Author Topic: Superannuation thread  (Read 12081 times)

deborah

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Re: Superannuation thread
« Reply #50 on: January 06, 2018, 04:05:56 PM »
Very few people had pensions. They moved companies, they were female, or they were ineligible because they were at the bottom of the payroll. In fact, only about one in ten of the people I know who fit the 25 - 40 year ago group you are talking about had them, and each time Iíve seen the stats, they reflect my experience.

DrowsyBee

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Re: Superannuation thread
« Reply #51 on: February 10, 2018, 11:30:48 PM »
You do realise that because super hasnít been around for that long, and was minuscule at first, most people rRETIRE with less than $100,000. I think you have MORE super than most female retirees. And you are saying that you have a small amount!

Remember wages and pension schemes back (25-40 years ago) then were still sufficient for a sole (male) earner to provide for the household. Super has been around for 25 years now - and most people back then would have been on a defined benefits scheme and would not have needed super, or they saved/invested outside of retirement savings vehicles.

I recall doing accounting/tax work 11-12 years ago and you would have a lot of oldies with the RSA's earning their 4-7% interest on their large deposit balances. This was in the days of RBLs so wealthy people would have structured their affairs differently (trusts and companies - same old same old really).

Times have changed obviously.

I blame the victim here. People bitch and complain that the government keeps changing the rules or will steal their money blah blah so they don't trust super so they don't contribute.

It's the biggest tax shelter in town. Make the most of it while you can.

Well mate I fit right into the category of thinking the government will change the rules, who can blame them though? I'm worried that I'll sacrifice a lot and then the goalposts will be moved so I have to wait longer to access it. As a mustachian, shouldn't we not be contributing because we want to retire early (before 60)?

There is a correct make-up for everyone. I'm personally sacrificing 5.5%. As long as I've got enough pre-super and post-super, it'll be fine. We should definitely take the tax advantages now.

Little Aussie Battler

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Re: Superannuation thread
« Reply #52 on: February 11, 2018, 02:11:42 AM »
Is anyone here subject to the Div 293 tax (additional 15%).

It probably still makes sense to contribute extra, but it's not as clear cut if you want early access to money and are factoring in some uncertainty in what the government will do to super in future.

marty998

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Re: Superannuation thread
« Reply #53 on: February 11, 2018, 05:35:28 AM »

There is a correct make-up for everyone. I'm personally sacrificing 5.5%. As long as I've got enough pre-super and post-super, it'll be fine. We should definitely take the tax advantages now.

Agree with this view - a balance needs to be struck between pre & post retirement, and it's up to everyone to figure out what that line is for each of themselves.

deborah

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Re: Superannuation thread
« Reply #54 on: February 11, 2018, 11:21:44 AM »

There is a correct make-up for everyone. I'm personally sacrificing 5.5%. As long as I've got enough pre-super and post-super, it'll be fine. We should definitely take the tax advantages now.

Agree with this view - a balance needs to be struck between pre & post retirement, and it's up to everyone to figure out what that line is for each of themselves.
People also forget that you can add money into super any time before you are 65. Like everything with super, there are pros and cons...

- Between preservation age and 65 an early retiree could move everything gradually into super. I assume that your super will be in pension phase, so any dividends... will not be taxed, and your own income from superannuation will not be taxed either, so from preservation age onwards, superannuation is currently the best way to go.

- It is probably strongly advisable not to move investment properties (or any other large item that doesn't generate much income) into super, because you will have difficulties later on with the compulsory withdrawal rates, unless you have quite a lot in other investments that you are prepared to use for withdrawal instead.

- Superannuation withdrawal rates are greater than 4% once you are over 65. This means that you could end up with most of your money outside super (if you are following the 4% rule), even if you put it all inside super to start with. I'm not sure where you should put the excess. However, because super is not taxed (except in certain circumstances), you can have a reasonably large income (let's say $18,000) outside super before you need to think about tax.

