Do you think Costello introduced it to get peeps out of union funds?
Do you think Costello introduced it to get peeps out of union funds?I think people are not thinking sensibly about the franking credit issue, which is exactly what Bill wanted and ultimately cost him his job.
If franking refunds is the big issue they made it out to be, they should have just stopped them, full stop. They were introduced 20 years ago, just say we are no longer refunding them at all.
To try and sell the fact that they are only unaffordable to SMSF's and low income earners was dumb.
Then add to that the fact they said, if you transfer your SMSF to an Industry super Fund, you can have your franking credits back.
It really didn't come over very well.
Like I said if they stopped the credits completely, we would be in surplus and have the debt paid off in a few years. Trusts instead of paying tax on 100's of millions of dollars pay nothing because the tax is washed with franking credits.
I don't mind losing them, because they don't make a lot for me, but I think that wasn't the driving initiative behind the changes and it was just a deplorable act.
Just my opinion.
No, I think they actually were running quite a large surplus and at the time there were no obvious federal infra structure projects required, so they reduced personal tax rates and started the franking credit returns and the future fund.Do you think Costello introduced it to get peeps out of union funds?
What i'm finding now is a lot of my ex work mates, who just had a good time, are all looking around for someone to blame for the crap position they find themselves in.
Some who were sparkies, became supervisors and planners, now hitting retirement, are still renting and wondering where all their money went.
No - it offered no particular advantage by leaving a fund versus staying in it.Do you think Costello introduced it to get peeps out of union funds?
Yes it really is just application, perserverance, sacrifice and self discipline.I've seen people on $120K a year in 2020 $ (so adjusting for inflation using the RBA's online calculator since this was a few years ago) blow the lot and haven't got a cent to their name.
I've also seen people on half that income retire before age 60 completely self funded, no pension.
Certainly there are plenty who've suffered genuine misfortune and so on but there are also plenty who have had an abundance of opportunity they failed to take.
That pretty well sums up what I did, like you say if you start early enough it isn't hard.
What i'm finding now is a lot of my ex work mates, who just had a good time, are all looking around for someone to blame for the crap position they find themselves in.
Some who were sparkies, became supervisors and planners, now hitting retirement, are still renting and wondering where all their money went.
It amazes me how many people have the, "why worry I could be dead tomorrow" attitude when it come to saving.
A lot are going to be using a chunk of their super to pay off their mortgage, others are just going to have to rent and a few are well set up.
We had a tradesman come and put a new room on our house a few weeks ago.He was angry with his situation...His Scottish wife had taken the two kids back to her roots in Scotland-got a divorce-got half of everything ,house etc,and now was after his super.
People are caught up in all sorts of circumstances,illness etc.I would never pass judgement on people not saving for their retirement.We are not all the recipient of halcyon circumstances.
No - it offered no particular advantage by leaving a fund versus staying in it.
Agreed definitely.People are caught up in all sorts of circumstances,illness etc.I would never pass judgement on people not saving for their retirement.We are not all the recipient of halcyon circumstances.
The Industry funds are very good, as has been shown by their results and the way they have come out clean through several investigations. If I was closing down my SMSF I wouldn't hesitate to go to an Industry Fund.I would of thought with all the pi$$ &vinegar I read in here when the threat of losing them
Just thought of other ones I now of ..Drug dependent children bleeding their parents and the parents having to go through expensive litigation to save their grandchildren.These conversations remind of coming off at the end of a football game and one player saying to the team..I worked harder than you mob today.Probably not a good analogy but all I could think of at short notice.
Just reinforces the fact a person has to accumulate as early as possible, life, health,opportunity and recovery time all disappear.
It is something that is so hard to explain to young people. They think "here we go again" and you think jeez I wish I didn't sound like a dick.
All the old sayings are based on sound experience, yet no one applies them, nothing much changes.
Well I did mention today, that the grandson could do worse than join the military, he is only 9 so she said where did that come from.I nominate VC to go on a lecture tour of schools and tell them how to do it.
Seriously some life experience talks to the young 'uns from people like him and other members would be a good lesson.
There is a book there if you want to write it VC.
9's a bit young for the Army I think.Well I did mention today, that the grandson could do worse than join the military, he is only 9 so she said where did that come from.
Yes well im thinking, he isnt doing that well with maths, so rather than defer to the, oh he will be a brain surgeon, im looking at plan b9's a bit young for the Army I think.
Should be OK down the coal mines though.....
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?