Aussie super - 9% up to 12%
Oct 20th 2011, 9:47 am
#1
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Aussie super - 9% up to 12%
Hi there
Does anyone know if this is actualy happening or not ?
I've read about it on the web but not sure if it is law yet or not and if not, when it will go through parliment
Does anyone know if this is actualy happening or not ?
I've read about it on the web but not sure if it is law yet or not and if not, when it will go through parliment
Oct 20th 2011, 2:41 pm
#2
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Re: Aussie super - 9% up to 12%
As far as I know still just being talked about and no real plans to get any further than that.
Oct 20th 2011, 9:06 pm
#3
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Re: Aussie super - 9% up to 12%
It's more than just being talked about.
It is definitely planned but it does need to go through parliament. It's expected to happen late this year or early next - assuming enough independents are on-side of course.
It will be a gradual increase and the full 12% won't be paid until 2019.
http://www.ato.gov.au/super/content....tm&page=19&H19
It is definitely planned but it does need to go through parliament. It's expected to happen late this year or early next - assuming enough independents are on-side of course.
It will be a gradual increase and the full 12% won't be paid until 2019.
http://www.ato.gov.au/super/content....tm&page=19&H19
Oct 20th 2011, 9:10 pm
#4
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Joined: Oct 2010
Posts: 237
Re: Aussie super - 9% up to 12%
It's more than just being talked about.
It is definitely planned but it does need to go through parliament. It's expected to happen late this year or early next - assuming enough independents are on-side of course.
It will be a gradual increase and the full 12% won't be paid until 2019.
http://www.ato.gov.au/super/content....tm&page=19&H19
It is definitely planned but it does need to go through parliament. It's expected to happen late this year or early next - assuming enough independents are on-side of course.
It will be a gradual increase and the full 12% won't be paid until 2019.
http://www.ato.gov.au/super/content....tm&page=19&H19
Oct 20th 2011, 9:39 pm
#5
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Joined: Feb 2005
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Re: Aussie super - 9% up to 12%
When you get to our age circa 56.... then the Australian Super system is probably one of the greatest things we have participated in. It equates to giving us so much choice and freedom in our future plans, that the world really looks like being our oyster.
Then I look at blokes at my Employer... Aus Post who have been there over 40 years and some of theese guys are pulling in 4 to 5k a month extra on their super each month !
It's almost a rort... because some of these guys have hardly taken any sickies and are probably owed close to 2 years worth of Sick pay... which means they could in theory take as much time off as possible and have close to 100k added to their super over the next two years. Got one guy that is taking over 2 years worth of Long service leave... whilst accruing super at these levels..
There are so many people at Aus post with 500K plus super coming their way, that it's little wonder they want to make every employee Part time...... I'm way behind those guys as I've only been there 17 years.
So based on the above... I doubt if it sustainable... because people can really use the system to their own advantage during the later years of their employment.
Then I look at blokes at my Employer... Aus Post who have been there over 40 years and some of theese guys are pulling in 4 to 5k a month extra on their super each month !
It's almost a rort... because some of these guys have hardly taken any sickies and are probably owed close to 2 years worth of Sick pay... which means they could in theory take as much time off as possible and have close to 100k added to their super over the next two years. Got one guy that is taking over 2 years worth of Long service leave... whilst accruing super at these levels..
There are so many people at Aus post with 500K plus super coming their way, that it's little wonder they want to make every employee Part time...... I'm way behind those guys as I've only been there 17 years.
So based on the above... I doubt if it sustainable... because people can really use the system to their own advantage during the later years of their employment.
Oct 20th 2011, 11:39 pm
#6
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Re: Aussie super - 9% up to 12%
When you get to our age circa 56.... then the Australian Super system is probably one of the greatest things we have participated in. It equates to giving us so much choice and freedom in our future plans, that the world really looks like being our oyster.
Then I look at blokes at my Employer... Aus Post who have been there over 40 years and some of theese guys are pulling in 4 to 5k a month extra on their super each month !
It's almost a rort... because some of these guys have hardly taken any sickies and are probably owed close to 2 years worth of Sick pay... which means they could in theory take as much time off as possible and have close to 100k added to their super over the next two years. Got one guy that is taking over 2 years worth of Long service leave... whilst accruing super at these levels..
There are so many people at Aus post with 500K plus super coming their way, that it's little wonder they want to make every employee Part time...... I'm way behind those guys as I've only been there 17 years.
So based on the above... I doubt if it sustainable... because people can really use the system to their own advantage during the later years of their employment.
Then I look at blokes at my Employer... Aus Post who have been there over 40 years and some of theese guys are pulling in 4 to 5k a month extra on their super each month !
It's almost a rort... because some of these guys have hardly taken any sickies and are probably owed close to 2 years worth of Sick pay... which means they could in theory take as much time off as possible and have close to 100k added to their super over the next two years. Got one guy that is taking over 2 years worth of Long service leave... whilst accruing super at these levels..