- If you retired early, you will probably be living on a small income during the years between retirement and preservation age, so you won't be paying much (if any) tax. Adding money to superannuation may not be tax effective in those years.

mjr

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Re: Superannuation thread
« Reply #55 on: February 11, 2018, 03:33:47 PM »
Is anyone here subject to the Div 293 tax (additional 15%).

It probably still makes sense to contribute extra, but it's not as clear cut if you want early access to money and are factoring in some uncertainty in what the government will do to super in future.

Yep - and it stinks.

If you're copping Div 293, then your taxable income is at least around $220-230k and your SGC contributions are around $20k (assuming you're an employee).  You can contribute only $5k concessionally before hitting the cap.    You'll save $1000 in tax by putting that extra into your super. 

I agree that it's less arguable, but a grand is a grand and they're doing everything possible to make it hard to get money into super, so at least take all the concessions you can.
« Last Edit: March 09, 2018, 05:23:35 PM by mjr »

mspym

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Re: Superannuation thread
« Reply #56 on: February 17, 2018, 08:00:25 PM »
I'm currently maxing out my concessional cap each year, largely for the tax break, but anything over that is going into my taxable accounts, so I can access them at 50.

The biggest headache on my horizon is working out what to do if and when I move back to NZ - pension eligibility/accessing Super/should my American husband get Aus citizenship or stay on PR/eventually become a kiwi- and concluded I need to talk to an accountant because if we get this wrong we may be smashed with CGT events AND lose pension eligibility in both countries.  Which, you know, first world problems etc.

mustachepungoeshere

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Re: Superannuation thread
« Reply #57 on: March 07, 2018, 04:38:17 AM »
Please do not aim so low that you rely on the age pension. It beggars belief that people prefer to shoot themselves in the foot to live off the pension, rather than accumulate a little bit more which will compound into a hell of a lot more income down the track.

Save enough into super now and you might find that you have a beautiful nest egg down the track giving you twice if not thrice the age pension.
I agree with Marty. This makes me so mad when people / the media suggest people save as little as possible to keep the age pension - e.g. The Moneymag article that says you only need $275k in savings to retire.
http://moneymag.com.au/275k-super-retire/

They referred to that again today.

A couple wrote in asking for advice on how to "throw away" (Paul Clitheroe's words) some of their assets so they can get the pension.

They got the idea from the $275k story. >.<

http://moneymag.com.au/ask-paul-claim-pension/

Rowellen

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Re: Superannuation thread
« Reply #58 on: March 07, 2018, 04:17:45 PM »
I work with SMSFs. I know a few people like this. They are not the majority but they definitely exist.

marty998

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Re: Superannuation thread
« Reply #59 on: March 09, 2018, 05:21:05 PM »
I work with SMSFs. I know a few people like this. They are not the majority but they definitely exist.

I have tried really hard to understand the mindset of these people.

Simply call it shooting yourself in the foot. The worst thing is we have a system that encourages it.

mjr

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Re: Superannuation thread
« Reply #60 on: March 09, 2018, 05:30:16 PM »
The worst thing is we have a system that encourages it.

It's absolutely the system.   The system penalises people for saving. Ordinary people looking to be independent of welfare are taxed and punished for it because they have the audacity to have sacrificed consumption to be able to look after themselves in their later years.

End result, irrational behaviour from some people who feel that they've been wronged.

deborah

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Re: Superannuation thread
« Reply #61 on: March 10, 2018, 02:31:25 AM »
The system doesnít penalise people for saving. It gives you wonderful tax breaks for saving to super (and other things) - both during your working life and after you have retired. The fact that you donít get some benefits, including the aged pension and the health care card, is just concentrating on incidentals rather than the holistic approach.

Primm

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Re: Superannuation thread
« Reply #62 on: March 14, 2018, 03:20:57 AM »
Ah crap.

