Priority - Delegate and check the work is done! 1. Triple check the guy in-charge of fuel. (Theft) 2. Sack your 2IC. 3. Give your operations manager a payrise and get him to do the 2IC's job. 4. Sack the long term guys who are your mates that don't produce. 5. Give a pay-rise to your mates that do the extra yard. 6. Spend money training your blokes so they are more efficient. 7. Get rid of the piss-pots and smokers! Looks as if you'll have to do every thing your-self I hope you aren't the 2IC :lol: Cheers H
I've just started and the place was full of theives, lay-abouts and malcontents. (and yes, fuel theivery was at the top of my hit list) (I'd like to say that they were the first and easiest cuts to make... but it wasn't their fault... they just hadn't been managed). Got rid of the clapped-out gear (hiring in equipment) and have introduced the latest software for staff to step-up and manage the business themselves rather than having extra headoffice staff to do data entry and check the checkers. everything was going well, the culture change has upped productivity and we are heading towards a profit that the business can share with the employees (me included)... but this proposed super contribution will throw that all out. It's like I'm juggling a dozen eggs, but everyone's pointing at the one I dropped :/
OP - enjoy life! Have a crack! If you have good water, aren't hungry and have a place to sleep at night that is secure, all is good! Many people worry too much about having things or being rich but the most important thing in life is to keep life basic. If you have a wife who loves you, if you have a humble home, have food and beverage and a little place to grow a bit of veg that my friend is all you need. Of course we would all like to be rich, but, there will always be someone richer and to be honest, the rich guys have heart attacks because they worry about what people think. Maturity comes with working out and accepting what you think life is about and...once you are happy with the way you live, you'll be a much happier person. If, putting all your money in the bank makes you happy...do that, if you are young and care free and...want to have a crack at getting rich...gamble / speculate; if you want to increase your wealth slowly, take small conservative steps. Know what you want, know what your weaknesses and strengths (Analyse yourself) are and then work out a life plan. Always consider your age and health! Kerry Packer treated his body like shite, now he is shite...think about that. [youtube]http://www.youtube.com/watch?v=3o8QjVow0d0[/youtube]
Great comments guys, very technical and insightful...... I realised the other day that retirement is what its all about....you know when you dont work anymore but still have food costs, rising electricity costs, fuel costs, council rates, and all the rest..... I recnetly started a new job which is as easy as pie but the pay is'nt as good as I would like..... So.... I was just wondering what the hell I can do to make sure I can afford things in the very far future.... Doing the sums with my new job and pay is'nt looking too good regarding super..... But anyways its looking like super just isn't worth pumping so we are back to using shares or appreciating assets like PMs.....Thank god I found this site!
What goes in is guaranteed. What happens after that up to your super fund or up to you if you SMSF. The only guarantee within super is tax.
Ouch, over $8000/year in contributions tax (if I've done my figures correctly) just for the "privilege" of being a member of a forced retirement saving scheme. I'm sure you could put that money to vastly better use. I didn't realise there even was a 30%, did a quick search and it was introduced last year in July. Superannuation is a scam and it's taken me nearly my whole working life to work that out. Edit to add: actually taxation is a scam.
Been reading this frickin report by some nanny state, teetotaller, anti-alcohol morons this morning. They were using the same ridiculous definition as Swan was in justifying his tax on superannuation: Grrr. "Revenues foregone" are a "cost" to the economy. What rubbish. All taxes have deadweight losses and not taxing something means you're not thieving someone else's money. And they justify this nanny state rubbish using the old Pigovian taxes crap (i.e. the tax increases total social welfare) which was firmly debunked by Robbins or they "justify" intervention by taxation using crap reasoning of cause and effect. I'll stop ranting now. It's just nanny state crap like the report I've been reading really get my goat.
This tax is basically stealing australian jobs and wages in order to use the funds to increase joblessness and welfare. This is the worst kind of government, it is completely OK with wrecking our economy in order to buy votes by forcing people onto welfare.
To understand the 'guarantees' around superannuation, it would be worthwhile to spend some time looking at the Senate Report 'Inquiry into the collapse of Trio Capital' May 2012. The url is: http://www.aph.gov.au/Parliamentary...quiries/2010-13/trio/interim_report/index.htm and then click on the 'view report as pdf'. Chapter 3 includes a section titled 'Compensation under the Superannuation Industry (Supervision) Act 1993' results in a protection 'for investors who incur losses as a result of the fraud or misconduct of a trustee(s)'. It should be noted that this 'protects' ' a regulated superannuation fund (other than a self-managed superannuation fund); or ....' To understand the lack of a 'guarantee' for SMSF's see Chapter 7 'Informing and protecting SMSFs'. 'The main 'expectation gap' in the Trio Capital collapse was the belief of many SMSF investors that they would be protected from, and compensated for, fraud and theft. The issue of compensation was considered in some detail in chapter 3. Chapter 6 noted that many investors expressed genuine surprise and shock that they did not enjoy the same protections as those afforded to investors in APRA-regulated superannuation funds. Some were even unaware they were investing in Trio funds through an SMSF. The committee notes that many, perhaps most, superannuation investors do not consider whether there is compensation available in the event of fraud and theft before they choose their superannuation fund (be it an APRA-regulated fund or an SMSF.' In my opinion, for those people using SMSF's it would be important to read and understand what is being meant by Chapter 7, Recommendation 3 '7.6 The committee recommends that the Australian Taxation Office include a clear, understandable, large print warning on its website that self managed superannuation fund trustees are not covered in the event of theft and fraud. This warning must be effectively communicated to all existing Self Managed Superannuation Fund trustees through the guidance material of the Australian Securities and Investments Commission.' In short, there are no guarantees if you investments in super are just plain bad. There are some protections for APRA regulated funds against fraud and theft. These protections do not extend to SMSFs. SMSF's can be really good for people who want take their own control over their super, but they should do so with a good understanding of the risks and costs. Hope this helps.
^^^^^ Problem with the "average punter" is that they don't read anything other than the form guide I want nothing to do with the nanny state. If I'm dumb enough to put my money into anything without reading the prospectus and I lose the lot, I shouldn't be entitled to a government pension either. My concern is the idiots who through greed and stupidity of their own accord will want all SMSF's to pay a levy for fraud. Why so some idiot can lose it and have the rest of the SMSF's insure his stupidity? Kind Regards non recourse
Well I've decided not contribute anything to my super because it sounds like they're going to steal it anyways.... Better off either investing in PM's, property, or just keep my money in the bank and try and save as much as possible even though the rates are very poor at the moment. I'm thinking investment in a property is the way to go for long term strategy..... Then when I retire I just sell the property off and keep the cash and live off that for the remainder of my life?
I wonder how they would tax, say, 10% of a classic car, painting, coin or wine collection or 100 ounce silver bar?
I'm like you TheEnd, unsure about super. However property requires extensive capital and PMs can also tank. Cash will get eaten by inflation long term. Direct investment in certain shares is an option but also risky. Frankly dpn't know what the answer to our future financial retirement is.
If you get property through your super then if you ever sell it the capital gains tax is at I think 10% if you hold it longer than a year and qualify for CGT Discount. And when you retire and are in superannuation pensions phase the rental income and capital gains when you sell are untaxed (currently). Or get property through a discretionary trust with most of the rental income through your wife and children. But that's another story.
