Author Topic: Superannuation thread  (Read 56327 times)

marty998

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Re: Superannuation thread
« Reply #200 on: September 03, 2019, 02:44:09 AM »
I received unexpectedly a letter from my employers default fund last week welcoming me as a member of their fund.  I asked my payroll - they had changed systems on the 1st July, and everyone's super had somehow automatically been paid to the default fund.  They were busy retrieving the funds paid the wrong way and fixing the issue, but I was the first to work out something had gone wrong.

I had noticed no payments into my normal fund for about 6 weeks, but they are a bit lumpy so I was starting to watch it more closely.

Ooh that's going to be a nightmare to unravel. You'd want to hope the new fund hasn't started deducting contributions tax, insurance, admin fees...

(edit for typo)
« Last Edit: September 03, 2019, 03:19:57 PM by marty998 »

mjr

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Re: Superannuation thread
« Reply #201 on: September 03, 2019, 03:41:53 AM »
Someone should/will lose their job over such a cock-up

Luckyvik

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Re: Superannuation thread
« Reply #202 on: September 03, 2019, 06:50:25 AM »
The super fund will be able to reverse the contributions easily enough

alsoknownasDean

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Re: Superannuation thread
« Reply #203 on: September 14, 2019, 04:40:54 AM »
The super fund will be able to reverse the contributions easily enough

It'd probably have to go through the clearing house and then back to the employer.

Still a pretty decent stuff-up. I'm amazed that nobody checked the superannuation details when doing the data migration to the new payroll system. Even a sample check (I understand it may be difficult to check everyone for a big employer).

I'm with VicSuper using their Equity Growth option. The returns from it last financial year were 8.86%. I'd like to be able to have more control over the allocation (ie: I'd like to have most go to overseas shares with a smaller % going to Australian shares), but I'm too lazy to change for now, bigger financial fish to fry :)

Mellow Mallow

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Re: Superannuation thread
« Reply #204 on: September 18, 2019, 01:24:11 AM »
Saw this in the Sydney Morning Herald today: https://www.smh.com.au/business/companies/public-warned-to-check-super-as-young-mum-charged-over-10m-scam-20190917-p52s46.html .

Super scam affecting Hostplus, Hesta, etc. "Public warned to check super as young mum charged over $10m scam".

(Side note: can't imagine subs writing a headline about a "young dad" being charged over scam...)

marty998

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Re: Superannuation thread
« Reply #205 on: September 18, 2019, 03:31:52 AM »
Saw this in the Sydney Morning Herald today: https://www.smh.com.au/business/companies/public-warned-to-check-super-as-young-mum-charged-over-10m-scam-20190917-p52s46.html .

Super scam affecting Hostplus, Hesta, etc. "Public warned to check super as young mum charged over $10m scam".

(Side note: can't imagine subs writing a headline about a "young dad" being charged over scam...)

Having it as "Public warned to check super as alleged fraudster charged over $10m scam" isn't going to generate the same number of clicks.

Describing her as a young mum is both sexist and adds a level of salaciousness to it. Twice the controversy = much more attention gained.

I checked my super balance today. It's still there. If it were gone it would have gone weeks / months ago. The Super Funds are on to it, cooperating with police and have it in order.

Mellow Mallow

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Re: Superannuation thread
« Reply #206 on: September 18, 2019, 05:10:07 AM »
I'm actually thinking about changing my super to one of the scammed funds named in the article, because it has lower fees and better performance. I assume that now it's been hit, it's going to be particularly cautious?! Stable doors, bolted horses...

marty998

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Re: Superannuation thread
« Reply #207 on: September 18, 2019, 03:08:22 PM »
I'm actually thinking about changing my super to one of the scammed funds named in the article, because it has lower fees and better performance. I assume that now it's been hit, it's going to be particularly cautious?! Stable doors, bolted horses...

