Anything and Everything about Superannuation

Yeah can play around with the options allocations in the investment mixes available. Maybe all cash for a bit then look at balanced, growth, ETFs and move it back out overseas again for better returns.

 

Thanks for sharing. I think many of you are a bit more clued up than me so I will set up my superannuation allocations switch this week for SANF. Thanks all

 

Westpac and its super arm BT gouge $8 billion from unsuspecting public

The super funds run by banks and financial institutions – many of them major Coalition donors – have been fleecing the public’s super on an industrial scale for at least a decade. This is the story Westpac and News Corp Australia didn’t want you to see in mid-2018 – even in the middle of a royal commission into banking illegality. Investigative reporter Anthony Klan reports.

Westpac has gouged more than $8 billion from the savings of its almost 1 million superannuation fund members over the past decade, including by operating a complex web of obscure paper companies, many of which generate huge fees despite having no employees and doing no work.

The opaque, almost impenetrable structure has enabled Westpac, through its “funds management” arm BT Financial Group, to charge vast fees.

Massive fees and charges are the key reason why, on average, the 950,000 members of Westpac’s Retirement Wrap, which holds $62 billion of retirement savings, has seen overall returns of roughly half actual market rates over the decade to June 30 2017.

The return is even below the return on risk-free “cash” investments and barely above inflation.

cont..

 

An oldie but a goodie in more ways than one.

21-167MR ASIC and Dixon Advisory enter conditional agreement to resolve ASIC civil penalty action | ASIC - Australian Securities and Investments Commission

"The heads of agreement follow Court-ordered mediation and propose that Dixon Advisory pay a $7.2 million penalty for breaches of the Corporations Act as well as $1 million to pay ASIC’s costs of its investigation and legal proceedings. The in-principle resolution between the two parties is subject to approval from the Court.

An ASX announcement outlining the agreement was made by E&P Financial Group Limited on 9 July 2021."

 

From this FY I have decided to do Salary Sacrufice on 15% tax but won't exceed 25K.

I will have to work out with my Accountant on the previous year contribution if I can bring back etc.

 

Note from this FY concessional contribution cap has been increased from 25K p/a to 27.5K p/a

 

Information is available via ATO online portal accessed via mygov. Refer to the 'balance' under the red start below

 

Thank you @ChrisP73, appreciate it!

 

Could I just confirm that the amount showing under Unused Concessional Contribution Cap Available is the amount I can pay into my super with 15% tax as lump sump or regular deduction from my pay?

 

I *believe* that's the case, but I havn't done it as I've always used my cap, so I can't be sure. Maybe call your super fund and the ATO to confirm.

Also note that the unused CCC doesn't include the current FY year, just previous FTs.

 

Australia's wealthiest are exploiting a superannuation tax loophole, and it's costing ordinary people

 

You got me.

 

Wouldn't you just love to see the names of the trustees

 

Stop being so shy about it. C'mon fess up.

 

To be honest I'm surprised there's only 27 funds with more that 100m. I thought it would be at least hundreds.

Would be curious to see the asset allocation / holding of the top 27. My guess is a fair wack of business really property. Total guess though.

 

Just remember that the June 21 balances are not yet updated so a person could contribute $25,001 - $75K now and find in a month they were ineligible as their total super balances were > $500,000.

 

Can't really imagine that sort of growth in property in that year.
I'd be more inclined to think it's shares myself; and probably a high weighting to something in particular.

I'd be more interested to know what the costs of running that fund were for a year!