Came home today to a letter from my superannuation fund. New Project Job pays considerably better than Regular Job (about $22k p/a more). I've set up my pre-tax super deductions as a percentage, not an amount.

I didn't even think about the fact that the percentage of the higher salary is going to tip (has tipped!) me over the $25k cap, and that I needed to recalculate.

What happens now? Do I get penalised, or do I just pay tax on the extra? Anyone ever had this happen before?

mjr

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Re: Superannuation thread
« Reply #63 on: March 14, 2018, 03:42:12 AM »
Bugger.

Obviously you should call the ATO soonest.

Looks like you'll pay some extra tax on those contributions.

https://www.ato.gov.au/Rates/Key-superannuation-rates-and-thresholds/?anchor=Excessconcessionalcontributioncharge#Excessconcessionalcontributioncharge

Primm

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Re: Superannuation thread
« Reply #64 on: March 14, 2018, 03:48:58 AM »
Bugger is right.

I've only tipped over the last pay period (I think). My other issue is that my employer is still paying super into my account until June for this F/Y, even if I stop contributing today.

I'll call the ATO tomorrow. I hope this isn't going to be too expensive.

marty998

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Re: Superannuation thread
« Reply #65 on: March 14, 2018, 04:58:46 AM »
Ouch... you went over in March??? wow that's unusual.

Hopefully it won't be too much of a penalty.

The system doesnít penalise people for saving. It gives you wonderful tax breaks for saving to super (and other things) - both during your working life and after you have retired. The fact that you donít get some benefits, including the aged pension and the health care card, is just concentrating on incidentals rather than the holistic approach.

I agree, but you have to save a lot to get over the hump where it is more efficient not to save and simply take the age pension.

Once you do get over the hump, you will tend to end up with much more than a frugal person could ever spend, by virtue of compounding. You will win in the end if you stick it out long enough.

mjr

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Re: Superannuation thread
« Reply #66 on: March 14, 2018, 01:26:18 PM »
The system:

  • taxes income from savings the same as tax from working
  • hits you with Div 293 if you earn too much
  • whacks you further if you accumulate more than $1.6m in super
  • removes your pension and healthcare care
  • has a hugely skewed tax system resulting in higher income earners paying the lion's share of tax (which is how it should be, but it's a question of degree.  49% tax !!)
  • constantly changes under your feet as people decide that money you earned under the rules should be transferred to other people

marty998

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Re: Superannuation thread
« Reply #67 on: March 14, 2018, 02:45:15 PM »
The system:

  • taxes income from savings the same as tax from working
This seems equitable
  • hits you with Div 293 if you earn too much
Still taxed below marginal rates (30% vs 49%)
  • whacks you further if you accumulate more than $1.6m in super
Still taxed below marginal rates (15% vs up to 49%%)
  • removes your pension and healthcare card
Putting my neoliberal hat on, why should anyone except for the truly in need be entitled to taxpayer support in this day and age?
  • has a hugely skewed tax system resulting in higher income earners paying the lion's share of tax (which is how it should be, but it's a question of degree.  49% tax !!)
Agree 49% is far too high
  • constantly changes under your feet as people decide that money you earned under the rules should be transferred to other people
There will always be change. Policy setting always need to be adjusted, because when the entire country has fully exploited a strategy it ends up sending the country broke. You can't expect governments to walk steadfastly like lemmings when there is a need for change
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GT

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mjr

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Re: Superannuation thread
« Reply #69 on: March 14, 2018, 09:34:05 PM »
    The system:

    • taxes income from savings the same as tax from working
    This seems equitable  Doesn't encourage saving when they're taxed at full marginal though, does it ?
    • hits you with Div 293 if you earn too much
    Still taxed below marginal rates (30% vs 49%)  Agreed.  Still penalised.
    • whacks you further if you accumulate more than $1.6m in super
    Still taxed below marginal rates (15% vs up to 49%%) Agreed.  Still penalised.
    • removes your pension and healthcare card
    Putting my neoliberal hat on, why should anyone except for the truly in need be entitled to taxpayer support in this day and age?  Because the people who saved to look after themselves pay more than their peers.  Savers are penalised.
    • has a hugely skewed tax system resulting in higher income earners paying the lion's share of tax (which is how it should be, but it's a question of degree.  49% tax !!)
    Agree 49% is far too high
    • constantly changes under your feet as people decide that money you earned under the rules should be transferred to other people
    There will always be change. Policy setting always need to be adjusted, because when the entire country has fully exploited a strategy it ends up sending the country broke. You can't expect governments to walk steadfastly like lemmings when there is a need for change   If only there was a way to put fair rules in place and stop changing them when some interest group describes people as "exploiters"
    [/list]

    middo

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    Re: Superannuation thread
    « Reply #70 on: March 14, 2018, 10:33:59 PM »
      If only there was a way to put fair rules in place and stop changing them when some interest group describes people as "exploiters"


    But isn't this the basis of the ongoing argument?  What one considers to be fair rules, others may not.  That is the beauty, and the problem with democracy. 

    marty998

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    Re: Superannuation thread
    « Reply #71 on: March 15, 2018, 02:03:53 AM »
      If only there was a way to put fair rules in place and stop changing them when some interest group describes people as "exploiters"


    But isn't this the basis of the ongoing argument?  What one considers to be fair rules, others may not.  That is the beauty, and the problem with democracy.

    Precisely.

    I fully expect that if the ALP win Government, that when this policy reaches the Senate, an exemption will be written into the tax law allowing the refund of up to $5,000 in franking credits.

    Similar to the 45 day rule holding rule for claiming franking credits - if you're under $5k then you don't have to adhere to it.

    Everyone needs to take a chill pill. The senate is made up of 25% cross benchers. In the totally unlikely event that the ALP get a majority in both houses, then by all means you have the right to riot, and I will cheer you on.

    The fact is, that won't happen, so with all the horse trading that will occur, expect there to be changes from here.

    Luckyvik

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    Re: Superannuation thread
    « Reply #72 on: March 15, 2018, 02:22:38 AM »
    Bugger is right.

    I've only tipped over the last pay period (I think). My other issue is that my employer is still paying super into my account until June for this F/Y, even if I stop contributing today.

    I'll call the ATO tomorrow. I hope this isn't going to be too expensive.
    Check out the below link, if you don’t go over by more than $10k over the cap  and it’s the first time you have gone over then the ATO will send you a form to take the excess out at the end of the financial year.

     https://www.ato.gov.au/Super/APRA-regulated-funds/In-detail/APRA-resources/Learner-guides/Excess-Contributions-Tax-learner-guide/?page=44

    Primm

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    Re: Superannuation thread
    « Reply #73 on: March 16, 2018, 11:56:39 PM »
    Apparently I need to learn to read.

    The letter from the super fund was to inform me that I would tip over the $25k limit IF I continued to contribute the same rate with my pay increase.

    So drop the percentage back, and all is good. Phew! Stop panicking, everyone.

    Llewellyn2006

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    Re: Superannuation thread
    « Reply #74 on: March 22, 2018, 02:19:21 AM »
    I think I know the answer to this but just want to make sure. I have a client and until now I've always lodged their super payments via the Small Business Clearing House because I absolutely refuse to have anything to do with Cbus (their default super fund). But the ATO have moved the SBCH into the BAS agent portal and the new version is a mess (looks flash but is clunky and time consuming) to use.

    Is there any reason why I couldn't set the company up in Australian Super's Quicksuper website, set up the employees as Cbus members and just use that to lodge the return each month?

    marty998

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    Re: Superannuation thread
    « Reply #75 on: March 22, 2018, 03:38:09 AM »
    I think I know the answer to this but just want to make sure. I have a client and until now I've always lodged their super payments via the Small Business Clearing House because I absolutely refuse to have anything to do with Cbus (their default super fund). But the ATO have moved the SBCH into the BAS agent portal and the new version is a mess (looks flash but is clunky and time consuming) to use.

