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I fucking hate dealing with super related stuff. Needs to be a simpler way to merge all your monies into one superfund. Not get a notorized letter saying its ok to do so. Fucking load of crap.
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Quote:

Originally Posted by partyboi007 View Post

I fucking hate dealing with super related stuff. Needs to be a simpler way to merge all your monies into one superfund. Not get a notorized letter saying its ok to do so. Fucking load of crap.

Step one: go to the website of the super fund that you want all of your others rolled in to.
Step two: download the form called "super consolidation"
Step three: Fill out that form with the details of your other funds
Step four: Send that form in to the company you want your super with and they will chase up all your other accounts.

done.
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"A looming surge in baby boomer retirees may force superannuation funds to freeze assets and ban withdrawals."

http://www.news.com.au/money/superan...-1225993417151
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...tick tock tick tock the time bomb goes...
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ah, fund managers would have to take into account the age of their members and the liquidity of assets required to meet pension payments and so forth? if they're not doing that then the problem is with them, not the system.
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can anyone recommend a good industry super fund, with low fees and good returns?
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compare the pair...
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Quote:

Originally Posted by SparklingSam View Post

ah, fund managers would have to take into account the age of their members and the liquidity of assets required to meet pension payments and so forth? if they're not doing that then the problem is with them, not the system.

a) This

b) news.com

c) Good luck to any super fund that tries that. Legislation would be pumped out so quickly they would not even have time to bend over.

d) A large amount of core strategy assets, ie. the most commonly taken one, are liquid assets.

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Originally Posted by B_e_de View Post

It's the same as going out on a busy street and looking at the people around you, most of them are fgts.

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Quote:

Originally Posted by sydney3000 View Post

...tick tock tick tock the time bomb goes...

KABOOM!
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attempted wise crack about Australian Industry Super funds. Their add says "compare the pair... Same age... Same super contribution"... Their gimmick is they don't pay commisions to financial advisers...
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''Everyone tells me that superannuation takes pressure off the budget. It doesn't. The cost of the tax concessions is far greater than the savings in the aged pension,'' says the executive director of the Australia Institute, Richard Denniss.

http://www.smh.com.au/national/a-sup...406-1wgul.html

''There are two systems - one for the rich, who make use of the massive tax concessions - and the punters who have 9 per cent taken out whether they like it or not,'' Mike Rafferty said.

http://www.smh.com.au/money/super-an...406-1wgvb.html
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Quote:

Originally Posted by sydney3000 View Post

''Everyone tells me that superannuation takes pressure off the budget. It doesn't. The cost of the tax concessions is far greater than the savings in the aged pension,'' says the executive director of the Australia Institute, Richard Denniss.

http://www.smh.com.au/national/a-sup...406-1wgul.html

''There are two systems - one for the rich, who make use of the massive tax concessions - and the punters who have 9 per cent taken out whether they like it or not,'' Mike Rafferty said.

http://www.smh.com.au/money/super-an...406-1wgvb.html

Yeah I read the smh's super special. I think the consensus was that the system is a good one, but was skewed towards those who had the education to take advantage of tax concessions. I don't really get the context of the top quote, is he comparing the current system to a no super-all pension system or comparing the tax revenue "lost" through concessions to the savings in the pension allowed by the superannuation system. Because the latter is a bogus comparison.

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Originally Posted by B_e_de View Post

It's the same as going out on a busy street and looking at the people around you, most of them are fgts.

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Quote:

Originally Posted by watsakerring View Post

Step one: go to the website of the super fund that you want all of your others rolled in to.
Step two: download the form called "super consolidation"
Step three: Fill out that form with the details of your other funds
Step four: Send that form in to the company you want your super with and they will chase up all your other accounts.

done.

You need certified copies of id documentation, which is a pain in the ass. I've had a form filled out for a good 12 months but haven't sent it cos I haven't got around to going and getting this.

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Quote:

Originally Posted by THEHEATH View Post

You need certified copies of id documentation, which is a pain in the ass. I've had a form filled out for a good 12 months but haven't sent it cos I haven't got around to going and getting this.

sounds a bit like me... I got all my super account numbers on a list, one year later I contacted them all to get the other details required to process the roll over (fund name and another number you need), started filling out the forms for each. meanwhilst my new super account that i wanted to roll them into got cancelled becasue I was too slow lol

tbo getting the certified ID is easy- scan a copy of your license and get a jp signature on the copy
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Quote:

Originally Posted by THEHEATH View Post

You need certified copies of id documentation, which is a pain in the ass. I've had a form filled out for a good 12 months but haven't sent it cos I haven't got around to going and getting this.

