Mind Boggling: The Shocking True Story of the Aussie with 500 Million in Superannuation Funds

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As the Albanese government’s changes to superannuation policy for wealthier individuals remain a source of contention, astounding figures have been released about one person’s tremendous super balance.

Gina Rinehart, the mining mogul, adamantly denies allegations that she is responsible. Entrepreneur Dick Smith has emphatically dismissed the notion of being considered.

Despite this, the mystery around who is the Australian with an unheard-of super balance of over $544 million persists.

According to the Association of Superannuation Funds of Australia (ASFA), which analysed Australian Taxation Data, an abundance of self-managed super funds (SMSFs) have been found to possess substantial balances.

ASFA reported last year that 27 SMSFs held assets of more than $100 million each in the 2019 financial year – with one fund even reaching an astonishing total of $544 million.

As conversations about the government’s proposal to raise taxes on super balances greater than $3 million from 15% to 30%, starting by July 2025, become increasingly heated, newly-uncovered data has given a fresh perspective.

Even the Prime Minister, Anthony Albanese, humorously commented that Opposition Leader Peter Dutton might know who is behind this mystery.

“One Aussie, I’m sure he’s familiar with who it is, has over $400 million in their superannuation account,” Mr Albanese told parliament on Monday.

Professor Susan Thorp of the University of Sydney’s Finance Department fiercely proclaimed it would be “an egregious violation of privacy” should the identity behind this clandestine account ever come to light.

Economist Chris Richardson hypothesises that the surge in super contributions could have been due to someone who sold a business for an abundant amount and transferred it into their superannuation fund under old regulations.

“Since their introduction by the former prime minister Paul Keating, our superannuation policies have been unfair and heavily biased in favour of wealthy Australians while being overly harsh on those with a more meagre income,” Mr Richardson said.

“Although I’m saddened to learn that people have taken advantage of the situation, both governments have been incorrect for an extended duration.”

“Adhering to the rules, no matter how difficult they may be, is a must,” Richardson concluded.

As we grapple with the implications of the government’s proposed changes to superannuation policy, it remains a mystery who is behind this mind-boggling wealth.

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