They're already very cautious. Lose your reputation in financial services and you've got nothing left. Just ask the big banks!

ozbeach

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Re: Superannuation thread
« Reply #208 on: September 18, 2019, 09:29:30 PM »
According to the article, the scam involved the perpetrators changing the dates of birth on the victims super accounts. How does that work? "hello big super company - My name is Joe Bloggs and I've just realised I gave you, my employer and the ATO my wrong birth date. Oops, can we just fix that?" How on earth did that ever work? The article doesn't say, but I assume the companies that fell for this assumed liability.

middo

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Re: Superannuation thread
« Reply #209 on: September 18, 2019, 11:15:17 PM »
According to the article, the scam involved the perpetrators changing the dates of birth on the victims super accounts. How does that work? "hello big super company - My name is Joe Bloggs and I've just realised I gave you, my employer and the ATO my wrong birth date. Oops, can we just fix that?" How on earth did that ever work? The article doesn't say, but I assume the companies that fell for this assumed liability.

It was a little more sophisticated than that.  From the article:

Quote
It is claimed the syndicate obtained ID documents from another group of criminals who advertised the material for sale on the dark web after raiding people's letter boxes.

However, a change of birth date that subsequently allows a payout should be more thoroughly checked, I would have thought.  I suspect there will be more rigorous checks in the future, making it harder for everyone to do their business.

marty998

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Re: Superannuation thread
« Reply #210 on: September 19, 2019, 02:46:58 AM »
According to the article, the scam involved the perpetrators changing the dates of birth on the victims super accounts. How does that work? "hello big super company - My name is Joe Bloggs and I've just realised I gave you, my employer and the ATO my wrong birth date. Oops, can we just fix that?" How on earth did that ever work? The article doesn't say, but I assume the companies that fell for this assumed liability.

It was a little more sophisticated than that.  From the article:

Quote
It is claimed the syndicate obtained ID documents from another group of criminals who advertised the material for sale on the dark web after raiding people's letter boxes.

However, a change of birth date that subsequently allows a payout should be more thoroughly checked, I would have thought.  I suspect there will be more rigorous checks in the future, making it harder for everyone to do their business.

The change of birth date means that a 25 year old suddenly hits preservation age.

I agree though, it seems ridiculous a super fund would allow a change of birth date.

middo

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Re: Superannuation thread
« Reply #211 on: September 24, 2019, 07:59:17 PM »
I received unexpectedly a letter from my employers default fund last week welcoming me as a member of their fund.  I asked my payroll - they had changed systems on the 1st July, and everyone's super had somehow automatically been paid to the default fund.  They were busy retrieving the funds paid the wrong way and fixing the issue, but I was the first to work out something had gone wrong.

I had noticed no payments into my normal fund for about 6 weeks, but they are a bit lumpy so I was starting to watch it more closely.

Ooh that's going to be a nightmare to unravel. You'd want to hope the new fund hasn't started deducting contributions tax, insurance, admin fees...

(edit for typo)

My super is back in my correct account.  It took a while, but anything with super always seems to take a while.  I don't understand why it is so murky.  It should be like normal banking, clear and almost instantaneous.

Mellow Mallow

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Re: Superannuation thread
« Reply #212 on: September 27, 2019, 03:48:10 PM »
Looks like there's a review of the whole super shebang on the way: https://www.smh.com.au/politics/federal/super-and-pension-budget-measures-in-firing-line-of-retirement-review-20190927-p52vkf.html

Quote
The next increase in compulsory superannuation and a string of budget savings measures that have crimped retirees' incomes will be investigated in the first comprehensive review of the nation's retirement income system in 30 years.

Treasurer Josh Frydenberg on Friday released the terms of reference for the inquiry, which will cover the age pension, voluntary savings including the family home, aged-care funding, franking credits and the role of the powerful $2.9 trillion superannuation industry.

marty998

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Re: Superannuation thread
« Reply #213 on: September 27, 2019, 06:41:19 PM »
Looks like there's a review of the whole super shebang on the way: https://www.smh.com.au/politics/federal/super-and-pension-budget-measures-in-firing-line-of-retirement-review-20190927-p52vkf.html

Quote
The next increase in compulsory superannuation and a string of budget savings measures that have crimped retirees' incomes will be investigated in the first comprehensive review of the nation's retirement income system in 30 years.

