher royalties on our minerals.

Exactly royalties on all minerals, oils and gas would pay for aged care and a whole lot more multinational and Australian companies paying next to nothing or not at all should have been paying but the liberals back in the Howard government gave it away for bugger all

 

[mikydrip]

Same old chestnuts, "I worked all my life, paid all my taxes". If you don't get the pension it's because you're too rich, if you do get it think yourself fortunate, a lot of countries you wouldn't get it. I believe it was a liberal stole the money from the retirement fund. The beauty of superannuation is that it is paid by the employer and is meant for peoples retirement, If one goes into age care you are still retired, so why shouldn't you contribute out of your own funds. You complain about others getting government benefits and forget what you are getting, pension, healthcare, senior discounts etc. Try living in a 'not so lucky country'.

 

[Lanska]

For decades, the term 'retirement' has always been linked with 'superannuation'. Superannuation funds, commonly known as 'super', have been a reliable source of financial support for older Australians during their golden years.

But now, a major change on the horizon could completely reshape the world of superannuation as we know it. This change has the potential to significantly alter how retirees use their savings, marking a monumental shift in the retirement landscape.

The aged care sector in Australia is facing a funding crisis, and the peak advocacy group for the sector, the Aged and Community Care Providers Association (ACCPA), has put forth some potential solutions.

They recently released an issues paper at a national summit, suggesting two main alternatives to address the funding shortfall.

View attachment 26673

Older Aussies could soon be forced to use their superannuation for aged care or pay an inheritance tax on their estate under a radical proposal put to the federal government. Credit: Shutterstock.

Firstly, they proposed that Australians could consider setting aside some of their superannuation savings to improve the standards in aged care. The superannuation system, with a value of $3.5 trillion, could play a part in addressing the funding gap.

By allocating a portion of people's superannuation funds specifically for aged care costs, there could be a way to bolster the funding available for this critical sector.

Secondly, the ACCPA discussed possibly implementing a new social insurance scheme or a Medicare-style levy. These alternatives could help bridge the financial gap and ensure adequate funding for aged care services.

These suggestions come in the wake of distressing revelations about the neglect of elderly Australians that came to light during the 2021 aged care royal commission.

The aged care sector's challenges are complex and multi-faceted, including insufficient funding and an aging population. The recent federal budget revealed that aged care costs for the coming financial year had increased significantly due to recommendations made by the royal commission.

Despite the increase in funding, the sector's allocation remains relatively low, with federal aged care funding accounting for only 1.2 per cent of the country's GDP, well below the OECD average of 2.5 per cent. However, there are plans to further increase funding for the sector, with projections indicating it will reach nearly $40 billion by the fiscal year 2026-27, including funds for a 15 per cent pay rise for aged care workers over the next four years.

While the federal government will continue to be the primary source of funding, the ACCPA's proposal to utilise a portion of superannuation savings could be one way to address the ongoing funding crisis and improve the quality of care for elderly Australians.

According to ACCPA's CEO Tom Symondson, the superannuation system aims to ensure financial independence for people during retirement by providing a source of income.

However, the system faces an issue where superannuation savings are sometimes passed on as inheritance instead of being used for aged care services, contrary to its intended purpose.

'We want to see a system that encourages the use of superannuation as it was intended,' he explained.

In 2021, the Productivity Commission released a research paper predicting that approximately $3.5 trillion in assets would change hands in Australia by the middle of the century, with the superannuation system playing a crucial role in this wealth transfer.

View attachment 26708​

The issues paper proposes the implementation of an inheritance tax on a deceased estate if the funds from 'superannuation' are not used as intended for retirement—even though Australia abolished inheritance taxes in July 1979, following Queensland's National Party premier Joh Bjelke-Petersen's efforts to eliminate death duties.

Under this proposal, wealthier retirees may also be required to contribute additional funds to their superannuation to cover their aged care expenses, despite the recent increase in compulsory employer contributions to 11 per cent on July 1.

