Easy SMSF are regulated you are bound by the rules they make which in turn become laws. If they decide to pull everyone's super into their loving hands to take care of us poor fools they can add SMSF into the act. They know who has what with all the reporting you need to comply with & if you don't hand it over I'm sure they will take it & make an example of anyone who resists. I'm sure with the number of people increasingly moving over to SMSF the blip on the radar is growing as is the drool coming from Govt drones. makes me consider taking the poultry non preserved amount & coping the 50% tax, something is better than nothing or am i misguided in my thinking as "Australia is different".
YKY- But where do you go where it is different? To everyone else... afraid all I can do is hope for the best. I am in SMSF to try and have some money for my retirement, but by the sounds of it it may not be as I hope. I do comply, and will continue to do so with SMSF rules, so no way I know to get around this... ideas? Shiny.
But if the government does take it, the people will stop putting their money into super, so the only money going in will be the employers contribution? I have rolled over some super into a retirement super, i am worried.
Dross, what will they do? Knock on your door and demand you hand over your bullion? Lol Lucky I keep mine on my boat.
YKY, I think super as a concept is a fantastic idea. Probably the best idea that Labor twit came up with. I agree with you that Super under it's current form is a scam and that was evident when Keating chose a grand idea of ridding us of the social security ponzi scheme that government pensions are THEN decided that any government employee pension scheme would remain "unfunded", thereby simply changing the name of the Ponzi scheme. Australia was so so close to closing that loop in the ponzi scheme with the future fund before Labor got in and now we have to start all over again.
Lovely80, I think the future fund set up by Peter Costello, was for future superpayouts for Federal Politicians, Judges, Public Servants, Federal Police and the Armed services etc. All the states have unfunded super except Qld and thats because of dear old Joe who set up the Qld Development Investment Corporation from which super payouts are drawn. All the private sector and State Government employees have normal funds usually set up by the Banks, Unions, Insurance Companies and the likes. Then they employ so called experts to manage your money to get a good salary for themselves and some return for you after expenses. Why not put all super contributions into a national super fund and have a board elected by all contributors (1 vote each) every 3 years to run it. I too fear for all the young workers who have monies in super funds. Will they ever reap the benefits of such schemes/shams? Regards Errol 43
Just sent off all the paperwork for my SMSF, so if silver can behave and stay manipulated for a bit longer I will be a happy little retiree. Can't wait to start making the decisions on my retirement funds, all though I have a little while to go. Before the crash I put all my super to cash, against all recommendations. Very happy I did.
you make an excellent point there mate. the entire western world is now a group of socialist police states. there is nowhere to run to in the west. that may of course change in the future if there are revolutions, or if the elite magically decide to relinquish their stranglehold on western governments. Both are highly unlikely events, although the former has a higher chance of succeding. of course one could consider a neutral country somewhere ... i dont know. it's quite depressing really. All thanks to big thieving governments and their brainless cheerleaders/sheeple
So... If one forgot about super, and amassed an impressive stack of physical instead, and planned to sell some gradually to fund their retirement... What if they had changed the laws by then, regarding PM ownership and whether you could sell them without proof of purchase, ownership or what have you? What if (hypothetically...VERY hypothetically...) the police (or other TPTB) were to see a large stash of bullion at your house, and you could not prove you acquired it legally and legitimately...? That's what bothers me about large F2F deals. If someone could answer that with something other than "don't let them find it", I'd appreciate it!
100% of my SMSF is in metals. Try getting that governments! Oh and if you do, there was an unfortunate burglary last week and its all gone.
lol - it's amazing how far we've been brainwashed by the police state ... that we now believe that we can can be found guilty by not being able to prove our innocence !! i.e. guilty until proven innocent! what a joke we have become as a (so-called free) society
Depends. The Police would need some evidence (weak or otherwise) that the stack was the proceed of crime and could therefore confiscate (steal) it while they charge you with related crimes.
And that's the exact point i'm trying to make... the owner of the PMs would need to be found guilty of theft (of the PMs) by a jury of his peers in a proper court of law. The police have no say about this whatsover - all they can do is collect evidence. Of course this is how its supposed to work. In a police state where they act more liike the Gestapo, then of course all bets are off. I'm just saying if its gets to that then i'm outa this cookie joint!
Mate, it's not brainwashing, it's a fact. The terminology is "goods in custody". If I stop Yippe in the street and find a certain amount of cash on him, if he can't prove where he got it, I can charge him, subject to certain proofs. Not saying it's right, just stating the facts.
what horseshit! That's tantamount to saying that everybody is required by law to keep all paperwork for all goods purchased or bartered forever and ever... Anybody who accepts such tyranny and abuse by the state is a useful idiot!
Anyway, lets say I have a SMSF. The government introduces a law that gives them the right to confiscate my super, including any hard assets. What if I am able to sell it on the open market and then leave the country after sending my money overseas. Is there anything they can do? How do you think they can confiscate cash from junkies?
yes - they can apply to have you extradited back to Australia. So you'd have to flee to a country which is not also a western/fascist police state...