    Is there any reason why I couldn't set the company up in Australian Super's Quicksuper website, set up the employees as Cbus members and just use that to lodge the return each month?

    Suspect that you are the one who knows more about this than anyone else...    :)

    Fresh Bread

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    Re: Superannuation thread
    « Reply #76 on: March 22, 2018, 04:27:34 AM »
    I use the clearing house too, or I did. Now I've got about a month to figure out how to pay my employees super. I've been doing everything in excel and filling out paper PAYG forms :(

    Llewellyn2006

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    Re: Superannuation thread
    « Reply #77 on: March 22, 2018, 07:27:18 AM »
    I use the clearing house too, or I did. Now I've got about a month to figure out how to pay my employees super. I've been doing everything in excel and filling out paper PAYG forms :(

    The websites of the industry funds (HESTA, Aust Super etc) are easy to use. You'll need an Auskey if you want to use the SBCH now that they've moved it into the tax and BAS agent portal. I'm not sure if you need to sign up as an employer to use one of the super fund sites (hence the reason for my question above).

    mrcheese

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    Re: Superannuation thread
    « Reply #78 on: March 22, 2018, 06:43:18 PM »
    pretty sure you will need to be registered as an employer to use an industry fund as a clearing house.

    Rowellen

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    Re: Superannuation thread
    « Reply #79 on: March 23, 2018, 04:28:43 PM »
    That explains why my clients have contributions coming into their SMSFs that have descriptions similar to tax refunds when they SBSCH before.

    Luckyvik

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    Re: Superannuation thread
    « Reply #80 on: March 30, 2018, 08:12:42 PM »
    I think I know the answer to this but just want to make sure. I have a client and until now I've always lodged their super payments via the Small Business Clearing House because I absolutely refuse to have anything to do with Cbus (their default super fund). But the ATO have moved the SBCH into the BAS agent portal and the new version is a mess (looks flash but is clunky and time consuming) to use.

    Is there any reason why I couldn't set the company up in Australian Super's Quicksuper website, set up the employees as Cbus members and just use that to lodge the return each month?
    Using the Australian Super Clearinghouse might work if they don’t charge small employers for using their clearing house, you would have to check on that with them.

    middo

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    Re: Superannuation thread
    « Reply #81 on: April 02, 2018, 10:43:05 PM »
    A quick question for those in the know.  My wife is changing jobs and that got us thinking about super, as she has to nominate a super fund.  We are 48, and interested in growth, so what would be a fund recommendation for her?  I notice Hostplus has some share options with low fees, such as "International Shares (hedged) Indexed", and "IFM - Australian Shares"

    Anyone have nay thoughts?  She will be rolling over around $150,000 of super as well.


    Cheers.

    Luckyvik

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    Superannuation thread
    « Reply #82 on: April 03, 2018, 07:20:23 PM »
    A quick question for those in the know.  My wife is changing jobs and that got us thinking about super, as she has to nominate a super fund.  We are 48, and interested in growth, so what would be a fund recommendation for her?  I notice Hostplus has some share options with low fees, such as "International Shares (hedged) Indexed", and "IFM - Australian Shares"

    Anyone have nay thoughts?  She will be rolling over around $150,000 of super as well.


    Cheers.
    Check out Superguide for a list of the cheapest funds:

    https://www.superguide.com.au/boost-your-superannuation/comparing-super-funds-check-out-the-cheapest-funds

    middo

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    Re: Superannuation thread
    « Reply #83 on: April 03, 2018, 07:45:06 PM »
    Thanks.  There are a couple there I hadn't thought of.  I am reluctant to go with a commercial (bank) based fund, as in the past they have not always done the right thing by their customers.  Presently looking for the lowest fee, highest "share" percentage fund.  Many "share" funds are only 75% shares with property as a significant portion.  We have our own property, so look to spread our portfolio through shares in super at the moment.