Key Takeaways

• The Aged and Community Care Providers Association (ACCPA) has proposed that some of Australians' superannuation savings should be set aside to help improve standards in aged care and address the sector's funding shortages.
• The ACCPA has revealed harrowing details of neglect towards elderly Australians in the 2021 Aged Care Royal Commission and claims the funding problems will be further exacerbated as Australia's population ages.
• ACCPA CEO Tom Symondson noted that superannuation savings are frequently passed on as inheritance rather than paying for aged care services. The executive called for a system where superannuation is used as it was intended.

Members, what are your thoughts on these proposals? Share your opinions with us in the comments below.

For decades, the term 'retirement' has always been linked with 'superannuation'. Superannuation funds, commonly known as 'super', have been a reliable source of financial support for older Australians during their golden years.

But now, a major change on the horizon could completely reshape the world of superannuation as we know it. This change has the potential to significantly alter how retirees use their savings, marking a monumental shift in the retirement landscape.

The aged care sector in Australia is facing a funding crisis, and the peak advocacy group for the sector, the Aged and Community Care Providers Association (ACCPA), has put forth some potential solutions.

They recently released an issues paper at a national summit, suggesting two main alternatives to address the funding shortfall.

View attachment 26673

Older Aussies could soon be forced to use their superannuation for aged care or pay an inheritance tax on their estate under a radical proposal put to the federal government. Credit: Shutterstock.

Firstly, they proposed that Australians could consider setting aside some of their superannuation savings to improve the standards in aged care. The superannuation system, with a value of $3.5 trillion, could play a part in addressing the funding gap.

By allocating a portion of people's superannuation funds specifically for aged care costs, there could be a way to bolster the funding available for this critical sector.

Secondly, the ACCPA discussed possibly implementing a new social insurance scheme or a Medicare-style levy. These alternatives could help bridge the financial gap and ensure adequate funding for aged care services.

These suggestions come in the wake of distressing revelations about the neglect of elderly Australians that came to light during the 2021 aged care royal commission.

The aged care sector's challenges are complex and multi-faceted, including insufficient funding and an aging population. The recent federal budget revealed that aged care costs for the coming financial year had increased significantly due to recommendations made by the royal commission.

Despite the increase in funding, the sector's allocation remains relatively low, with federal aged care funding accounting for only 1.2 per cent of the country's GDP, well below the OECD average of 2.5 per cent. However, there are plans to further increase funding for the sector, with projections indicating it will reach nearly $40 billion by the fiscal year 2026-27, including funds for a 15 per cent pay rise for aged care workers over the next four years.

While the federal government will continue to be the primary source of funding, the ACCPA's proposal to utilise a portion of superannuation savings could be one way to address the ongoing funding crisis and improve the quality of care for elderly Australians.

According to ACCPA's CEO Tom Symondson, the superannuation system aims to ensure financial independence for people during retirement by providing a source of income.

However, the system faces an issue where superannuation savings are sometimes passed on as inheritance instead of being used for aged care services, contrary to its intended purpose.

'We want to see a system that encourages the use of superannuation as it was intended,' he explained.

In 2021, the Productivity Commission released a research paper predicting that approximately $3.5 trillion in assets would change hands in Australia by the middle of the century, with the superannuation system playing a crucial role in this wealth transfer.

View attachment 26708​

The issues paper proposes the implementation of an inheritance tax on a deceased estate if the funds from 'superannuation' are not used as intended for retirement—even though Australia abolished inheritance taxes in July 1979, following Queensland's National Party premier Joh Bjelke-Petersen's efforts to eliminate death duties.

Under this proposal, wealthier retirees may also be required to contribute additional funds to their superannuation to cover their aged care expenses, despite the recent increase in compulsory employer contributions to 11 per cent on July 1.

