yippee it's a sad fact but yes super is a tax and an institution where the rich, in the past have managed some impressive nest eggs through very low contributions tax. So when the statist regime takes over we can only expect an evening out of this wealth, its only fair right? I just hope they introduce a law that protects our overlords from any such pillage, otherwise the marxist ideals will not of been achieved.
What a complete crock of sh*t. The government isn't stealing lost super, they're taking it away from the super funds that whittle it down to nothing through fees and hold it in trust until the owner can be located. The funds are being transferred to the ATO who have data matching facilities that are better able to find the owners of the lost money. They're also paying an interest rate on it equal to the CPI. So...funds taken permanently as fees by big financial institutions vs. funds being borrowed temporarily by the government until they can be returned to the rightful owner. Yeah, sure, clearly the second option is terrible. </sarcasm> What a complete idiot.
What's the bet no more than 2% of owners will be found? Gov knows full well this cash will be theirs in a few years. And I bet there will be no effort made to track down real owners. If you haven't been reading the news lately Gov is in panic mode trying to balance the budget. This isn't an altruistic venture to save people from nasty super fund fees.
So its either: option a) the super funds eat the money away with their fees, or option b) inflation eats away the money because the government is only giving you 2% interest.
Honestly, I'd trust the financial institutions more than the current government with anything that was mine. Presently, I think the institutions are more honest.
You know it's not yippe's work, too many lines without one pice of abuse for Big AD or reno. But yeh, makes it easier to read if it's in quotes.
(a) At the moment the money is "lost" so if 2% of people get their funds back that's 2% more than now. The institutional fund managers haven't been that successful in tracking people down anyway. (b) Title to the lost funds doesn't ever get transferred to the government. It will be held in trust for the owners until they comes to collect it. (c) The money is "lost", so if it can be put to good use balancing the budget until the owners can be reunited with their funds, I don't really see where the problem is. (d) Again, the funds either disappear forever through fees or they get borrowed until the owners are located. Honestly, it isn't difficult to see which is the better outcome for the owners.
And this altruistic move by the Government just happens to come about when they need the cash? They won't be making a concerted effort to find members as you suggested. My guess is they'll snowball owners with paperwork if they ever attempt to claim those funds. It's a slippery slope when the Government starts taking private citizen's assets. Regardless of whether they're lost, unattended, or will get eaten away by fees. What next, will they want to 'borrow' a percentage of my super because I fall into some criteria. What about my bank account that hasn't been touched in 12 months, would they want that too? Where does it end?
The level of cognitive dissonance in this thread is mind-boggling. "The government is borrowing money I was too lazy to keep track of so the big super funds don't take it through fees and charges. I hate the government". Seriously, this is one of the rare occasions where the government is stepping in to stop people getting f*cked over by the finance industry and, you know, actually doing the right thing by the citizenry for a change, and you lot bag them for it. Get a grip for Pete's sake. It's not like you have to look very far for actual cases of gross incompetence.
Man your skin is getting thinner by the week, lighten up brother! I think I used the wrong smiley, shoulda been or or even and if that didn't work
Mate as good ole rootin tootin Ronald Regan said. When you hear that fateful phrase "we are from the government and we are here to help you"...be worried be very,very worried. How the f@#k is the gubermint doing the right thing stealing money that lets be clear is not lost if it is under 5 years by putting it into consolidated revenue to p!$$ up against the wall. Instead of draining the SMSF's they could use some of the unclaimed funds to teach the fiscal pygmies how to set up an SMSF but then that would disadvantage your industry fund mates who are on the workers teat. If they were for real they would set up a trust fund like the Liberals did with the sale of telstra to pay for all the unfunded commonwealth civil service superannuation Remember that? And what are those criminal labor party stooges doing with the future fund? No big AD what is mind boggling is your defence of our kleptomaniac faries,,,aka the labor party; bankrupt in policy and totally immoral. Kind Regards non recourse
