My sincere apologies, dear reader. I understand that you are probably a little concerned about the future for the economy right now. If you own shares, then you are probably worried about last week's bloodbath in global sharemarkets. But I have a very important question to ask you. It's a bit of a reality check, I'm afraid. Do you think your Superannuation "nest egg" is safe from the greedy hand of government? If you answered "yes", then I dare you. I dare you to ignore the rest of this blog. http://barnabyisright.com/2011/08/08/stealing-our-super-i-dare-you-to-ignore-this-now/
Makes me wonder if its worth the effort to set up a SMSF only to have the Govt change the laws & take it further dawn the track. The better i do the more they'll get in the end under their disgusting plans.
peons just love to get it our government really love you, and want you to keep the kitty safe and kill all the human parasites its just too bad, if the small guys could not help it to re-gain control of the world they live in. it looks like he can not hide like an emu then, the butt got the poking and the bag got robbed by the guy with the keep quite sign. quite a guinea pig, for a test case near you.
Privitise the profits and socialize the debts.... So true. So what happens if you have pms, property under SMSF? Bit early to ask but any ideas?
Very interesting read. i decided about 23 yrs ago that I wanted nothing to do with super and took a package from my public sector job. The rules were different then and I was able to take the whole amount in cash, however the ATO took $38k out of my payment as they maintained that the state govt had not been funding their proportion and had only put it in when I took my money so they felt they had not had the opportunity to tax it so I lost $38k. Now if the future fund is there to pay the govt unfunded part of super will they do the same and take back a large amount of tax? That is the first question. The second question is if the money is allocated in other directions will there be enough there to pay out super to the public servant who wants to retire. Which leads us to the next query. Will the govt spend the future fund then legislate so no one can take a lump sum payment and everyone can only be paid a weekly pension from their super
If you don't hold it in your hand you don't own it I am afraid. The law is very clear on that, any entity can go belly-up and unless there is a specific guarantee by the government you join the long list of creditors in the unwind. Look at all those ill-informed retirees who had their wealth in the leveraged property trusts. They went crying to government after the collapse and government gave them the old age pension to quieten them down. There will always be an aged pension, our western governments wont let old people starve to death like the Russians did. But the money will have to come from somewhere? From the have's to the have-nots. Keep your wealth hidden. PM's and poly-pipes are a perfect combination for that.
Great link YKY. What do we do to prevent ourselves being devoured? Is it a matter of setting up a SMSF? Is it a matter of burying what you got?
I didn't realise so many governments have taken the initiative to grab some easy cash. Lets hope the government decides to tax more polluters or some more miners before they realise there is a couple of dollars in super just sitting around looking for a new home.
It's things like this that need protecting in a Bill of Rights or similar change to the constitution that will not allow governments to do this underhanded crap.
Fat chance of that happening though... Australia always has been a socialist police state - so a Bill of Rights and protecting the rights of citizens from infringement by government (in the constitution) is the VERY FURTHEST thing from the government's agenda!
AGREED 100%, FREE Australia party tried to propose a bill of rights to Nick Xenophon, he ignored it. A few weeks later he had a public appearance on "rights" and banned all FREE members from attending. The Whole system is a Ponzi scheme, and were losing.
I've said it before and i'll say it again ... super is nothing other than a tax under a different name! This tax will be increasing from 9% to 12% within the next couple of years ... super is an absolute croc of shit ripoff!
