The Superannuation Thread (1 Viewer)

[mreditor16]

Re: The Superannation Thread

For choosing a superfund, Canstar is a good place to start, according to one of my friends - http://www.canstar.com.au/superannuation/

 

[Squar3root]

Re: Confessions

Go for an Industry Super Fund imo - from what I've heard. I didn't get choose mine, but I got lucky, since my employer chose a good super fund.

my 'industry' doesn't have a super fund lol but I will look around when I work a bit more

 

[mreditor16]

Re: Confessions

You said your super made $7 in 7 months and you pay $4.40/month for an account fee so I've assumed your super made a loss in that period. IMO, I would just let your employer contribute what they already do and leave your other money in a high interest savings account. Since you're a student, you won't be charged an account fee and you make a little bit more money than you would with your super

Oh sorry, what I mean is that yes there are fees, taxes and all that jazz, but after fees etc are accounted for, my super has had net growth of 7 dollars. Sorry for the confusion.

Also, another problem I have is that I don't think this job will continue beyond end of this year, so after that contributions to it will stop flowing. And my honest problem is that I think with the inflows stopping, all the fees will slowly chew away all the super, whereas if I chuck in effectively 1500 bucks, then the gains will trump the fees and keep it healthy....

 

[mreditor16]

Re: Confessions

my 'industry' doesn't have a super fund lol but I will look around when I work a bit more

Then, maybe Australian Super?? Iirc they charge $6 of fees a month, btw.

 

[photastic]

Re: The Superannation Thread

Wtf is insurance premiums and contribution tax? My poor $25 gone

 

[enoilgam]

Re: The Superannation Thread

For choosing a superfund, Canstar is a good place to start, according to one of my friends - http://www.canstar.com.au/superannuation/

The thing is, I know very little about super in terms of what is good and what is bad.

 

[mreditor16]

Re: The Superannation Thread

Wtf is insurance premiums and contribution tax? My poor $25 gone

So basically, I'm not too familiar with insurance part of superannuation - all I did was opt-out quick-smart.

As for the contribution tax, the ATO actually taxes any employer contributions to your super fund at a rate of 15%. What tends to happen is that it is automatically paid to the ATO. So, essentially if you're getting 100 dollars in super contributed by your employer a week, what will actually happen is only 85 dollars will end up in your super, cos 15 dollars got taxed and given to ATO

 

[JT145]

tbh i dont even understand how super works all i got was to sign a form when i started work and a lil bit goes into it with each paypacket

thats like all i kno

 

[Hagaren]

Last count I have around 30k in super, about 8k is voluntary. Gov co-contributions make up about 10k. 7-8k from employment and the rest has been in growth. It's also been paying for my income and tpd insurance for the past two years.

 

[seremify007]

I did all the voluntary contributions when I was younger to get the government co-contribution matching but in all honesty I could've done a better job investing myself.

 

[Hagaren]

I personally couldn't have and I'd say the same is true for most people, it used to be $1500 for $1000 if you were that gun at investing during and pre-uni i'd hate to think how successful you probably are now.

The only shares I've made serious money off are CBA and Macquarie, which I stuck money on post GFC although I wasn't exactly loaded so it still hasn't been heaps.

 

[seremify007]

I personally couldn't have and I'd say the same is true for most people, it used to be $1500 for $1000 if you were that gun at investing during and pre-uni i'd hate to think how successful you probably are now.

The only shares I've made serious money off are CBA and Macquarie, which I stuck money on post GFC although I wasn't exactly loaded so it still hasn't been heaps.

The $1500 for $1000 with no risk was great- except my super fund lost so much money and is only now getting some gains that if I could've withdrawn the cash I would've done better. But hey, super is a long term thing.

 

[mreditor16]

Ended up doing that 1000 dollar contribution. Now got to file a tax return (will do it myself) to get dat 500 dollars from the ATO.

 

[anomalousdecay]

If it were me, I would still invest it.

By invest I mean accrue interest with the bank itself in a special account. That way if required, it could be used as a source of liquidity after a recurring yield time period.