    It isn't urgent, as she has ticked the "join the employer fund" box at the moment, but will change that in a few weeks time when we settle down into our new roles.  I will keep looking.

    Eucalyptus

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    Re: Superannuation thread
    « Reply #84 on: April 04, 2018, 07:26:41 PM »
      Presently looking for the lowest fee, highest "share" percentage fund.  Many "share" funds are only 75% shares with property as a significant portion.  We have our own property, so look to spread our portfolio through shares in super at the moment.


    I agree. It can be hard to find a fund that will let you have a very high allocation of stocks. Many funds like to have control and just give you a few options ranging from pure cash to something like 80% stocks, 20% bonds, which they call "high growth" or similar. I suspect its because they don't like it when they have a year of negative returns and people complain, making the fund look bad.


    ^This is more annoying when you don't have the choice of fund at all, but have to go with a compulsory fund. Eg in the SA Public Service.


    I'm with UniSuper at the moment (compulsory in my current position). They are very good. I have tweaked it so that I'm basically 95% stocks, 5% property. There is a little infrastructure exposure in one of the parts I've chosen, which I'm more than happy with. I could tweak it to be pure stocks if I wanted.

    potm

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    Re: Superannuation thread
    « Reply #85 on: April 06, 2018, 08:05:26 PM »
    I've found sunsuper to be the best in terms of low fees and the ability to control the exact asset allocation.

    marty998

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    Re: Superannuation thread
    « Reply #86 on: April 06, 2018, 08:17:32 PM »

    I'm with UniSuper at the moment (compulsory in my current position). They are very good. I have tweaked it so that I'm basically 95% stocks, 5% property. There is a little infrastructure exposure in one of the parts I've chosen, which I'm more than happy with. I could tweak it to be pure stocks if I wanted.

    I wouldn't be comfortable with 95% shares right now. I'm at 60-40 Aus Shares-Fixed Income right now... which is very conservative but is helping me stay relaxed while the market sorts itself out.

    I'll dial up the % a little later in the year, but for now happy to keep a lot of powder dry while we continue to fall.

    Eucalyptus

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    Re: Superannuation thread
    « Reply #87 on: April 07, 2018, 02:08:18 AM »
    Doesn't both me in the slightest being so exposed to shares. I have 27 years before I can access my super! :-)

    krustyburger

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    Re: Superannuation thread
    « Reply #88 on: April 07, 2018, 03:52:54 AM »
    I'm with UniSuper at the moment (compulsory in my current position). They are very good. I have tweaked it so that I'm basically 95% stocks, 5% property. There is a little infrastructure exposure in one of the parts I've chosen, which I'm more than happy with. I could tweak it to be pure stocks if I wanted.

    I'm also with unisuper, I initially looked around but they're actually quite good. How did you manage to change it to 95% stocks though?

    Eucalyptus

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    Re: Superannuation thread
    « Reply #89 on: April 08, 2018, 01:14:37 AM »
    Hi Casserole Dish


    I can probably walk you through it over the phone sometime, few steps to it. But you can change your asset allocations online. My allocation is actually a mix of a bunch of different things, including their "International stocks" and domestic stocks options. I also have things in there like "Global Environmental Opportunities". Some of these options are blended investments, but you can work out the percentages within each then multiply your allocation to it (yourself in a spreadsheet), etc.


    Nothing stopping you say just putting all in on the International stocks option.


    *I might not actually be exactly 95% stocks at the moment. I didn't actually double check my spreadsheet but its pretty much that. Also some of their options might fluctuate a little within a set range based on their investments.


    UniSuper are very good, they have an excellent reputation. Definitely in the top few funds in the country. We are lucky in that respect!


