Government to take over lost super accounts

The measures in the mini budget for the government to take over orphan super and bank accounts is brilliant and should have been done years ago.

The short story is that super accounts with up to $2000 and that havn't been active for one year will now be sent to the ATO. This means that the super companies can't do their normal stunt of withdrawing hundreds of dollars of fees a year until there is nothing left. (Only happened to 3 small super accounts I had...)

People don't lose their super. When they go hunting for it it is still in their name and they score interest on the balance and havn't had a relentless cycle of fees deducted

Watch the insurance companies and banks scream on this measure. This was just money for jam.

http://www.theage.com.au/opinion/po...h-to-boost-budget-by-900m-20121022-280vy.html

Re: Govt to take over lost super accounts

The above does sound like a measure that is good in its own right, but that's far from the government's objective.

For those who have self managed super, the government just keeps increasing its clip.

From July 1 2013 the SMSF levy will be raised from $191 to $259 per annum in a move than is expected to raise $319 million over the next three and a half years.

The levy has been a favourite revenue-raising device for the government who raised the annual payment from just $45 to $150 in 2007/08 and from $150 to $180 in 2011.

Click to expand...

http://www.theaustralian.com.au/nat...ew-levy-in-myefo/story-fn59niix-1226500700438

Re: Govt to take over lost super accounts

I'd love to know what we actually get for this levy. I'm not aware of anything at all.
Just another tax grab by a government obsessed with its purely political surplus.