Treasurer Josh Frydenberg on Friday released the terms of reference for the inquiry, which will cover the age pension, voluntary savings including the family home, aged-care funding, franking credits and the role of the powerful $2.9 trillion superannuation industry.

Ugh, another review. Nice that Josh has put a partisan hack on there - someone who was a vocal critic and led a lobby group against Labor's franking credit policy at the last election.

Also I'm getting pretty tired of Labor standing up for oldies who live in multi million dollar houses, allowing them to get the full pension without means testing. They talk a lot about intergenerational warfare but this is the biggest one of the lot.

At the end of all this both sides will yell at each other and the public will be the loser, either through higher taxes or less super.

I'm getting far too cynical :/

Mellow Mallow

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Re: Superannuation thread
« Reply #214 on: September 27, 2019, 08:49:27 PM »

Nice that Josh has put a partisan hack on there - someone who was a vocal critic and led a lobby group against Labor's franking credit policy at the last election.

Yes. Admirable commitment to a rigorous review there by our treasurer.

Quote
Also I'm getting pretty tired of Labor standing up for oldies who live in multi million dollar houses, allowing them to get the full pension without means testing. They talk a lot about intergenerational warfare but this is the biggest one of the lot.

Can't see this changing after the recent franking credits debacle. The government would annihilate them.


Quote
At the end of all this both sides will yell at each other and the public will be the loser, either through higher taxes or less super.

I'm getting far too cynical :/

Just accurate :)

mjr

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Re: Superannuation thread
« Reply #215 on: September 27, 2019, 11:45:53 PM »
Franking credits and their refunds weren't an issue at all before Bowen's brain explosion.

Mellow Mallow

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Re: Superannuation thread
« Reply #216 on: October 04, 2019, 03:50:49 PM »
I have a question that's probably very basic and silly - please bear with me!

Unit prices on super - I've suddenly noticed them.

I'm thinking about switching my super investment option from the default offering to the indexed growth option (because index funds).

The default option has a unit price of 3.90ish and the indexed one has a unit price of 2.09ish. From google, I see that unit prices are sort of like share prices. Does this mean that the default option "costs" more and the indexed one is better value - like selling high, buying low sort of thing? That's not why I'm thinking of switching, but I thought it might be a bit of icing on the cake.

Does that make sense or have I got it muddled?

deborah

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Re: Superannuation thread
« Reply #217 on: October 04, 2019, 04:26:13 PM »
Individual share prices are whatever seems reasonable at the time. A company initially issues shares at a price they think is reasonable - maybe the company was valued at $100 million before the owners joined the stock exchange, and they initially decided to issue a million shares with a face value of $100. They could just as reasonably issued 10 million shares with a face value of $10. Once the shares have been traded for a while, they may be bought from the ASX for $45 - that is how the market values the company, and it seems reasonable to the market, whether the shares were originally $10 or $100.

As many indexed funds are based upon a basket of shares, the price of a unit of the ETF is based initially on the price of the basket of shares in the unit. As these prices change, the unit price also changes.

Mellow Mallow

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Re: Superannuation thread
« Reply #218 on: October 04, 2019, 04:39:09 PM »
Individual share prices are whatever seems reasonable at the time. A company initially issues shares at a price they think is reasonable - maybe the company was valued at $100 million before the owners joined the stock exchange, and they initially decided to issue a million shares with a face value of $100. They could just as reasonably issued 10 million shares with a face value of $10. Once the shares have been traded for a while, they may be bought from the ASX for $45 - that is how the market values the company, and it seems reasonable to the market, whether the shares were originally $10 or $100.

As many indexed funds are based upon a basket of shares, the price of a unit of the ETF is based initially on the price of the basket of shares in the unit. As these prices change, the unit price also changes.

Thanks, Deborah! I'm on a steep learning curve here.

I've also just noticed (after some reasonably tenacious searching) that my super's default option has a MER of ten times the indexed option! And this is in an industry super fund! They're not exactly advertising that.

Reminds me of Hitchhiker's Guide to the Galaxy.