It takes all of 5 minutes to walk into the cop shop and have them certify a photocopy for you.

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Or a local library with a JP.
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It's a pain in the ass when you send it in and they don't accept it because the fucking stupid-ass JP didn't date the certification.

this happened more than once

Fuck super in the ass
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Yes, super sucks because a JP forgot a date. I can see why you hate it
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Quote:

Originally Posted by big eddie View Post

It takes all of 5 minutes to walk into the cop shop and have them certify a photocopy for you.

If you're lucky enough to walk into a cop shop where they wont tell you to fuck off cause they're too busy..

Then yes, it takes 5 mins. They hate doing it from my experience. Got into many a verbal stoush with them when I was sorting out my dads super after he died.
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Quote:

Originally Posted by Portal View Post

If you're lucky enough to walk into a cop shop where they wont tell you to fuck off cause they're too busy..

Then yes, it takes 5 mins. They hate doing it from my experience. Got into many a verbal stoush with them when I was sorting out my dads super after he died.

Yeah you are way better off going to a JP, most town councils, some libraries etc have them and certifying documents is basically their job.

Even going to report a crime at a police station you are likely to get told to fuck off because they can't be fucked doing the paperwork in my experience.

Actually doing their job cuts into donut time or negatively affects their footy tipping or something like that.
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most bigger cop shops will have an onsite JOP their and they do it for you, it really isnt that hard
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Quote:

Originally Posted by watsakerring View Post

Step one: go to the website of the super fund that you want all of your others rolled in to.
Step two: download the form called "super consolidation"
Step three: Fill out that form with the details of your other funds
Step four: Send that form in to the company you want your super with and they will chase up all your other accounts.

done.

after that all you have to do is wait your 12 months for the super fund manager to contact you to advise you forgot to tick the 'consolidated' box and you should re lodge it
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"There can be no doubt the government's decision to raid the superannuation honey pot to help fund its surplus has confirmed a long-held suspicion by many people that putting too much money into super is a risk."

"Once the money is there, you're locked in. But the government can change the rules to suit whatever short-term political objectives it has. That introduces a legislative risk that not everyone is prepared to take."

http://www.smh.com.au/money/raid-on-...511-1yhm6.html
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Oh no, whatever will people earning over 300k a year do now?

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Originally Posted by gotamangina View Post

I hate it when you're right and I'm not.

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Quote:

Originally Posted by sydney3000 View Post

"There can be no doubt the government's decision to raid the superannuation honey pot to help fund its surplus has confirmed a long-held suspicion by many people that putting too much money into super is a risk."

"Once the money is there, you're locked in. But the government can change the rules to suit whatever short-term political objectives it has. That introduces a legislative risk that not everyone is prepared to take."

http://www.smh.com.au/money/raid-on-...511-1yhm6.html

Hang on a second. Do you actually understand the effects of the modifications made to superannuation in this budget? It seems to me you simply read something critical of the superannuation system, irrespective of it's merit or content, and post it.

The reason I say this is that because this post you made here (quoted below) contained several articles which detailed that superannuation is a good system overall BUT contains far too many tax concessions to those on high incomes.

Quote:

Originally Posted by sydney3000 View Post

''Everyone tells me that superannuation takes pressure off the budget. It doesn't. The cost of the tax concessions is far greater than the savings in the aged pension,'' says the executive director of the Australia Institute, Richard Denniss.

http://www.smh.com.au/national/a-sup...406-1wgul.html

''There are two systems - one for the rich, who make use of the massive tax concessions - and the punters who have 9 per cent taken out whether they like it or not,'' Mike Rafferty said.

http://www.smh.com.au/money/super-an...406-1wgvb.html

But with your latest post you post an article that bemoans the cutting of superannuation tax concessions to high income earners!

Are you taking the piss? Or do you genuinely not understand the content of what you read beyond that it criticises an aspect of the superannuation system?

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Originally Posted by B_e_de View Post

It's the same as going out on a busy street and looking at the people around you, most of them are fgts.

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Also, this:

Quote:

Originally Posted by big eddie View Post

Oh no, whatever will people earning over 300k a year do now?

I weep for the removal of their tax concessions.

Quote:

Originally Posted by B_e_de View Post

It's the same as going out on a busy street and looking at the people around you, most of them are fgts.

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Quote:

Originally Posted by YossarianIsSane View Post

Are you taking the piss?

