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SUPERANNUATION, Discussing all aspects of Superannuation
Guest_walkerjones_*
post Posted: May 11 2013, 11:58 AM
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Hi

My wife and I are trustees of our self managed super fund (SMSF) and we are looking to invest long term in a number of US shares and an East Asian Index fund. Neither of our online brokers (Westpac and Commbank) will accept us as new clients for overseas purchases because we acting on behalf of our SMSF. One broker told me that this was due to US regulator changes but the details were a bit vague.

Is there alternative method of making these purchases from Australia.
Ta

WJ


 
jacsar
post Posted: Apr 6 2013, 04:51 PM
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In Reply To: wolverine's post @ Apr 6 2013, 04:48 PM

Keep up to date for free and save time in endless speculation.... http://www.superguide.com.au/newsletter/su...UB0cGcuY29tLmF1 ..cheers


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wolverine
post Posted: Apr 6 2013, 04:48 PM
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In Reply To: lgrif's post @ Apr 6 2013, 04:20 PM

Spot on lgrif, keep it simple and fair.

How about everyone pays tax at marginal rates just like it used to be before the pork barreling took place?



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TOO MANY CHIEFS

NOT ENOUGH INDIANS
 
lgrif
post Posted: Apr 6 2013, 04:20 PM
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Whilst the latest proposed super changes probably ain't gonna happen due to election & new Gov't, as usual the announcement is short of details in which to find the devil, re the proposed over $100000 earnings , extra %15 tax; let's say in 1st year of change the members share of TAXABLE income, (not allocated income) was a loss of $80000, year 2 a gain of $40000 & year 3 a gain of %$150000, is the year 1 loss plus year 2 shortfall below $100000, carry forward & deduct from the year 3 gain?.
If not then then in year 3, $7500 tax is paid although the average gain for 3 years is $36667.
If the members share of losses is allowed to be carried forward (more admin work & costs), what happens if he/she rolls into another super fund; does the old fund notify the new fund of C/forward losses for that member?
What happens if, to avoid the tax, a member splits his/her accumulated funds between two, three or more funds resulting in earnings of less than $100000 pa in any one fund? As this is so obvious legislation would somehow avoid this by grouping the members earnings, but it could be up to 12 months after years end before the ATO had the info to group the income. Does the ATO then notify the 3 funds to deduct & remit X% tax from the members applicable years taxable income? Well before this the member may have died & the fund Trustee distributed the balance.
dear Mr. Swan, KEEP IT SIMPLE STUPID.


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Duster
post Posted: Apr 6 2013, 04:03 PM
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In Reply To: mrbear's post @ Apr 6 2013, 02:27 PM

QUOTE
A remark about public servants super being funded by the public purse would surely be wrong i imagine.

Where else do you think it comes from ???



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mrbear
post Posted: Apr 6 2013, 02:27 PM
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In Reply To: wolverine's post @ Apr 6 2013, 02:11 PM

Yes wolver but with poor pollies you have to remember that their working life is short and of course they deserve a hugely generous lifetime pension that they contribute very little to,a case of don't do what i do do what i say methinks.

A remark about public servants super being funded by the public purse would surely be wrong i imagine.

I worked for local government and everyone including the ceo only got what benefits were paid into their accounts and they forced people out of defined benefits into the now normal super accounts cheers mrbear

 

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wolverine
post Posted: Apr 6 2013, 02:11 PM
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In Reply To: Duster's post @ Apr 6 2013, 07:37 AM

Duster we were always talking about income tax not indirect taxes.

Australians are subject to the same taxes so there is nothing unique for pensioners on that front, the rest of us get the burden of income tax and all the indirect taxes....hmm seems fair blink.gif .

Overly generous politician super benefits is proof to me that there is a blind spot when it comes to self interest don't y'all think.



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Duster
post Posted: Apr 6 2013, 12:00 PM
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In Reply To: flower's post @ Apr 6 2013, 10:19 AM

And who pays it ? ...... WE DO !

And it's indexed against inflation.

The Australian Government has never fully funded its superannuation liabilities. One of the largest liabilities currently on the balance sheet are the superannuation liabilities for public sector employees, which stood at $235.4bn at the end of last FY, up 62% on the previous year.

The Gov is the only employer in the country that doesn't have to actually have to "pay" super on behalf of their employees.



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flower
post Posted: Apr 6 2013, 10:19 AM
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It took only a few hours for the Press to work out what federal pollies would need in superannuation capital to produce their uber generous pensions.

Making a rather brave assumption that both Gillard and Swan wont be in Parliament much after the September election:



Gillard would recive an annual pension of $177K which equals a lump sum saved of $5.3m

Swan..........................................................$168K......................................................$5m

So using their own words-----they are fabulously wealthy---and will be hoisted upon their own petards!



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Combining Fundamental comments with Fundamental charts.
 
Duster
post Posted: Apr 6 2013, 07:57 AM
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In Reply To: Duster's post @ Apr 6 2013, 07:37 AM

And don't forget the carbon tax & god help him if he buys a European car. 7 series BMW in the US $90k ...... Here > $200k

I could fill these pages with indirect tax !



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Patience is the key to success.
 
 


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