Key Takeaways

• The Aged and Community Care Providers Association (ACCPA) has proposed that some of Australians' superannuation savings should be set aside to help improve standards in aged care and address the sector's funding shortages.
• The ACCPA has revealed harrowing details of neglect towards elderly Australians in the 2021 Aged Care Royal Commission and claims the funding problems will be further exacerbated as Australia's population ages.
• ACCPA CEO Tom Symondson noted that superannuation savings are frequently passed on as inheritance rather than paying for aged care services. The executive called for a system where superannuation is used as it was intended.

Members, what are your thoughts on these proposals? Share your opinions with us in the comments below.

The problem being that every time the govt put their hand up for more money from the people it ends up not being used for the purpose it was given.
The Labour Party drained all the pension fund and now complain about having to pay a reasonable living pension to us baby boomers who worked hard and pay taxes into this fund. Now they want to dip into our super which was set up to pay our pensions, which we had already been taxed for our whole working life, not our aged care.
So , let me get this, we will pay in more money and the powers that be will dip into this once again.
They seem to have enough money to pay for parental leave, subsidised child care, single mums pensions (which was not originally set up to pay young teenage girls who choose this as a life style, but as a safety net for women to be able to escape from abusive relationships etc) but to hell with the pensioners we don't have enough money for them, oh whoops that's because we already spent their money.
Where does it all end, how about all these wealthy fat cats in politics thinking about cutting back on some of their ridiculous perks instead.
Why are the young in our society getting all these benefits, none of which we ever got, but we are a burden on society because they mismanaged OUR money, which was meant to cover our old age.

This proposal confuses me because I am guardian for my father in aged care home and he has nothing so he pays an amount of about $58 per day. For the care he receives I believe this is enough but this is because the gov kicks in apparently another $180 odd per day. And if he had capital like Super perhaps he would be paying about $238 a day. So how on earth can they justify taking more away when they pay so much for the privilege? (not)

 

[Gsr]

A person works to live moderately. They are taxed. To hope to maybe have holidays when they retire they put a little extra away. Hang on- some people who have never worked (no time , too busy protesting, having kids , believe me I know quite a few), need a place- let the workers pay again, they can do without their holidays! How about a percentage of the politians and CEO salaries go into a special account for that purpose.

Yes the politicians should have their benefits scrapped and all that extra money be put into aged care funding. Make the pollies meet the same pension criteria as the rest of us, billions would be available for aged care funding.

 

[Cattersfan]

For decades, the term 'retirement' has always been linked with 'superannuation'. Superannuation funds, commonly known as 'super', have been a reliable source of financial support for older Australians during their golden years.

But now, a major change on the horizon could completely reshape the world of superannuation as we know it. This change has the potential to significantly alter how retirees use their savings, marking a monumental shift in the retirement landscape.

The aged care sector in Australia is facing a funding crisis, and the peak advocacy group for the sector, the Aged and Community Care Providers Association (ACCPA), has put forth some potential solutions.

They recently released an issues paper at a national summit, suggesting two main alternatives to address the funding shortfall.

View attachment 26673

Older Aussies could soon be forced to use their superannuation for aged care or pay an inheritance tax on their estate under a radical proposal put to the federal government. Credit: Shutterstock.

Firstly, they proposed that Australians could consider setting aside some of their superannuation savings to improve the standards in aged care. The superannuation system, with a value of $3.5 trillion, could play a part in addressing the funding gap.

By allocating a portion of people's superannuation funds specifically for aged care costs, there could be a way to bolster the funding available for this critical sector.

Secondly, the ACCPA discussed possibly implementing a new social insurance scheme or a Medicare-style levy. These alternatives could help bridge the financial gap and ensure adequate funding for aged care services.

These suggestions come in the wake of distressing revelations about the neglect of elderly Australians that came to light during the 2021 aged care royal commission.