Yes and no. There is method to my madness. I dislike superannuation because I think it is bad legislation that will turn to prove itself in 10 years to have caused 80% of the people who contribute to it to earn less than what a term deposit would pay outside of superannuation. The only people who win with superannuation are the ones managing it, the ones whose tax concessions are greater than their meagre returns (if there are any of those people) and the ones who aren't forced into it (like politicians). I therefore try to keep reminding people of this bad legislation even if on occasion it causes my separate statements made over time to be in contradiction of each other.

The fact that you noticed this means that my posts do have the desired effect of keeping people alert.

The same holds true in the HECS thread where I keep posting US student loan information even though others keep pointing out that "Australia is different." I admit Australia is different until is it is no longer different and the legislative risk of equalisation is always there. Australia is at peak welfare status and all future budget measures will be austerity-driven cuts to welfare perks and there will be a day where the income threshold for HECS repayment will be dropped and the 0% HECS debt interest will be replaced with market-rate HECS debt interest. On that day HECS debtors will suddenly be living through the same fortunes as the US student loan debtors.
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Right. So you have a particular point of view about possible future effects of these things. You make often inexplicable posts and don't engage in discussion of the merits and pitfalls of the scheme in question. It makes you look like an idiot, and (at least to me) makes the position you seem to espouse appear even more ridiculous. I'm not really sure wheels-within-wheels is really the best method to get a point across, particularly when it is unclear what that point is.

I would even agree with you that the long term returns from superannuation may not be significantly more than a well-managed term deposit. However this completely ignores the compulsory aspect of superannuation. I could rant about why that is required, but if you're intelligent enough to understand the mechanics of the system, you should be able to understand that argument. Not to mention that there is significant scope to have a say as to where investments are made for you, or to make them yourself. Legislative change is also a valid concern with things like HECS. But that's the same for anything, and it also goes both ways. Taxation, business and everything associated *may* all suffer from this. Until there is even a remote indication that such drastic change might occur, why rubbish the whole system based on that possibility? Frankly, the post you just made made me more "alert" to these concerns than your entire back-catalogue of your posts on any topic. Because it's presented in a reasonable and intelligent manner, not out of context links to random opinionated drivel!

Anyhoo, carry on. I suppose ITM is hardly the wellspring of policy advice for political parties in this country so there's not much point to me going on a impassioned rant.

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Originally Posted by B_e_de View Post

It's the same as going out on a busy street and looking at the people around you, most of them are fgts.

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if you want the return of a term deposit from your super why don't you invest in a platform that lets you buy term deposits you fucking muppet
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Quote:

Originally Posted by YossarianIsSane View Post

Right. So you have a particular point of view about possible future effects of these things. You make often inexplicable posts and don't engage in discussion of the merits and pitfalls of the scheme in question. It makes you look like an idiot, and (at least to me) makes the position you seem to espouse appear even more ridiculous. I'm not really sure wheels-within-wheels is really the best method to get a point across, particularly when it is unclear what that point is.

Frankly, the post you just made made me more "alert" to these concerns than your entire back-catalogue of your posts on any topic. Because it's presented in a reasonable and intelligent manner, not out of context links to random opinionated drivel!

Anyhoo, carry on. I suppose ITM is hardly the wellspring of policy advice for political parties in this country so there's not much point to me going on a impassioned rant.

This isn't about me being right and others being wrong or vice versa. I accept your view but I think you fail to understand the human mind. Inexplicable things tend to cause brains to get into action while explicable things are simply shelved. That is why I am being controversial. Simple exposure to information will cause assessment and evaluation within the human sub-conscience. I was never under the illusion I could change ITM reader views through my posts but I did wish to create additional choices in human society and all I have to do to achieve that is to get you to read my posts. Everything I do in life is based on feeding the sub-conscience of people and letting those minds work "it" out themselves. It was my intention to keep attention on matters of interest and let the sum of various sub-consciences find the best way forward for human society.

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Quote:

Originally Posted by Gussigan View Post

if you want the return of a term deposit from your super why don't you invest in a platform that lets you buy term deposits you fucking muppet

None of this is about superannuation, HECS, term deposits or money or anything possessive or singular public policy issues. It is about deploying a communication method that directly links into the human brain power of the planet and it is about using that link to open up the possibility of human progress.
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Quote:

Originally Posted by sydney3000 View Post

This isn't about me being right and others being wrong or vice versa. I accept your view but I think you fail to understand the human mind. Inexplicable things tend to cause brains to get into action while explicable things are simply shelved. That is why I am being controversial. Simple exposure to information will cause assessment and evaluation within the human sub-conscience. I was never under the illusion I could change ITM reader views through my posts but I did wish to create additional choices in human society and all I have to do to achieve that is to get you to read my posts. Everything I do in life is based on feeding the sub-conscience of people and letting those minds work "it" out themselves. It was my intention to keep attention on matters of interest and let the sum of various sub-consciences find the best way forward for human society.