Quote
“But the plans were on display…”
“On display? I eventually had to go down to the cellar to find them.”
“That’s the display department.”
“With a flashlight.”
“Ah, well, the lights had probably gone.”
“So had the stairs.”
“But look, you found the notice, didn’t you?”
“Yes,” said Arthur, “yes I did. It was on display in the bottom of a locked filing cabinet stuck in a disused lavatory with a sign on the door saying ‘Beware of the Leopard.”

Mellow Mallow

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Re: Superannuation thread
« Reply #219 on: October 04, 2019, 04:43:51 PM »

I've also just noticed (after some reasonably tenacious searching) that my super's default option has a MER of ten times the indexed option! And this is in an industry super fund! They're not exactly advertising that.


AND I just clicked on another button and found that the default option also has a bunch of "indirect fees" which are 26 times as expensive as the indexed option!

Wow.

I suppose I should be grateful that they have an indexed option.

But...

mspym

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Re: Superannuation thread
« Reply #220 on: October 04, 2019, 06:10:34 PM »
@Mellow Mallow good on you for looking! you are doing great.

Mellow Mallow

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Re: Superannuation thread
« Reply #221 on: October 04, 2019, 06:42:15 PM »
Thanks, @mspym !

I'm getting there. It's all new info to me!

middo

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Re: Superannuation thread
« Reply #222 on: October 04, 2019, 07:08:44 PM »
Thanks, @mspym !

I'm getting there. It's all new info to me!

I know how that feels! It is worth doing the digging.  My funds cheapest option is their shares option, which I wanted anyway.  It was just coincidence initially, but made me happy when I did some digging .

mspym

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Re: Superannuation thread
« Reply #223 on: October 04, 2019, 07:25:25 PM »
Thanks, @mspym !

I'm getting there. It's all new info to me!
I started my journey off just squirrelling away as much as possible in as simple a form as possible - > Max out Super and buy some basic Vanguard funds in a ratio I was comfortable with.

After a few years I started calculating in Excel what the difference would be if I switched my super provider and changed over to wholesale. In each case it was an additional $40k in my pocket between now and 60 which is a year of freedom. And it wasn't like I was paying a lot in fees by AU standards but that extra 0.4% really starts adding up fast once the pile increases.

marty998

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Re: Superannuation thread
« Reply #224 on: October 05, 2019, 03:23:19 AM »
I have a question that's probably very basic and silly - please bear with me!

Unit prices on super - I've suddenly noticed them.

I'm thinking about switching my super investment option from the default offering to the indexed growth option (because index funds).

The default option has a unit price of 3.90ish and the indexed one has a unit price of 2.09ish. From google, I see that unit prices are sort of like share prices. Does this mean that the default option "costs" more and the indexed one is better value - like selling high, buying low sort of thing? That's not why I'm thinking of switching, but I thought it might be a bit of icing on the cake.

Does that make sense or have I got it muddled?

At it's most basic, a super fund is a trust. Trusts issue units to beneficiaries (e.g. you). The unit price is calculated simply as the total value of the asset pie divided by the number of units on issue.

2.09 vs 3.90 doesn't mean much if you don't know when each investment option started and hence the % returns to get from the starting unit price (probably $1) to the price today. Probably not worth worrying too much about.

Thanks, @mspym !

I'm getting there. It's all new info to me!
I started my journey off just squirrelling away as much as possible in as simple a form as possible - > Max out Super and buy some basic Vanguard funds in a ratio I was comfortable with.

After a few years I started calculating in Excel what the difference would be if I switched my super provider and changed over to wholesale. In each case it was an additional $40k in my pocket between now and 60 which is a year of freedom. And it wasn't like I was paying a lot in fees by AU standards but that extra 0.4% really starts adding up fast once the pile increases.

This always amazes me. Fees really are a killer.

Mellow Mallow

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Re: Superannuation thread
« Reply #225 on: October 05, 2019, 05:26:28 AM »

At it's most basic, a super fund is a trust. Trusts issue units to beneficiaries (e.g. you). The unit price is calculated simply as the total value of the asset pie divided by the number of units on issue.

2.09 vs 3.90 doesn't mean much if you don't know when each investment option started and hence the % returns to get from the starting unit price (probably $1) to the price today. Probably not worth worrying too much about.