The aged care sector's challenges are complex and multi-faceted, including insufficient funding and an aging population. The recent federal budget revealed that aged care costs for the coming financial year had increased significantly due to recommendations made by the royal commission.

Despite the increase in funding, the sector's allocation remains relatively low, with federal aged care funding accounting for only 1.2 per cent of the country's GDP, well below the OECD average of 2.5 per cent. However, there are plans to further increase funding for the sector, with projections indicating it will reach nearly $40 billion by the fiscal year 2026-27, including funds for a 15 per cent pay rise for aged care workers over the next four years.

While the federal government will continue to be the primary source of funding, the ACCPA's proposal to utilise a portion of superannuation savings could be one way to address the ongoing funding crisis and improve the quality of care for elderly Australians.

According to ACCPA's CEO Tom Symondson, the superannuation system aims to ensure financial independence for people during retirement by providing a source of income.

However, the system faces an issue where superannuation savings are sometimes passed on as inheritance instead of being used for aged care services, contrary to its intended purpose.

'We want to see a system that encourages the use of superannuation as it was intended,' he explained.

In 2021, the Productivity Commission released a research paper predicting that approximately $3.5 trillion in assets would change hands in Australia by the middle of the century, with the superannuation system playing a crucial role in this wealth transfer.

View attachment 26708​

The issues paper proposes the implementation of an inheritance tax on a deceased estate if the funds from 'superannuation' are not used as intended for retirement—even though Australia abolished inheritance taxes in July 1979, following Queensland's National Party premier Joh Bjelke-Petersen's efforts to eliminate death duties.

Under this proposal, wealthier retirees may also be required to contribute additional funds to their superannuation to cover their aged care expenses, despite the recent increase in compulsory employer contributions to 11 per cent on July 1.

Key Takeaways

• The Aged and Community Care Providers Association (ACCPA) has proposed that some of Australians' superannuation savings should be set aside to help improve standards in aged care and address the sector's funding shortages.
• The ACCPA has revealed harrowing details of neglect towards elderly Australians in the 2021 Aged Care Royal Commission and claims the funding problems will be further exacerbated as Australia's population ages.
• ACCPA CEO Tom Symondson noted that superannuation savings are frequently passed on as inheritance rather than paying for aged care services. The executive called for a system where superannuation is used as it was intended.

Members, what are your thoughts on these proposals? Share your opinions with us in the comments below.

If any one of the conglomerates who don't currently contribute ANY taxes to our economy... Glencore, BHP are just two...this and many more of our economic woes would be aided enormously. The tax $$ these two alone have not paid is staggering...

 

[donandviv77]

For decades, the term 'retirement' has always been linked with 'superannuation'. Superannuation funds, commonly known as 'super', have been a reliable source of financial support for older Australians during their golden years.

But now, a major change on the horizon could completely reshape the world of superannuation as we know it. This change has the potential to significantly alter how retirees use their savings, marking a monumental shift in the retirement landscape.

The aged care sector in Australia is facing a funding crisis, and the peak advocacy group for the sector, the Aged and Community Care Providers Association (ACCPA), has put forth some potential solutions.

They recently released an issues paper at a national summit, suggesting two main alternatives to address the funding shortfall.

View attachment 26673

Older Aussies could soon be forced to use their superannuation for aged care or pay an inheritance tax on their estate under a radical proposal put to the federal government. Credit: Shutterstock.

Firstly, they proposed that Australians could consider setting aside some of their superannuation savings to improve the standards in aged care. The superannuation system, with a value of $3.5 trillion, could play a part in addressing the funding gap.

By allocating a portion of people's superannuation funds specifically for aged care costs, there could be a way to bolster the funding available for this critical sector.

Secondly, the ACCPA discussed possibly implementing a new social insurance scheme or a Medicare-style levy. These alternatives could help bridge the financial gap and ensure adequate funding for aged care services.

These suggestions come in the wake of distressing revelations about the neglect of elderly Australians that came to light during the 2021 aged care royal commission.

