• Australian (ASX) Stock Market Forum

Hello and welcome to Aussie Stock Forums!

To gain full access you must register. Registration is free and takes only a few seconds to complete.

Already a member? Log in here.

Superannuation, the ultimate government cash cow?

Discussion in 'Business, Investment and Economics' started by drsmith, Apr 20, 2012.

sentifi.com

Aussie Stock Forum Sentifi Top themes and market attention on:

  1. sptrawler

    sptrawler

    Posts:
    11,925
    Likes Received:
    2,550
    Joined:
    Jul 3, 2009
    I love all this media uproar about the suggestion, that low income earners should be able to take a pay rise rather than a super contribution, as though they will be able to access the money later and it wont cost them part of their pension.:roflmao:
     
    qldfrog likes this.
  2. sptrawler

    sptrawler

    Posts:
    11,925
    Likes Received:
    2,550
    Joined:
    Jul 3, 2009
    Identity theft and loss of super, how easy it is apparently, this is a must read. IMO

    https://www.smh.com.au/business/com...ver-5-million-share-scam-20190917-p52s46.html

    From the article:
    A young Melbourne woman has been charged following an investigation by the Australian Federal Police and the corporate regulator into a major fraud and identity theft syndicate involving some of the country's biggest superannuation funds.


    Federal police Acting Commander Chris Goldsmith has asked Australians to check their super balances as quickly as possible as it wrestles to stamp out an alleged fraud it has described as being run by a global network.

    "We allege the woman attempted to steal $1.5 million as part of a sophisticated global network," he told a press conference on Tuesday. Acting Commander Goldsmith said the total fraud could be as high as $10 million
    .
     
    Skate likes this.
  3. sptrawler

    sptrawler

    Posts:
    11,925
    Likes Received:
    2,550
    Joined:
    Jul 3, 2009
    Interesting observation:
    https://www.smh.com.au/politics/fed...ine-of-retirement-review-20190927-p52vkf.html

    From the article:
    National Seniors' chief advocate Ian Henschke said past changes to the age pension taper rate meant people with $800,000 in savings were now up to $12,000 a year worse off than people who had savings of $400,000 .

    If as expected the low interest, low inflation climate is going to persist for an extended period, there is very little point in saving for your retirement. IMO
     
    Humid and qldfrog like this.
  4. Knobby22

    Knobby22 Mmmmmm 2nd breakfast

    Posts:
    5,355
    Likes Received:
    613
    Joined:
    Oct 13, 2004
    It was the Libs who brought in that taper rate.
    It's all about taxing into a surplus as I can attest with my wage.

    Can this government look at fairer taxing and ensure forein companies that are ripping millions out of our economy to tax havens pay their share? After all they enjoy Australia's infrastructure and laws.

    They had an episode of Utopia loosely based on this issue and it didn't end well for the citizens.
     
    sptrawler and IFocus like this.
  5. sptrawler

    sptrawler

    Posts:
    11,925
    Likes Received:
    2,550
    Joined:
    Jul 3, 2009
    It sounds as though there will be a review into the super system, I guess there will be lots of reviews and modifications as the system matures.
    In reality it is really just doing a full circle, where a percentage of your tax pays for your pension, as it was originally.
    The only obvious difference, is the managing of the money has been privatised.
     
  6. Knobby22

    Knobby22 Mmmmmm 2nd breakfast

    Posts:
    5,355
    Likes Received:
    613
    Joined:
    Oct 13, 2004
    A proper review is a good chance to set the future direction and achieve something in government. Hopefully not have it end up as just a privatised pension.
     
    sptrawler likes this.
  7. sptrawler

    sptrawler

    Posts:
    11,925
    Likes Received:
    2,550
    Joined:
    Jul 3, 2009
    Early stages of the review, but Labor and the Industry funds aren't happy that a critic of labors franking credit changes, is on the review panel.
    https://www.smh.com.au/politics/fed...anking-credit-campaigner-20190930-p52w6x.html

    From the article:
    They knew when they appointed Professor Ralston it would be hard for Labor to sign up to conclusions reached by the panel when she has been such a prominent, well-known and dedicated campaigner against the Labor Party," he said.

    Professor Ralston told The Sydney Morning Herald and The Age that she was not a "political person" but found Labor's franking credit policy to be "pretty inequitable"
    .
    "People in large funds with pension accounts were largely unaffected, while self-managed super funds in pension mode and older people with no super and a few shares would have been badly affected," she said. "The numbers clearly demonstrated that. I was very careful throughout to steer clear of politicians and remain as apolitical as possible".

    The good thing to take from their opposition, is that obviously Labor and the Industry funds are still after SMSF franking credits and their members.:xyxthumbs
     
    qldfrog likes this.
Loading...

Share This Page