Reply With QuoteI'm with Rest super as I was with the retail industry years ago but many say Australian Super is the best with higher returns and lower fees.
I'm keen to move from an under-performing and expensive super fund to something better.
I'm with Rest super as I was with the retail industry years ago but many say Australian Super is the best with higher returns and lower fees.
Australian Super and Hostplus
yeah seems like one of the industry super funds is the way to go.
Message originally posted by Nautilus on 13-02-2024 at 08:55 PM
no one is "paying 12%". its not a bond with fixed coupons. you don't know how investments work.Originally Posted by Nautilus
Those working in government jobs are often approached by companies offering salary sacrifice arrangements to buy a new car etc. Don't fall for that. Of course it sounds like you're paying less taxes because your sacrificed salary percentage is used to buy a new car but often the price of the new car from that company is inflated from market price and even if the car is totalled you have no way of escaping the repayment.
Most supers have personal contribution options but I won't go crazy with it. Even with a lowered payable tax on income you still get taxed pretty high on your super balance. Best to save your extra cash in a high interest savings account or convert them to precious metals to beat future inflation.
Australian Super, Hostplus or Australian Retirement Trust is pretty good just depends on what you are after.
General rule of thumb, if you have sufficient cashflow for your day to day expenses. Salary sac is a good strategy assuming your marginal tax rate is higher than 15% which most people would be. Your salary sacrificed amount is taxes at 15%. The returns flucuate from dif providers/options. Downside is you will not be able to access these funds until you meet a conditional of release.
Putting money into super is a fairly tax efficient way to 'invest' your money if you are lazy and you always ask your HR to salary sacrifice a small amount of money and that will help you pay less tax.
Any low cost indexed fund or balanced index fund should be good. Have a look of last 10 years performance of these funds.
Message originally posted by Nautilus on 13-02-2024 at 08:55 PM
I have a novated lease through work and it’s okay, GST was not included and in a couple of years I can buy it out for 1/4 of the sale price (non GST). It’ll be worth double that, so I’ll sell it and make some quick coin and go again. But I agree, I wouldn’t want to have a serious accident in it. There would be dramas lol.
That's very normal with fleet cars. If you're the only driver since brand new and you really like the car you can probably keep the car to yourself. It's a win-win situation. I'd do it if it's a ute.
I've always had a self managed super fund, its the best way to go.
My level of sarcasm depends on your level of stupidity.
No it's not. For people trading out of their own commercial property maybe.
Everyone else no. All others will normally buy one resi property and have concentration risk or are misguided and think they can beat the market with equities and similar.
SMSF is very complicated for many when comes tax time. If you miss your monthly contribution or didn't contribute the right amount you can get penalised for it which I find is not worth the hassle. Best to hire an accountant who will look after your monthly or quarterly BAS reports and advice you on how much to contribute based on your reported income.
If you're an employee let your employer do all the contributions. And I do advice checking your super balance monthly, my employer at my first job didn't pay a single cent to my superannuation fund for almost a year. Emailed HR, no reply. I decided to go straight to the ATO, and voíla - they retrieved almost $7k in super for me and the company got slapped with a big fine.
Sorry my friend but with all due respect you are talking total Bollox. Salary sacrifice is free money its a total no brainer to max it out for anyone earning over 45 grand a year. If your marginal rate of tax is 30% then the tax set off means you instantly make 15% gain by paying into super. Then once it's in there it attracts 15% tax rate on either interest or capital gains, compared with at least 30%/25% respectively outside super. After tax the bank account you are extolling pays 3.15%. And if you want to buy gold many super funds can accommodate that within their fund....my fund legal super certainly can
Back at you. Just looked at legal super's 11 investment options + DIO in their PDS, none specified gold or any commodity as an investment option.
If you want to invest in gold and other commodities you have to do it through an SMSF, and there's many legal red tapes in using super to invest in gold.
I went SMSF two years ago and went all in on bitcoin. Bought throughout the bear and now it’s doing well. Find hard assets.
A reminder to those dabbling in SMSF - it's your retirement plan. Invest in the wrong platform and you can lose your retirement in seconds.
Most people working for themselves will have no choice but to go into SMSF compared to people who are employed.
Investing is like punting - you're willing to risk losing all that money if things go south. Most superannuation companies will have investment options that minimises risk and are actively monitored by staff whereas SMSF is mostly monitored by yourself which runs the risk of failing to pull out when market suddenly go bearish. Imagine using your super to invest in FTX years ago, you would've committed suicide as soon as the scandal unfolded knowing you lost between thousands to millions of your retirement.
If you really want safe investment using your super I'd suggest using your super as a deposit for investment properties. Gold & commodity investment is mostly as a hedge for inflation which doesn't give much returns unless a sudden demand for it arises.
Choose wisely. I stuck with Rest only because they haven't failed me for the past 7 years with steady returns.
tkicks knows what he is talking about. You have amply illustrated over 3 posts that you haven't a clue.
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