The aged care sector's challenges are complex and multi-faceted, including insufficient funding and an aging population. The recent federal budget revealed that aged care costs for the coming financial year had increased significantly due to recommendations made by the royal commission.

Despite the increase in funding, the sector's allocation remains relatively low, with federal aged care funding accounting for only 1.2 per cent of the country's GDP, well below the OECD average of 2.5 per cent. However, there are plans to further increase funding for the sector, with projections indicating it will reach nearly $40 billion by the fiscal year 2026-27, including funds for a 15 per cent pay rise for aged care workers over the next four years.

While the federal government will continue to be the primary source of funding, the ACCPA's proposal to utilise a portion of superannuation savings could be one way to address the ongoing funding crisis and improve the quality of care for elderly Australians.

According to ACCPA's CEO Tom Symondson, the superannuation system aims to ensure financial independence for people during retirement by providing a source of income.

However, the system faces an issue where superannuation savings are sometimes passed on as inheritance instead of being used for aged care services, contrary to its intended purpose.

'We want to see a system that encourages the use of superannuation as it was intended,' he explained.

In 2021, the Productivity Commission released a research paper predicting that approximately $3.5 trillion in assets would change hands in Australia by the middle of the century, with the superannuation system playing a crucial role in this wealth transfer.

View attachment 26708​

The issues paper proposes the implementation of an inheritance tax on a deceased estate if the funds from 'superannuation' are not used as intended for retirement—even though Australia abolished inheritance taxes in July 1979, following Queensland's National Party premier Joh Bjelke-Petersen's efforts to eliminate death duties.

Under this proposal, wealthier retirees may also be required to contribute additional funds to their superannuation to cover their aged care expenses, despite the recent increase in compulsory employer contributions to 11 per cent on July 1.

Key Takeaways

• The Aged and Community Care Providers Association (ACCPA) has proposed that some of Australians' superannuation savings should be set aside to help improve standards in aged care and address the sector's funding shortages.
• The ACCPA has revealed harrowing details of neglect towards elderly Australians in the 2021 Aged Care Royal Commission and claims the funding problems will be further exacerbated as Australia's population ages.
• ACCPA CEO Tom Symondson noted that superannuation savings are frequently passed on as inheritance rather than paying for aged care services. The executive called for a system where superannuation is used as it was intended.

Members, what are your thoughts on these proposals? Share your opinions with us in the comments below.

The way this, and any other future Government , are lying to us and failing to let us know their true agenda then you could have a million dollars in super and still become a pauper.
One easy way around this obnoxious method of relieving the elderly would be to give your assets to a trusted family member a long time prior to becoming old and frail member of society as after 5 years the gifting of your assets does not affect your pension.

 

[margaretritchie48@hotmail]

NO ONE WILL EVER VOTE FOR LABOR IF YOU F--K OUR SUPER UP. DO YOUR JOB PROPERLY, STOP GIVING MONEY AWAY (FOREIGN AID, SELLING OUR LAND TO FOREIGNERS) AND TO LAZY PEOPLE WHO WON'T DO MENIAL JOBS. NOT EVERYONE CAN HAVE THE PERFECT JOB OR THE BIGGEST AND BEST HOUSE, CAR OR APPLIANCE. PEOPLE NEED TO LEARN TO LIVE WITHIN THEIR MEANS AND NOT WANT EVERYTHING INSTANTLY. WE LIVE IN THE BEST COUNTRY ON EARTH BUT GREED IS STUFFING IT UP.

could not agree more. I am nearly 75 and worked all my life (except for 2 years when I had my son). I only have half the super quoted??

 

[wjs1957]

For decades, the term 'retirement' has always been linked with 'superannuation'. Superannuation funds, commonly known as 'super', have been a reliable source of financial support for older Australians during their golden years.