Thanks, Marty! Good to know.

Alchemisst

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Re: Superannuation thread
« Reply #226 on: January 09, 2020, 06:58:58 PM »
I've been posting in the general Australian investing thread, didn't realise there was a separate thread, what are the best super options available, who is everyone with and what options? I'm currently with hostplus, considering moving to sunsuper to recreate a vanguard index, is it worth moving and what are the options available? I would ideally like to be atleast 90% stocks and high international allocation. Hostplus has a similiar option but with higher fees

marty998

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Re: Superannuation thread
« Reply #227 on: January 10, 2020, 01:43:57 AM »
There are hundreds, if not thousands of super options available. There is no one best option out there for everyone, and each year a different one will come out on top.

For a long time REST was #1 because of the performance of its international shares option. Sticking with them would have meant underperformance in recent years - the figures look bad but you would have been coming off a much higher base so you'd probably still be well ahead than if you chopped and changed.

Difficult as it is to suggest a fund that will always be on top, you will only really shoot yourself in the foot by going to a retail fund.

Model96

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Re: Superannuation thread
« Reply #228 on: January 10, 2020, 05:37:10 AM »
Most of my friends who are into shares investing use Australian Super, good performance & easy to use, low fees etc.

Alchemisst

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Re: Superannuation thread
« Reply #229 on: January 10, 2020, 06:01:43 AM »
There are hundreds, if not thousands of super options available. There is no one best option out there for everyone, and each year a different one will come out on top.

For a long time REST was #1 because of the performance of its international shares option. Sticking with them would have meant underperformance in recent years - the figures look bad but you would have been coming off a much higher base so you'd probably still be well ahead than if you chopped and changed.

Difficult as it is to suggest a fund that will always be on top, you will only really shoot yourself in the foot by going to a retail fund.

I found hostplus has an indexed international stocks option which I think I will go with for now

mjr

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Re: Superannuation thread
« Reply #230 on: January 14, 2020, 04:44:13 PM »
Folks, a mini superannuation case study question.

I set up my SMSF 3 years ago and used the bring forward rule to drop in $540k before they lowered the limit.

As of 30/6/19, the balance was $1.397m.  As of today, it's $1.51m.  The bring forward has expired and I can contribute non-concessionals again.

As my last balance was less than $1.4m, I can contribute the full 3 years again.  Unless we have a major correction, this financial year is my last chance to get significant extra money in to super - I could deposit $300k non-concessional and $25k concessional and my balance would leap up to well over $1.8m.

The problem ?  First world problem, of course, but that would deplete most of my available cash.  I like having extra money around, one day I'm going to realise I'm not getting any younger and may blow some money on a boat or a plane or help the kids out with a property.  I have a million in equities in my taxable accounts which will generate enough dividends to live off for the next 6 years until I'm 60 and I want to keep that intact.   I can take an advance on my inheritance of $250k if I want (which I don't), so I don't really have anything to worry about there either.

My question:  I don't really want to run too close to the wire, even with safety nets.  I haven't crunched the numbers, but my gut feel is that once you cross the $1.6m balance cap, then putting extra into super becomes marginal.  Maybe I don't bother contributing the full $300k, maybe $150k or $200k.

Anyone have thoughts as to whether I should take advantage of this once-in-lifetime opprtunity ?



« Last Edit: January 14, 2020, 04:52:46 PM by mjr »

Model96

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Re: Superannuation thread
« Reply #231 on: January 14, 2020, 06:15:54 PM »
Folks, a mini superannuation case study question.

I set up my SMSF 3 years ago and used the bring forward rule to drop in $540k before they lowered the limit.

As of 30/6/19, the balance was $1.397m.  As of today, it's $1.51m.  The bring forward has expired and I can contribute non-concessionals again.

As my last balance was less than $1.4m, I can contribute the full 3 years again.  Unless we have a major correction, this financial year is my last chance to get significant extra money in to super - I could deposit $300k non-concessional and $25k concessional and my balance would leap up to well over $1.8m.

