Goal posts moved again.

Discussion in 'Superannuation' started by Ag bullet, Feb 28, 2023.

  1. Ag bullet

    Ag bullet Well-Known Member

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    I'm guessing no lump sum withdrawals. Weekly rations only. You die before you use it all, death tax takes a bite, your estate is left with a few crumbs.
     
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  2. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    All in the name of fairness and reparations, of course. The oldest trick in the Book of Gullibles. :rolleyes:

    C5LBME2UMAAJm5B.jpg
     
  3. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    Advice to self-employed people, especially the young - Don't put your money into a super fund voluntarily. You may well never see it beyond having it doled out to you like the old age pension. Once politicians years ago started referring to Australia's superannuation pool as an "important national asset" We knew what they were planning.

    As the unions drove manufacturing out of Australia with their greed and militancy (cars, the garment industries, fuel refineries, steel making) they learned their mistake too late and Labor had to keep them alive somehow and they came up with the idea of handing the industry super funds into union control as its new cash feeding trough. Now we are seeing the next stage.
     
  4. Shaddam IV

    Shaddam IV Well-Known Member Silver Stacker

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    If I knew that I would be retiring in the next few years I would be putting money in there to save tax but if I was currently self employed at 30 I would be thinking about it deeply - As you say, it's always been a logical way to optimise tax but now there is the lingering question of what the politicians are planning... It's a tricky question indeed.
     
  5. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    Im more a one in the hand than two in the bush camp when it comes to this
     
  6. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    Like all things PM, you cut your clothe to suit the width. If Super is going in at 10% you optimise it to suit your circumstance, any former voluntary contributions need a new strategy.
    You can’t blame the system every time it fucks you over, get ahead of the game.
    A few years ago during a court case with ICAC my assets for frozen for a couple of years and I was only allowed $500 a week from my bank account. I started selling coins on eBay, transferred the takings to a betting app which allowed me to withdraw my wins to their credit card.
    I became accomplished on eBay selling and betting on the favourites, no dip in my cashflow.
     
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  7. DJE

    DJE Active Member

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    Interested to hear what people are doing with their super.
    I am 45 and just set up a SMSF to exit the main funds, its just sitting in a bank account ready to invest.
    I moved to Australia in 2001, I was also self employed for over 6 years, so I only have $160k.
     
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  8. DJE

    DJE Active Member

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    Thanks.
    I'm now employed full time, have been for the last 7 years.
    I have a partner we're not married, she owns property and acreage freehold, I'm currently renting in the city being close to work, no kids.
    She is actually selling a 5 acre plot to fund renovations, and I'll look to seek professional advice on whether there is an option for me to purchase the land through my SMSF (obviously at a reduced rate) as an investment and it can help fund the Reno's :) not sure if this is possible or not.
    Definitely not looking to purchase property in the next few years, I think I'll sit back and see what pans out.
     
  9. florincollector54

    florincollector54 Well-Known Member

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    I wonder if the government will carve out a niche for farmers who have their farms managed by their self managed super funds. If not, a significant portion of them will be measurably worse off by these reforms.
     
  10. Timmy88

    Timmy88 Well-Known Member Silver Stacker

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    A serious problem with smsf is transfer of wealth to the next generation.
    A members balance must be paid out to the next of kin/s. That would mean almost certainly a forced sale of property if property is what the fund had.

    Timmy
     
  11. nonrecourse

    nonrecourse Well-Known Member

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    Envy was once considered to be one of the seven sins that ensured poverty. That was before it became one of the most admired virtues under a new name 'social justice'o_O

    I equate it to being a still born fical pigmy.
     
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