Eight Quick Things You Need To Know About The New Superannuation Rules

I was joined by Sam Kerr from Nucleus Wealth as we discuss the important changes to Superannuation.

You can see Sam’s article on this here:

The latest edition of our finance and property news digest with a distinctively Australian flavour.

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  1. The government cares about wage theft.
    An employer has two legal choices – pay your superannuation or pay the government slightly more. As long as the government gets its pay off, they don't care if you get nothing!
    Same with anticompetion law. If a business breaks the law and pays the ACCC fine. No further action is taken, regardless of how much money the public has been cheated of!

  2. An alternative tool to interest rates?
    Why don't they use the SGC instead of just Interest rates? If they increased the SG to 15% or 20% or 25% this would pull demand out of the economy but the money would be retained, all be it with a delay, by the person who earnt it. Rather than being permanently lost to a bank.

  3. If you make capital gains in the first 12months of trading which would incur a 50% tax. If you put that profit into super you would only pay 15%? If you use the 5yrs 25k into super rules?

  4. Lol super is a complete joke! Most will never get to retire the way the world is going! Smsf is the only way to stop them robbing you fully! But thanks for the great info!

  5. Superannuation a rip off, too many fees, insurance fees, admin fees, and a Stockmarket that is in decline even if you had it in the most conservative option! It’s just money going to executives on the super boards. They have no idea about risk aversion! Inflation has ruined your superannuation by the time you retire! It’s a rort for the rich, low income workers won’t benefit!

  6. Bit by bit we are loading business with more compliance and cost of compliance. No wonder why we have lost and losing our manufacturing industries never to return.

  7. Maybe soon all worked wages will go into super and you will own nothing and be happy, government hoping you die before you get the money and even if you do your children get taxed on the money you already payed tax on lol more fees then gains! Remember no super needs to perform good for your money it’s guaranteed deposits

  8. 12 years resident in Australia and my super fund balance is about equal to the total amount contributed to it. No resemblance or reference to the stock market return through the period provided by the fund. Where did the profits go? Seems like just another massive scale systemic rort to me.

  9. A note on the FHSSS. $50,000 (previously 30k) is the max CONTRIBUTION you can make. So once they take tax out, the most you can withdraw (assuming no earnings on the amount) is $42,500. DIsappointing because in my mind, it's misleading as I reckon most people would expect they can pull the full $50k out of their super – not so. I believe you get more based off what your contributions earn (assessed at the "benchmark rate"), but it wouldn't be all that much extra, so it's something to be aware of nonetheless.

    There is also a limit to how much you can put in in any one year ($15,000), i.e. you can't salary sacrifice the entire $50k in a single year. TO fill out the $50k, you have to do it over a minimum 4 years (I know this because I've done it).

    To my mind it's just the Gov's way of saying "Look, we're helping" even though most people won't even use the scheme at all to begin with, and many of the people who do probably won't get all that much benefit out of it anyway. Like, it might put you a few grand ahead on tax or so and that's about it. It's also useless for people on lower incomes who won't get as much of a tax benefit either. That said, if you're earning OK money (say, six figures), you can afford to redirect some money into Super and you're intending to buy a property, then there's no reason not to. Bonus if you and your partner both max it out, as you can combine both your FHSSS withdrawals, getting you about 90k.

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