Watch your Super

As an expat I can tell you absolutely the government tried to rip my Aussie Super funds. Luckily, family back home got wind of this and I was able to add a little to my Australian Super thus making the fund “active” again (Swan targeted “inactive” funds).

Regardless, the Labor government netted $700 million from “inactive” expat’s superannuation accounts and put it not into savings, but into consolidated revenue aka its day-to-day spending slush fund.

Ho hum, all that’s kind of a drop in the bucked when you consider Gillard is borrowing perhaps by now up to $125 million a day at 4-5% interest.

To put that in perspective, true, that’s nothing compared to other countries, but look at where some of those other countries like Italy, Japan and the US are now in regards to debt (does anyone really need an extra link for that one?).

But back to those super funds. First they went for the expats; what’s, sorry, who’s next?

    • Sean of Deer Park
    • July 22nd, 2011

    It’s worse than that, BB. Juliar has just announced (via the ATO); and after saying this was not something her party was looking at… They have reintroduced DEATH DUTIES! I haven’t seen any media stories so far, but they are talking about it on MTR.

    The tax works with all Assets on death, 10%. Tax on self managed Super Funds, 15%. The economist on the radio said the best thing to do for retiring Baby-Boomers (your parents) is to bequeef their pension to you instead of a lump sum; to get out of paying the Tax. Either that, or spend all the money before they die. What on earth was Super for if the government of the day decides to tax it on exit. I’m glad I emptied my Super accounts years ago and spent the money on real estate. My plan is to now sign title of ownership over to my daughter, when I think I have one foot in the grave.

    Juliar, lies again. The Greens get their own way again. Sorry, I don’t have a link for you. Busy cooking.

    (Unrelated…. be careful if you decide to travel by plane whilst on your break. Get a load of this landing from a flight out of Seoul. Flying can be dangerous! )

    • Eek. Won’t be flying anyway.

      Juliar’s new tax sounds an awful lot like what Bob Brown’s been calling for for a while now. :hmm:

      • Carpe Jugulum
      • July 22nd, 2011

      Sean, you beat me too it, actually its 16% on the existing value at death and then capital gains tax of 10% will apply on assets, (shares, property etc), also if you run a self funded superannuation fund under a deed of trust (a trust account) it also attracts additional tax.

      Great, these idiots can’t wait to extract money from me by threat of prosecution while i’m alive, but are now happy to roll over my corpse and shaft me from behind.

      This, i believe, derives from the alp lie that they will have the budget returned to surplus. They need an income stream to do it and those who manage their own funds (me) or are self funded retirees will cop it in the neck……………again.

      As a point of interest this would be the 4th tax these clowns have introduced
      in 18 months.

      Damn their oily hides. The sooner i’m back in Japan the better………asshats

    • The Wizard of WOZ
    • July 22nd, 2011

    Wow. This actually makes my ‘plan’ of pissing all my coin away on race cars and booze actually seem like a viable long term financial plan.

    “Asshats”. Well said Carpe.

    • Mick Gold Coast QLD
    • July 22nd, 2011

    Your link takes me to a media report on July 20 entitled “Abbott takes axe to Rudd’s ‘bureaucracy’ ”

    That was the very day Comrade Dear Leader (in exile, re-election pending) excitedly announced He was to undergo death defying heart surgery (the sort of maintenance work done every day in hospitals throughout the country, akin to removal of one’s tonsils – but why let a Look-at-Me opportunity pass?).

    Anyway – that mad Catholic women hater (can’t remember how to spell that mysogy word whilst watching replay of All Blacks v Fiji) just proved how insensitive he is by making such a hurtful attack on a very sick man. Evil thoughtless fellow.

    Tomorrow I’ll be scanning the job classifieds to see if there are any casual hospital orderly jobs on offer at a specific hospital for a specific period in August. I’ll work for free.

  1. We have a similar problem in the US, although it is not the feds that grab it. Some states are a bit quick to grab inactive accounts!

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