John Smith wrote on Sep 10
th, 2012 at 9:31pm:
Elayne Taylor wrote on Sep 10
th, 2012 at 9:29pm:
I'm not saying there are some huge investments. At least those as SMSF. At least while you work and you take the salary, something to constantly work for you.
And after some time, the money you accumulated money are working for you.
what is SMSF?
Here are excerpts of articles on super.
Summary on articles in the AFR on Superannuation.
4’th.Sept 2012,
All quiet on super front by Richard Dennis:
The second elephant is that the cost os so-called “self-funded” retirement is not only the biggest, but fast-growing area of government outlays.
In fact’ over the next three years the cost of the taxpayers contribution to the retirement incomes of the wealthier half of the polulation will increase from $30 billion to $45 billion per year.
Treasury estimates that 37 per cent of the taxpayers contribution to private superannuation accounts goes to the wealthiest 5 per cent of the population.
8-9’th Sept 2012:
Tax attack is not so super, Cnanticleer., Teasury officials said that the top 5 per cent of income earners receive 37 per cent of all super tax concessions.( verifying the above)
10’th Sept 2012:
Don’t fiddle with super; warns Cooper. Cooper is currently the chairman of retirement incomes at Challenger Financial services.
The head of the federal government’s review has warned Labor against making a cash grab for $1.4 trillion in retirement savings, saying it would undermine confidence in the system.
Cooper was paid $450,000 while on the government’s pay and runs his own Self Managed Super Fund and is currently the chairman of retirement incomes at Challenger Financial Services; what about double-standards.
The average SMSF has two members with an average balance of $900,000. The average balance of a not for profit fund member was less than $50,000 and clearly incentives needed to remain in place for those at the lower end, said Fiona Reynolds, the Australian Institute of Super Trustees.
17’th Sept.2012:
Super salaries: industry fund to reveal execs’ pay:
The $19 billion construction industry fund Cbus will disclose to its members how much it pays senior executives and directors for the first time.
CEO David Atkin $500,000 Executive Trish Donohue $380,000, Executive Maria Butera $380,000.
Former Victorian Premier Steve Bracks earns $105,000 as Cbus chairman and another $80,000 as a director of Cbus property.Board members received a base fee of $17,000 and $2,000 attendance fees.
Not hard to see whose interes the Unions are working for.
17’th Sept.. 2012:
Top public servants in pay bonanza.
Highest Australia post: Salary $1,390,508 total $2,890,177 at the lower end, Australian Crimes Commission; Salary $321,130 total $346,130
The federal government has defended double-digit increases for top bureaucrats even it fights rises for ordinary public servants that would only cover inflation.
The tribunal is seeking to close the executive pay gap between the public and private sector.