Re: So, forum financial gurus...

[JGK]

I note that there was no report as to whether she made that "honest" comment with a straight face.

If the little Fark doesn't get gaol it will be a national disgrace.

[skully]

2nded.

[JGK]

He got 2 years, minimum 1.

[skully]

Hope he has to go a few rounds with Bubba.

[Bradman]

Come here Princess and suck Mummy's......

[skully]

Aye, I think some of the boys might find him quite pretty.

[Henry]

I assume he'll be in a minimum security gaol? Practically a four star hotel....

[skully]

Meanwhile, the ASX haemorrhages nearly 4% on Brexit. Qunts.

[JGK]

ASX up 0.7% so far but there is a sense of no one knows WTF is really going to happen.

[Bradman]

You'd think the ultra hard left of the British Labor party had seized control by force.

[skully]

Looks like the Super changes will now be supported by the Pinkos. The $500K lifetime non-concessional cap changes don't effect me:

If an individual has exceeded the cap prior to commencement, they will be taken to have used up their lifetime cap but will not be required to take the excess out of the superannuation system

I have contributed more than $500K but the above clause saves me any grief.

But I'm not so sure how the $1.6M Super account cap rules work. This was from an immediate post May Budget article:

People with more than $1.6 million in super will be allowed to keep their excess savings in super, they just won't be able to funnel any more than $1.6 million into the even more generous tax settings of a self-funded pension.

If that's correct then I'm sweet (I have more than $1.6M in my Super account) but I have heard conflicting views on this point. I was aiming to stow another $540K in in 2018, but it's no biggie if that has been killed. Some reports indicate I'll have to move anything in excess of $1.6M.

Can anyone clear up the mud for me? MrK? A? Q?

[embee]

I refuse to learn anything about super to avoid answering questions like that

[skully]

Thanks Grumpy. Receipts got you down?

[JGK]

Looks like the Super changes will now be supported by the Pinkos. The $500K lifetime non-concessional cap changes don't effect me:

If an individual has exceeded the cap prior to commencement, they will be taken to have used up their lifetime cap but will not be required to take the excess out of the superannuation system

I have contributed more than $500K but the above clause saves me any grief.

But I'm not so sure how the $1.6M Super account cap rules work. This was from an immediate post May Budget article:

People with more than $1.6 million in super will be allowed to keep their excess savings in super, they just won't be able to funnel any more than $1.6 million into the even more generous tax settings of a self-funded pension.

If that's correct then I'm sweet (I have more than $1.6M in my Super account) but I have heard conflicting views on this point. I was aiming to stow another $540K in in 2018, but it's no biggie if that has been killed. Some reports indicate I'll have to move anything in excess of $1.6M.

Can anyone clear up the mud for me? MrK? A? Q?

If you contributed the >$500k NCC to your super BEFORE 2007 you can still contribute another $500k.

Otherwise you won't be able to put a further $540k in 2018.

If you have more than $1.6m in super once you move into retirement (maybe you're already there) you will have to pay tax at 15% on the earnings on the amount above $1.6m. So again, no biggie but if you have a mortgage and no other assets outside of super you would generally be better off drawing out the excess to pay that off.

If you are already retired, I'm not sure exactly what teh transitional arrangements are but I suspect you would have to allocate which of your super assets are in the $1.6m pool.

[skully]

Cheers MrK.

My balance over $1.6M is only a few $100K so I'll wear the 15% tax on earnings. It's a pain in the arse though, given I had worked everything out carefully. I am required to take a minimum 4% pension each year, and term deposits aren't paying anywhere near that. I have to expose myself to the vagaries of the stock market, which at least returns around 5% in dividend payments.

I'm stunned that I'm considered "super rich" FFS. FMD, my Super penion pays me well less than $100K per year. I never earned more than $170K p.a. in my whole career, so HTF do I manage to get sneered at as "ultra rich"??? Methinks Scott Morrison et al have neglected to consider just what $1.6M can earn these days. Qunts.

[JGK]

No worries - us Tory voters need to stick together.

[skully]

Hehehe. Noice.

[skully]

Another day of "correction" ahead for the ASX after another haemorrhage on the DJIA overnight. I wonder if the ASX will ever climb above 6000 as it did way back in 2007 before the GFC?

[Big Dog]

Another day of "correction" ahead for the ASX after another haemorrhage on the DJIA overnight. I wonder if the ASX will ever climb above 6000 as it did way back in 2007 before the GFC?

Aye, i lost $7000 overnight.

[taipan]

Another day of "correction" ahead for the ASX after another haemorrhage on the DJIA overnight. I wonder if the ASX will ever climb above 6000 as it did way back in 2007 before the GFC?

Aye, i lost $7000 overnight.

Not a great time for you.

[skully]

Another day of "correction" ahead for the ASX after another haemorrhage on the DJIA overnight. I wonder if the ASX will ever climb above 6000 as it did way back in 2007 before the GFC?

Aye, i lost $7000 overnight.

Only if you sell, Mr Dog. It'll bounce again. Get into a High Yield Dividend fund. Your return is based on no. of units held, not the capital value of the deposit. The capital value is only important when you get out of that Fund. Mine is returning almost 6% ATM. Personally I think annuities are a bullshit investment with a ridiculously low return.

[JGK]

Cheers MrK.

My balance over $1.6M is only a few $100K so I'll wear the 15% tax on earnings. It's a pain in the arse though, given I had worked everything out carefully. I am required to take a minimum 4% pension each year, and term deposits aren't paying anywhere near that. I have to expose myself to the vagaries of the stock market, which at least returns around 5% in dividend payments.

I'm stunned that I'm considered "super rich" FFS. FMD, my Super penion pays me well less than $100K per year. I never earned more than $170K p.a. in my whole career, so HTF do I manage to get sneered at as "ultra rich"??? Methinks Scott Morrison et al have neglected to consider just what $1.6M can earn these days. Qunts.

OK, so ScoMo announced some more tweaks to the rules today which probably won't affect you if you have more than $1.6m in the first place. But you should check them out.

[skully]

Nup, no change for me. Will just have to pay 15% tax on the earnings of my balance above $1.6M. Still a pain, but what can you do? And it means the additional $540K I had intended on adding to my super in 2018 will now have it's earning subject to tax outside Super. To me that means something like $15K in tax per annum I didn't have to pay before these changes. But apparently* "I'm super rich". As I said - qunts.

But cheers MrK.

[JGK]

Actually, you might be able to make a $300k (or at least $100k) NCC contribution before 1 July 2017 even if you have above $1.6m in there.

[skully]

Actually, you might be able to make a $300k (or at least $100k) NCC contribution before 1 July 2017 even if you have above $1.6m in there.

Nah, I put the max $540K in at the beginning of last financial year (meaning no more NCC contributions for 3 years from then), so that window is forever closed for me.

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