The problem ?  First world problem, of course, but that would deplete most of my available cash.  I like having extra money around, one day I'm going to realise I'm not getting any younger and may blow some money on a boat or a plane or help the kids out with a property.  I have a million in equities in my taxable accounts which will generate enough dividends to live off for the next 6 years until I'm 60 and I want to keep that intact.   I can take an advance on my inheritance of $250k if I want (which I don't), so I don't really have anything to worry about there either.

My question:  I don't really want to run too close to the wire, even with safety nets.  I haven't crunched the numbers, but my gut feel is that once you cross the $1.6m balance cap, then putting extra into super becomes marginal.  Maybe I don't bother contributing the full $300k, maybe $150k or $200k.

Anyone have thoughts as to whether I should take advantage of this once-in-lifetime opprtunity ?

You still have 6 years before you can access 'pension phase', and as you say the tax breaks are marginal if you go over the $1.6mill cap......so I would invest the money outside of Super. You could probably get it tax effectively into the Super after you turn 60 by using the new home downsizing rules.......
To help the kids get into property, I bought an investment property on borrowed money that they could rent from me. Their accrued rent became their deposit when they bought for themselves. It made it easy for them to save a deposit, and it is mostly cost neutral for me given the tax deductible loan interest and capital gain etc. Much better than just giving money and risk spoiling them!

mjr

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Re: Superannuation thread
« Reply #232 on: January 14, 2020, 06:31:10 PM »
You could probably get it tax effectively into the Super after you turn 60 by using the new home downsizing rules.......

That's not an option.

Model96

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Re: Superannuation thread
« Reply #233 on: January 14, 2020, 06:34:25 PM »
It's your money of course, but why lock it up in Super for 6 years when there is no tax benefit?

mjr

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Re: Superannuation thread
« Reply #234 on: January 14, 2020, 06:42:08 PM »
Because there is a still a marginal benefit over the next 6 years and beyond.  What will likely be 30% marginal tax on earnings outside of super versus 15% in an accumulation account.  Otherwise I wouldn't even ask the question.

Model96

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Re: Superannuation thread
« Reply #235 on: January 14, 2020, 06:53:42 PM »
Given your numbers I would agree with you that the benefit is marginal to you........a more substantial benefit would be to devise a strategy to help your kids.

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Re: Superannuation thread
« Reply #236 on: January 16, 2020, 01:07:26 AM »
If you contribute this and end up over the cap, you will need to keep the excess in the accumulation phase. So it will see a 15% tax rate for the foreseeable future. Say you are earning 4% yield on it, and don't sell in future (so no capital gains issues). Taxable income from the 300k is 12k. You are better off by 30-15 =15%, or $1800 a year.

The money is locked up min 6 years. It sounds like you have plenty to get you through the next 6 year's, even if you need to sell a bit of taxable account.

If you put it in super, would it be invested in equities, or still cash?

Is having 300k in cash sitting around worth $150 a month to you? If it were me, I'd take the opportunity to get it into super while I can. But I'm a pathological saver/investor and hold negative cash, so the answer that's right for me may not be for you.

mjr

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Re: Superannuation thread
« Reply #237 on: January 16, 2020, 05:45:09 AM »
Hi Chris,

no, I wouldn't hold it in cash.  It's in cash (well, a 1.6% term deposit) now as my defensive allocation and if I need it, but if I lock it away in super it would all go into equities.  My super already has $250k in cash in it, that's more than enough.

I'm pretty likely to put it in, but unlike you I can't handle negative cash, I need a few hundred k lying around to feel like I can afford anything even if the market crashes tomorrow :-)  That's the real issue here.
« Last Edit: January 16, 2020, 05:47:02 AM by mjr »

deborah

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Re: Superannuation thread
« Reply #238 on: January 16, 2020, 06:13:56 AM »
I'm pretty likely to put it in, but unlike you I can't handle negative cash, I need a few hundred k lying around to feel like I can afford anything even if the market crashes tomorrow :-)  That's the real issue here.
You’re not alone - I never could stomach negative cash either. But you’ve already won - you already have enough and this is just icing on the cake, so any decision is a good one.

mjr

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Re: Superannuation thread
« Reply #239 on: January 16, 2020, 01:50:08 PM »
Thanks Chris and Deborah.