    Cheers,


    Adam

    krustyburger

    • 5 O'Clock Shadow
    • *
    • Posts: 51
    Re: Superannuation thread
    « Reply #90 on: April 08, 2018, 05:31:17 AM »
    Hi Adam,
    Thanks, I just had a look online and found the sector options. I'll probably change it later in the year or sooner if stocks go on sale.
    Cheers,
    C

    Eucalyptus

    • Bristles
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    • Location: South Australia
    Re: Superannuation thread
    « Reply #91 on: April 10, 2018, 01:57:28 AM »
    No worries!


    Note change the way they invest your new inputs as well.


    Also, I think they give us two free rebalancings per year. I need to rebalance soon. Then I'll do it again in a few months. Not that its that out of balance, but I can.

    Luckyvik

    • Stubble
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    • Posts: 226
    • Age: 39
    • Location: Sydney, Australia
    Re: Superannuation thread
    « Reply #92 on: April 11, 2018, 05:48:42 PM »
    Canstar has just released their super ratings for 2018.

    They have a page where you can put in your account balance and age (no personal details) and they will tell you which funds have the lowest fees etc.
    https://www.canstar.com.au/superannuation/

    nnls

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    Re: Superannuation thread
    « Reply #93 on: May 13, 2018, 10:52:38 PM »
    Canstar has just released their super ratings for 2018.

    They have a page where you can put in your account balance and age (no personal details) and they will tell you which funds have the lowest fees etc.
    https://www.canstar.com.au/superannuation/

    thanks for the link

    potm

    • Pencil Stache
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    Re: Superannuation thread
    « Reply #94 on: June 14, 2018, 05:30:38 AM »
    Sent an email to payroll today to adjust my salary sacrifice to get to exactly 25k. This will be the third year maxing my concessional contributions and it's building up nicely.

    GT

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    Re: Superannuation thread
    « Reply #95 on: June 14, 2018, 05:39:58 AM »
    I dropped $1000 into my Super this week to get the $500 match from the government for earning SFA this year.

    The cash was in there the next day, just need to wait til I've done my taxes to see the deposit from the government.

    GT

    • Handlebar Stache
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    Re: Superannuation thread
    « Reply #96 on: June 14, 2018, 06:52:38 AM »
    Didn't know this one.

    Quote
    Another change is the relaxing of the spouse contribution rules that delivers people a $540 tax offset ó effectively a cashback deal ó if they pay $3000 into the super of a low-income spouse. Previously the spouse had to earn below $10,800 to qualify for the full benefit, but now itís $37,000.

    https://www.news.com.au/finance/money/how-new-rules-deliver-super-savings-through-tax-deductions/news-story/63dbf09a90e39caa65c60f6b04dde0d1

    Grogounet

    • Bristles
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      • http://www.quest2independence.com
    Re: Superannuation thread
    « Reply #97 on: June 14, 2018, 08:44:52 PM »
    That s a good idea.
    I messed out calculations this year and we're going to both over the $25k limit
    On the good side, this is because of unplanned bonuses...
    I called employers, super, nothing they can do to stop or delay the last payments into super. Annoying..

    GT

    • Handlebar Stache
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    Re: Superannuation thread
    « Reply #98 on: June 14, 2018, 10:18:06 PM »
    My only question would be how does the government know if my wife dropped $3k into my Super and not me, on top of the $1k already did myself?

    Is it declared when she does her tax and that's all it takes?

    Eucalyptus

    • Bristles
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    • Location: South Australia
    Re: Superannuation thread
    « Reply #99 on: June 14, 2018, 11:29:56 PM »
    My only question would be how does the government know if my wife dropped $3k into my Super and not me, on top of the $1k already did myself?

    Is it declared when she does her tax and that's all it takes?


    Wouldn't it be declared on your tax, not hers?


    I noticed this change recently also, sent it to my parents, they are going to give it a go.