2 March 202006:07 PM - edited 2 March 202006:08 PM
Hi Community, I pay $15% tax on every dollar of earnings on my superannuation. When the market goes down, and the balance of my account starts falling, I can't claim any tax concessions or receive any money back from the ATO. When the market picks up again, and I again start gaining earnings, i'm again paying 15% tax on every dollar I am earning. When I get up to my original balance before the market downturn, i'm effectively paying 30% tax on my superannuation earnings. So as a low income earner i'm paying more tax on my superannuation than I am on my earnings. How is this possible??