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Thursday 8 November 2012

Superannuation - Australian Government Milking the Poor's Superannuation

As part of some new laws concerning superannuation coming into effect, the government will be able to confiscate superannuation money in accounts which it considers to be inactive. No doubt the official motivation is to reduce administration cost. The reality seems like a desperate attempt to pilfer any amount it can from unsuspecting citizens.

The laws to acquire (confiscate) superannuation has already been in existence for under more reasonable conditions such as:
i) The account holder is not contactable by the fund for more than 5 years.
ii) The amount left in the fund is less than $2000.

The law is supposed to be for lost account. But now the conditions above has been changed to:
i) Account is inactive for more than 12 months.
ii) The amount remaining is less than $200.

This would surely result in netting more superannuation money. The people whom this money belong to are most likely the people who have low paying jobs, casual jobs, i.e. people who needs this money the most.

More details can be found in:
http://www.wealthprofessional.com.au/article/lost-super-hockey-is-peddling-falsehoods-144815.aspx
http://www.wealthprofessional.com.au/article/shorten-announces-super-changes-144739.aspx
http://www.wealthprofessional.com.au/article/super-reforms-cormann-blasts-shorten-shorten-blasts-hockey-hockey-blasts-swan-144755.aspx


1 comment:

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    Private Equity Australia

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