Will the Aus. gov. attempt to 'expropriate' funds from private Super?

Discussion in 'Superannuation' started by Roswell Crash Survivor, May 11, 2012.

  1. nonrecourse

    nonrecourse Well-Known Member

    Joined:
    Jul 11, 2011
    Messages:
    1,544
    Likes Received:
    56
    Trophy Points:
    48
    Location:
    Melbourne Australia
    Fair?:lol::lol::lol:

    Governments being fair ? Mate I have got some prime property to sell you situated in the Simson desert, Absolute beach front property

    Kind Regards
    non recourse
     
  2. bordsilver

    bordsilver Well-Known Member Silver Stacker

    Joined:
    May 23, 2012
    Messages:
    9,618
    Likes Received:
    315
    Trophy Points:
    83
    Location:
    The rocks
    As much as I love going off topic, back to the original topic of the thread:

    Do I think the Aus. gov. will attempt to 'expropriate' funds from private super? Short answer, No.

    Caveats:
    - They WILL attempt to tap large super funds to pay for pet infrastructure projects by changing the rules/incentives. X% must be in AAA-rated Govt bonds for example but there are many, many alternatives to obtain the same outcome.
    - They WILL continually change the rules so that I will be very surprised if I will be able to access "my" super in any way that is significantly different from a mandated annuity.
    - If they ever do actively expropriate, then I believe and pre-existing SMSF's will be the last that the Govt. will target as (from my understanding) it will require much broader changes to how trusts work which they will be hesitant to go that route. Instead they will effectively shut down the ability to set up new ones and target the industry funds instead.
     
  3. SpacePete

    SpacePete Well-Known Member Silver Stacker

    Joined:
    Mar 1, 2014
    Messages:
    12,969
    Likes Received:
    54
    Trophy Points:
    48
    Some very good predictions in this thread made back in 2012! I found it when looking for discussion on current super changes that have been proposed. Good job, stackers!

    This one got almost everything right:
    And this proposal has come up again:
    The "mandated annuity" comment below was prescient given a recommendation this year to do exactly that:
    The 2015 recommondation is discussed here: http://forums.silverstackers.com/to...nnuation-payments-for-retirees-could-end.html

    Extract:
     
  4. Ag bullet

    Ag bullet Well-Known Member

    Joined:
    Dec 27, 2013
    Messages:
    1,175
    Likes Received:
    876
    Trophy Points:
    113
    Location:
    SE QLD
    they could release my funds if they like. but she has a point- it'll still be just "sitting around"....in the form of gold bullion!
     
  5. Mintaka

    Mintaka Active Member

    Joined:
    Dec 12, 2012
    Messages:
    427
    Likes Received:
    75
    Trophy Points:
    28
    Location:
    Australia
    If I was 55 I would be getting my super and converting it to hard assets like real estate or pm. I simply don't trust government and never have.
     
  6. SpacePete

    SpacePete Well-Known Member Silver Stacker

    Joined:
    Mar 1, 2014
    Messages:
    12,969
    Likes Received:
    54
    Trophy Points:
    48
    That only works for people born before 1960 unfortunately :(
     
  7. Golightly

    Golightly Well-Known Member Silver Stacker

    Joined:
    Oct 4, 2013
    Messages:
    1,463
    Likes Received:
    59
    Trophy Points:
    48
    Location:
    Newcastle
    They may as well spend it.
    Once cash rate hits below 2% the funds have no chance of getting there required 8-9%

    May as well use the money to fund the corrupterments latest larceny
     
  8. SpacePete

    SpacePete Well-Known Member Silver Stacker

    Joined:
    Mar 1, 2014
    Messages:
    12,969
    Likes Received:
    54
    Trophy Points:
    48
    I'd rather it funded my own debauchery.
     
  9. Golden ChipMunk

    Golden ChipMunk Active Member

    Joined:
    Dec 12, 2012
    Messages:
    6,690
    Likes Received:
    7
    Trophy Points:
    36
    Location:
    Perth, Jupiter, Venus, Mars
    The ruling keep changing, how can you trust this thingz?
     
  10. billybob888

    billybob888 Well-Known Member Silver Stacker

    Joined:
    Jan 8, 2014
    Messages:
    1,692
    Likes Received:
    107
    Trophy Points:
    63
    Location:
    Australia
    Maybe one day you can only purchase "safe assets" ie Australian government bond" with your super. Much like the american social security funds - made up entirely with US government bonds, AKA government spent the money and gave them IOUs
     
  11. sammysilver

    sammysilver Well-Known Member Silver Stacker

    Joined:
    Apr 7, 2011
    Messages:
    6,413
    Likes Received:
    1,291
    Trophy Points:
    113
    Location:
    Sydney
    Have you been eating scones in the back pews of the church again?
     
  12. ask&learn

    ask&learn New Member

    Joined:
    Aug 26, 2016
    Messages:
    1
    Likes Received:
    0
    Trophy Points:
    0
    Hmmm, interesting discussion over the years. And now we have reached the point where the federal govt wants to restrict super balances to just $500k. Once all those "extra" billions are released from the safety of super, does that mean this money will be available to be "accessed" by the govt from savings/investments in an event of a national financial emergency?

    Just asking...
     
  13. JulieW

    JulieW Well-Known Member Silver Stacker

    Joined:
    Oct 14, 2010
    Messages:
    13,409
    Likes Received:
    2,703
    Trophy Points:
    113
    Location:
    Australia
    I think this is an inevitability now. Can't have some citizens being privately wealthy when the have-nots are stuck on the pension.

    Bye the way, have a look at Deutschebank's warnings on pensions if it should go under.
     
  14. SpacePete

    SpacePete Well-Known Member Silver Stacker

    Joined:
    Mar 1, 2014
    Messages:
    12,969
    Likes Received:
    54
    Trophy Points:
    48
    Pretty much inevitable at this point.
     
  15. betterinvestmentthanshare

    betterinvestmentthanshare Active Member

    Joined:
    Apr 26, 2014
    Messages:
    327
    Likes Received:
    102
    Trophy Points:
    28
    Location:
    Western Australia
    Anyone know of the government health industry super?
    A very healthy paying one at that.
    Many hospital employees are now retiring with millions in their super ....................taxpayer funded.
    Wonder why it was a life time career? Because of super entitlements.

    The scheme is no longer available for the new entering the industry, it is now a 2 tier system but those that were lucky enough to be employed prior to the change will still enjoy their remaining working life with more than double the 9%.

    I wonder if the attempt to expropriate funds also include government employee super funds?
     

Share This Page