Oh, and Chris,  I too am a pathlogical saver, but not an investor.  Saving comes naturally to me, investing needs constant will power.

MrThatsDifferent

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Re: Superannuation thread
« Reply #240 on: January 20, 2020, 08:54:28 PM »
I may have missed it but what does everyone think of Vanguard starting a super? Would you move your super there? I’m with Aussie Super and love it and the app, but think it might be good to have all my money in Vanguard.

mjr

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Re: Superannuation thread
« Reply #241 on: January 21, 2020, 04:14:03 PM »
I have an SMSF, but I'll be moving my mother's super there the day after they launch it.

MrThatsDifferent

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Re: Superannuation thread
« Reply #242 on: January 21, 2020, 05:46:22 PM »
I have an SMSF, but I'll be moving my mother's super there the day after they launch it.

I read an article that said this would threaten SMSF’s cause there would be less of a need to have one if you can get low cost index funds directly from Vanguard.

mjr

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Re: Superannuation thread
« Reply #243 on: January 21, 2020, 06:43:34 PM »
I'd agree.  I started the SMSF because 3 years ago I needed to bail on retail funds due to the cost but I have an ideological objection to Industry funds. 

I'm against unions and want them nowhere near managing my money and taking fees from me.  I know that employer group representatives are also trustees and while I don't dislike them per se, I also don't see that they have any expertise in managing funds either.

My point being that I wouldn't have set up my SMSF in the first place if Vanguard was available, assuming that their products and fees are acceptable, of course. 

Kgoose

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Re: Superannuation thread
« Reply #244 on: January 21, 2020, 11:24:06 PM »
My point being that I wouldn't have set up my SMSF in the first place if Vanguard was available, assuming that their products and fees are acceptable, of course.

This rumour/news has been around for a while. Any news on when it will actually launch?

deborah

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Re: Superannuation thread
« Reply #245 on: April 16, 2020, 05:07:48 AM »
I mentioned in another thread that superannuation withdrawal rates have been halved for 2019/2020 and 2020/2021, but I didn't mention it here, and it's on the ATO website.

https://www.ato.gov.au/rates/key-superannuation-rates-and-thresholds/?page=10

Since it was part of a much larger set of changes due to the coronavirus stimulus, I thought it was worth mentioning in case anyone is in the situation where they are withdrawing from super and don't need the full minimum amount.

Luckyvik

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Re: Superannuation thread
« Reply #246 on: April 16, 2020, 08:02:16 PM »
My point being that I wouldn't have set up my SMSF in the first place if Vanguard was available, assuming that their products and fees are acceptable, of course.

This rumour/news has been around for a while. Any news on when it will actually launch?
I'm a bit late to the party but...saw that they just hired a head of Operations for the Vanguard super business, so I'm guessing towards the end of this year.

Sent from my Pixel 2 using Tapatalk


Alchemisst

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Re: Superannuation thread
« Reply #247 on: May 14, 2020, 10:42:55 PM »
Anyone know of a calculator that shows yoyu how much super you can salary sacrifice without changing your after tax take home amount? I thought I saw a calculator a while ago but can't seem to find it again.

GT

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Re: Superannuation thread
« Reply #248 on: May 15, 2020, 02:35:03 AM »
Anyone know of a calculator that shows yoyu how much super you can salary sacrifice without changing your after tax take home amount? I thought I saw a calculator a while ago but can't seem to find it again.

Sounds like something Aussie Firebug had on his websote.

https://www.aussiefirebug.com/

givemesunshine

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Re: Superannuation thread
« Reply #249 on: May 15, 2020, 09:30:18 PM »
Hello,

I like the QSuper calculator https://qsuper.qld.gov.au/calculators-and-forms/calculators/maximise-your-super/salary-sacrifice-for-qld-gov-employees

I did try the 'non Government employee' calculator but it's only for extra contributions, not for making your super (and extra contributions) pre-tax.

Hit the 'match net pay' button to see how much extra you can put in with no difference to take home.