But now, a major change on the horizon could completely reshape the world of superannuation as we know it. This change has the potential to significantly alter how retirees use their savings, marking a monumental shift in the retirement landscape.

The aged care sector in Australia is facing a funding crisis, and the peak advocacy group for the sector, the Aged and Community Care Providers Association (ACCPA), has put forth some potential solutions.

They recently released an issues paper at a national summit, suggesting two main alternatives to address the funding shortfall.

View attachment 26673

Older Aussies could soon be forced to use their superannuation for aged care or pay an inheritance tax on their estate under a radical proposal put to the federal government. Credit: Shutterstock.

Firstly, they proposed that Australians could consider setting aside some of their superannuation savings to improve the standards in aged care. The superannuation system, with a value of $3.5 trillion, could play a part in addressing the funding gap.

By allocating a portion of people's superannuation funds specifically for aged care costs, there could be a way to bolster the funding available for this critical sector.

Secondly, the ACCPA discussed possibly implementing a new social insurance scheme or a Medicare-style levy. These alternatives could help bridge the financial gap and ensure adequate funding for aged care services.

These suggestions come in the wake of distressing revelations about the neglect of elderly Australians that came to light during the 2021 aged care royal commission.

The aged care sector's challenges are complex and multi-faceted, including insufficient funding and an aging population. The recent federal budget revealed that aged care costs for the coming financial year had increased significantly due to recommendations made by the royal commission.

Despite the increase in funding, the sector's allocation remains relatively low, with federal aged care funding accounting for only 1.2 per cent of the country's GDP, well below the OECD average of 2.5 per cent. However, there are plans to further increase funding for the sector, with projections indicating it will reach nearly $40 billion by the fiscal year 2026-27, including funds for a 15 per cent pay rise for aged care workers over the next four years.

While the federal government will continue to be the primary source of funding, the ACCPA's proposal to utilise a portion of superannuation savings could be one way to address the ongoing funding crisis and improve the quality of care for elderly Australians.

According to ACCPA's CEO Tom Symondson, the superannuation system aims to ensure financial independence for people during retirement by providing a source of income.

However, the system faces an issue where superannuation savings are sometimes passed on as inheritance instead of being used for aged care services, contrary to its intended purpose.

'We want to see a system that encourages the use of superannuation as it was intended,' he explained.

In 2021, the Productivity Commission released a research paper predicting that approximately $3.5 trillion in assets would change hands in Australia by the middle of the century, with the superannuation system playing a crucial role in this wealth transfer.

View attachment 26708​

The issues paper proposes the implementation of an inheritance tax on a deceased estate if the funds from 'superannuation' are not used as intended for retirement—even though Australia abolished inheritance taxes in July 1979, following Queensland's National Party premier Joh Bjelke-Petersen's efforts to eliminate death duties.

Under this proposal, wealthier retirees may also be required to contribute additional funds to their superannuation to cover their aged care expenses, despite the recent increase in compulsory employer contributions to 11 per cent on July 1.

Key Takeaways

• The Aged and Community Care Providers Association (ACCPA) has proposed that some of Australians' superannuation savings should be set aside to help improve standards in aged care and address the sector's funding shortages.
• The ACCPA has revealed harrowing details of neglect towards elderly Australians in the 2021 Aged Care Royal Commission and claims the funding problems will be further exacerbated as Australia's population ages.
• ACCPA CEO Tom Symondson noted that superannuation savings are frequently passed on as inheritance rather than paying for aged care services. The executive called for a system where superannuation is used as it was intended.

Members, what are your thoughts on these proposals? Share your opinions with us in the comments below.

Another money grab if it goes through by Albo and his communist ALP. He IMHO is the worst PM ever and his team is going to break this country with "The Voice" and overspending the budget. The ALP might as well be called the Greens as they don't even slightly resemble the ALP of Hawke/Keating era. Look at Victoria and Queensland with their health care. We seniors should be really worried if he isn't replaced, sooner rather than later!!