I seed and water. The plant grows by itself.

If that's the method you think best gets across your point, fair enough. Personally, I had absolutely no idea whatsoever what your point was before you explicitly stated it a few posts ago. I'm saying I'd be more inclined to lend credence to a well explained argument centred around your points about the mechanism of superannuation investment not being overly advantageous. To me, posting the random links that you do has the exact opposite effect, it polarises people against your argument because it appears ill-considered and like you have no idea what you are talking about.

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Originally Posted by B_e_de View Post

It's the same as going out on a busy street and looking at the people around you, most of them are fgts.

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Quote:

Originally Posted by sydney3000 View Post

None of this is about superannuation, HECS, term deposits or money or anything possessive or singular public policy issues. It is about deploying a communication method that directly links into the human brain power of the planet and it is about using that link to open up the possibility of human progress.

um, okay. good luck with that.
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"Most of them are wolves in sheep's clothing."

"The guys who run super funds are in the ticket-clipping business. They take a tiny nick out of every dollar that passes through their hands and, since our super savings total $1.3 trillion, those tiny nicks add up to very big bucks."

"The super industry - which includes not just the fund managers but also the (often union) trustees and the myriad outfits providing advice to them - is among the most lucrative in the country. These guys pay themselves extraordinary salaries."

"Clipping tickets is such a deceptively cheap way to make a fortune (for the operators)."

"The annual cost of super tax concessions is now growing so fast it's projected to equal the annual cost of the age pension by 2015-16. Such growth is simply unsustainable."

"These concessions go disproportionately to high-income earners, as well as advantaging the retired generation over the working young."

http://www.smh.com.au/opinion/politi...522-1z364.html
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"Superannuation funds crises are an accident waiting to happen."

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Put $1 into super on 28 June

Will see a $20 Government Co-contribution by November.

If only the rest of my super got an annual return of 4000%+
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"Compulsory super enriches financial sector at the expense of the workers"

http://www.theaustralian.com.au/busi...-1226583058585
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Pro-tip: Adam Creighton is an ideological crackhead and a former senior economic adviser to Tony Abbott.

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One of these days, sydney3000 may actually have something to discuss rather than just re-posting completely irrelevant information about his pet peeve du jour
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Quote:

Originally Posted by big eddie View Post

Pro-tip: Adam Creighton is an ideological crackhead and a former senior economic adviser to Tony Abbott.

http://www.socialist-alliance.org/page.php?page=891

To be fair, the Socialists hold the exact same view as well.
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Lol. Socialist Alliance are a bunch of backwards crackpots as well.
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They are largely correct though. Why should workers be forced to give up income into Super? Why isn't Super being used to invest back into the country like it was originally promised?

I hate Super because it forces everyone to be part of the predatory stock market, something I am extremely morally against. I also feel it forces people to vote against leftist interests as if you vote the Greens, SA or any other leftist organization and the market reacts, you lose out on super.

Why in fuck should anyone be forced to hand over wages to investment bankers?
Cockroach capitalism at it's best.
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I don't know about forcing people to vote against leftist interests, that's a long bow to draw. You could say the same thing about the stock market reacting to anyone getting into power.

I reckon it's a better alternative to being given a measly pension when you hit a certain age - personally, I'd like more of an opportunity to direct where it goes so that it doesn't end up in the hands of investment bankers. I also understand why people don't like it, but I think it's a fair bit better than most other systems that have been suggested.
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I base my view that people will vote against leftist interests based entirely on comments sections of news sites, so I don't know how accurate it is haha, But I can see it happening.

I think your suggestion is very correct. I would rather my Super went into investing inthe NBN or even a HSR network, rather than in the hands of investment bankers.
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Yeah, I think I'd rather see that as well.

But even if I didn't and decided I wanted to buy BHP stock or Telstra or whatever, that'd be fine too - being able to receive the amount in an account that I can then disperse into shares, bonds, whatever would be much better. No access to sell until you hit a certain age, but you can say where it goes. That'd be great.
Aerodynamical Fusion Science Terminal Velocitising Scientician Experimentalising
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