Billion dollar question
What appears to have been overlooked is that the only reason there was a possible $225 million 15 per cent GST tax take available from KiwiSaver and managed funds members is the $1.5 billion in fees that the members are being charged.
What costs are being incurred by
administrators to justify the $1.5 billion fee?
A scrutiny of these costs and resulting reduction could hopefully give the members a $225 million annual fee windfall and a collective $103 billion benefit by 2070.
R McCullough, Blockhouse Bay.
National record
In the rush to attack Labour over GST on KiwiSaver management fees, particularly with Nicola Willis claiming this is a tax grab, National is hoping no one remembers what it did to KiwiSaver in 2012.
National did three things: it abolished the $1000 kickstarter; halved the tax rebate to $521; and imposed an Employer Superannuation Contributions Tax (ESCT) which, at the current median wage means a loss of $546pa.
So, thanks to National, our median income worker lost their initial $1000 and misses out on $1067 in contributions each year.
Now, about that ESCT Nicola, what was it you were saying about a tax grab? People in glasshouses should never throw stones.
Based on the article's claim, $96pa GST would cost a single saver $21,179 over 25 years, what has National's tax grab ESCT cost savers? The article also claimed the GST would dent KiwiSaver balances by $103 billion by 2070. What is the total impact of National's tampering and ESCT tax grab on the country's superannuation savings? It will be considerably in excess of $103 billion.
New Zealand really cannot afford National governments and their double standards.
Jonathan Godfrey, Māngere.
Awaiting a refund
In the interests of fairness and transparency, I look forward to the announcement that all the minor KiwiSaver providers who have already been paying GST, to the disadvantage of their investors, will now have this requirement removed, to make an equal playing field for all.
A refund would be the least for us all to expect.
Evelyn Ross, Fairview Heights.
Ministerial roles
So we now have two new Ministers in this Government.
A Minister for the Introduction of Sneaky Taxes, David Parker - supported by Grant Robertson - and Jacinda Ardern.
And a Minister for the Promotion of Chocolate Products, Marama Davidson of the Greens.
As Margaret Thatcher once said, "This socialist government won't last long - it's running out of other people's money to spend."
Michael Walker, Blockhouse Bay.
Nuclear threat
It's good to see the magazine Agribusiness & Trade (NZ Herald, August 31) giving upbeat reports on how our producers of foods (farmers, horticulturists, etc) are doing, especially after two severe years of restrictions, impending climate change strategy changes and the threatening behaviour of countries at war.
But columnist Ryan Henegan's "A nuclear war cannot be won" article left me a bit confused. When discussing the fallout of any nuclear retaliation, he discusses the need to be prepared for a long period of delay,10 years is suggested, before any contact or trade with countries can be expected.
He rightly concludes there is no such thing as a limited nuclear war, but doesn't mention the devastating amounts of radiation poisoning that would spread all over the planet. His call that it will be a civilisation-level threat leaving over five billion people starving, is highly unlikely as toxic radiation substances have a lasting life of hundreds of years that can only leave our planet unproductive and, more than likely, with no one left standing. This is why the leaders of the world in 1985 declared "A nuclear war cannot be won and must never be fought".
Emma Mackintosh, Birkenhead.
