Lost me in the third paragraph: What the article doesn't say is that the "retirement savings" which are so important to people that they've completely forgotten about it are transferred into consolidated revenue and you can then contact the ATO and claim the money back. The money hasn't been stolen. The money has been temporarily moved from hundreds of thousands of individual accounts that are scattered about the financial system clogging up administration into a central account operated by the government which uses it until people come and ask for it.
Carbon tax is a direct tax on our super by having a go at the mining companies, them being where most super funds invest. The Labor government has a lot of money to make back after giving it all away so nothing is safe from them.
Sure i'll come and flog something of yours and if you notice i'll give it back.. if not i'll keep it cool?
Surely you all get it by now. Government is ever expanding, never contracting. For a certainty, given enough time, it will end in 100% taxation i.e. slavery.
I was worried they might force us to put our money into Government Bonds or something like that to control the money in the Superfunds, which is one of the reasons I chose to manage it myself. It will be hard to swindle the physical metals out from under me, the Industry Superfund lost plenty of my money on shares but it wasn't fraud and it wasn't their fault! It was the Global Economic Crisis which lost my money, not the professionals.
lets defend the labor union thugs at any cost, bend over, no lube required (allowed) and yes it's the rough end thanks
To be fair, they're two sides of the same coin. They just take turns so that EVERYBODY gets shafted And whichever "team" wins, we're still paying for the losers too...
One day for your sake I hope you recover from your delusions . you can only defend the undefencible for so long according to you the loopy party is never wrong
Fine with me. There are rules in place for determining when money is considered "lost". One of them is that the fund hasn't received any contributions for the last 2 years. Another is that the fund hasn't been able to contact the member for five years AND they have to have made reasonable attempts to get in contact. There is also a special category for amounts less than $200 where the fund hasn't been able to contact the member and there is another special category for foreigners who have left the country without taking their super with them. Seriously, think about the 25 million people in this country and how many of them change jobs and how often they change them, plus the hundreds of thousands who come from overseas every year and get temporary employment while they're here and then consider that whenever one of these people starts a job there is a chance that a new super account will be created for them. Pretty soon you end up with a hellava lot of accounts. Every single one of those accounts has to be administered in accordance with the law, regardless of whether it's worth $50,000 or $50. It simply isn't efficient to administer so many inactive, low value accounts. In fact, periodically clearing the system of lost funds and placing them in a central location that is obligated to return them on demand is actually more likely to see those funds eventually returned to the people they belong to. If the cost of providing that service is that the government gets to use the funds until they're claimed, that's a bargain. People get a one-stop-shop for finding their money. Think about the alternative: remembering every job you've ever had, locating all your old pay slips to see what fund you were with, contacting the fund, finding out they've since merged with another fund, contacting that fund and asking if they've got a record of your lost super... ugh! Yeah, I'll just punch my name and TFN into the ATO's Lost Super website once a year thanks.
I tried twice to recover a paltry amount and after a tired chase I couldn't be bothered a third time. Bureaucrats not paid to think but to tick boxes will steal enough to make their wages worthwhile I'll bet.
If you repeat a lie often enough enough it becomes the truth; quote from Joeseph Goebbles Hitlers Minister of Propaganda
I'm surprised you claim that because defending the undefendable stench also known as the Australian Labor party, I would think..... comparing them to the National Socialist German Workers Party would be a natural corollary:lol: I roared with laughter back in 2007 when I heard the new labour umpire was going to be called fair work Australia. What has transpired is very little work gets done,just lots of industrial inaction also called hard Labour disputes. Kind Regards non recourse
Don't worry - that will eventually come. The Au government's modus operandi is theft by stealth - in small "bite sized chunks" - which the majority of chumps out there wont notice as it's not all done at once. not really - they'll come out with some bullsh1t about people not being able to be trusted with storing their own metals and that it's for your own good etc etc.. I'll bet my bottom dollar that this government will not rest until its got it's greedy thieving paws on the metals held by SMSF's... and you can take that to the bank!
It's a form of insanity, so you can't hold it against him mate. http://www.sodahead.com/living/is-liberalism-a-mental-disorder/question-2384405/ [From The Liberal Mind; The Psychological Causes of Political Madness by Lyle H. Rossiter, Jr., MD]
:lol: priceless mate :lol: for what it's worth i think he's more red err i mean Green - not that there's any real difference lol Just two faces attached to the same ugly Fabian head...
Self managed or otherwise - Governments taking control of superannuation is inevitable. There is too much money just sitting there for them to keep their hands off. It will not take much for them to "look after" your money for you and give you an allocated amount each week/fortnight/month. It's just for safe keeping though - they aren't taking it really. They're just making sure you don't invest it in some risky scheme Years ago (back when I was bean counting) I did a contract with ASIC in their watchdog area. It was our job to investigate things like insurance and superannuation rorts/scams etc. During my short stay there (less than 12 months) the Superannuation laws changed on average every 6 weeks. These were major changes - not just correcting spelling errors. It was pretty clear even then that the government was working towards restricting access to YOUR money. I realised very quickly that the tax advantages of superannuation were easily outweighed by the loss of control that was coming. I still have 25 years before I plan on even thinking about my compulsory super and I can guarantee by then - I will only be allowed a stipend at best. This is the reason that ALL my investments are outside super and I only have the compulsory component in there now. malachii