There are so many people at Aus post with 500K plus super coming their way, that it's little wonder they want to make every employee Part time...... I'm way behind those guys as I've only been there 17 years.
So based on the above... I doubt if it sustainable... because people can really use the system to their own advantage during the later years of their employment.
If they really wanted you to save they wouldn't take 15% tax off your contributions. People bang on about Super as if it's some great idea, it's just a defined contribution scheme that they tax, even the UK don't tax pension contributions ffs.
It's just another scam designed to line bankers pockets.
Oct 20th 2011, 11:51 pm
#7
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Joined: Jul 2007
Posts: 237
Re: Aussie super - 9% up to 12%
But still nowhere near as good as the defined benefit pensions people were offered for the last 30 years.
If they really wanted you to save they wouldn't take 15% tax off your contributions. People bang on about Super as if it's some great idea, it's just a defined contribution scheme that they tax, even the UK don't tax pension contributions ffs.
It's just another scam designed to line bankers pockets.
If they really wanted you to save they wouldn't take 15% tax off your contributions. People bang on about Super as if it's some great idea, it's just a defined contribution scheme that they tax, even the UK don't tax pension contributions ffs.
It's just another scam designed to line bankers pockets.
The UK don't tax it going in but they tax it coming out
Oct 21st 2011, 3:30 am
#8
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Re: Aussie super - 9% up to 12%
The compulsory nature of super is its making. Now have the 4th largest pension pool in the world.
"Australia has had the highest growth in the pension assets to GDP ratio than any other P13 country over the past 10 years."
(Source: http://www.towerswatson.com/australia/press/3764)
The increase to 12% seems like a good thing considering a shortfall in the amount saved is usually seen as the biggest issue.
"Australia has had the highest growth in the pension assets to GDP ratio than any other P13 country over the past 10 years."
(Source: http://www.towerswatson.com/australia/press/3764)
The increase to 12% seems like a good thing considering a shortfall in the amount saved is usually seen as the biggest issue.
Oct 21st 2011, 5:29 am
#9
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Joined: May 2003
Location: Alloha snack bar
Posts: 24,246
Re: Aussie super - 9% up to 12%
The compulsory nature of super is its making. Now have the 4th largest pension pool in the world.
"Australia has had the highest growth in the pension assets to GDP ratio than any other P13 country over the past 10 years."
(Source: http://www.towerswatson.com/australia/press/3764)
The increase to 12% seems like a good thing considering a shortfall in the amount saved is usually seen as the biggest issue.
"Australia has had the highest growth in the pension assets to GDP ratio than any other P13 country over the past 10 years."
(Source: http://www.towerswatson.com/australia/press/3764)
The increase to 12% seems like a good thing considering a shortfall in the amount saved is usually seen as the biggest issue.
Oct 21st 2011, 7:03 am
#11
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Re: Aussie super - 9% up to 12%
With the way the markets of going recently, most of our super is worth about the same as a bag of chips.
Everyone i know in the UK is abandoning private pensions schemes because people are realising the returns are crap. Particularly if you fall into the camp that believes the financial turmoil of the last few years is a long way from ending and may just be begining.
Everyone i know in the UK is abandoning private pensions schemes because people are realising the returns are crap. Particularly if you fall into the camp that believes the financial turmoil of the last few years is a long way from ending and may just be begining.
Oct 21st 2011, 7:12 am
#12
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Re: Aussie super - 9% up to 12%
With the way the markets of going recently, most of our super is worth about the same as a bag of chips.
Everyone i know in the UK is abandoning private pensions schemes because people are realising the returns are crap. Particularly if you fall into the camp that believes the financial turmoil of the last few years is a long way from ending and may just be begining.
Everyone i know in the UK is abandoning private pensions schemes because people are realising the returns are crap. Particularly if you fall into the camp that believes the financial turmoil of the last few years is a long way from ending and may just be begining.
You can put your super into cash - as easy as filling in a 1-page form. This gives you stability and you still get the awesome tax breaks that are available when withdrawing super. You can self-manage it you want.
I agree that the UK private pension system is a joke.
Oct 21st 2011, 7:24 am
#13
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Re: Aussie super - 9% up to 12%
There is $1.3-odd trillion in Australian super - hardly the same value as a 'bag of chips'. My super is doing just fine - sure the GFC knocked it about a bit but I'm still ahead.
You can put your super into cash - as easy as filling in a 1-page form. This gives you stability and you still get the awesome tax breaks that are available when withdrawing super. You can self-manage it you want.
I agree that the UK private pension system is a joke.
You can put your super into cash - as easy as filling in a 1-page form. This gives you stability and you still get the awesome tax breaks that are available when withdrawing super. You can self-manage it you want.
I agree that the UK private pension system is a joke.