Superannuation Discussion + market volatility

tgh said:
QFWP.. can you point me towards any backup for the Plato statement about ALP Policy / exemptions for pension phase smsf's.
I can't find anything at all

edit .. So answering my own question ….the Plato presentation refers to recipients of government pensions.
SMSF's in pension phase lose all their franking credits...:mad::mad::mad::mad::mad::mad::mad::mad::mad:

… aaaand of course.. hybrids lose their attraction.. the prices haven't tanked.. .. yet….
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The only funds able to mitigate these losses are Industry Super Funds ( quelle surpris) and corporate super funds. Showing a clear disregard for anyone in an SMSF.
 
Buzzard today I am at a retirement celebration for a 57 year old. I saw him near our 70 year old who comes to work with a big smile on his face.
 
He was always in a lose/lose situation and better he come back and face the Board than stay away on LSL. What was he doing, booking LSL (knowing already by that time when the Report was going to be handed down) thinking that he wouldn't need to be around after the handing down of the Report?

As I said over on the Chit Chat thread:

The main protagonist left AMP quietly in September 2018. I won't name him, but figured prominently in the testimony.

So in respect of criminal sanctions, Hayne makes the distinction between 'dishonest' conduct under s1041G of the Corps Act, and failing to supply services under s12GB(1) of the ASIC Act. I bet when these cases go to Court, defendants will seek to plea bargain guilty to an offence under the latter rather than be tried in respect of the former. There is a distinction that I would refer to as deliberate versus accidental/unknown behavior.

Interestingly he then goes on to suggest that the actions of a director/employee/agent of a corporate can be taken to be the action of the corporate. Given that the fine is much bigger against a corporate, you'd think that's who litigators would go after, although there's no reason not to go after all parties (individuals and corporates). Double the bang and lotsa $$ in fines.

So the markets have responded to the AMP announcement

Share Price & Information - ASX

but as the NAB announcement was made after close of trade, tomorrow will be very interesting for NAB shareholders.
 
OATEK said:
I think the sight of Thorburn out there trying to defend the indefensible yesterday was the decider.
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The headline about a PA enjoying a $500k (allegedly not self funded) holiday wouldn't have helped .... along with that kitchen appliance and Kava loving break...
 
I have been noticing ASX listed groups that are paying unfranked dividends/distributions have been rising maybe based on what Labor is planning to do with franked dividends for retired folks. I looked at CQE, CMW and GMG and they have all gone up. Of course this isn’t financial advice...... nor even thorough analysis.
 
Has anyone ever applied for a ATO Application-Excess Contributions Determination?

The good, getting a nice $$$$$$ Super employer payment from many, many, many years ago.

The bad, 100% of it exceeds the Super cap so have to complete a 4 page form plus provide statement and contribution details (inc previous years) ect.
 
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Denali said:
Has anyone ever applied for a ATO Application-Excess Contributions Determination?

The good, getting a nice $$$$ Super employer payment from many, many, many years ago.

The bad, 100% of it exceeds the Super cap so have to complete a 4 page form plus provide statement and contribution details (inc previous years) ect.
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There are time limits for this. I had an employer with cash flow difficulties who made my last contribution in one year 1 day too late, and I finished up with 11 monthly contributions in one year, and 13 the next. This went undetected by me, my tax agent and my super fund, and I finished up having to pay tax at my marginal rate for the "13th" contribution.

I filled in the form, made my case that it was caused by the employer and recently received a determination that the errant contribution could be moved into the previous year. This delivered a refund for the tax paid when I exceeded the annual cap.
 
OATEK said:
There are time limits for this. I had an employer with cash flow difficulties who made my last contribution in one year 1 day too late, and I finished up with 11 monthly contributions in one year, and 13 the next. This went undetected by me, my tax agent and my super fund, and I finished up having to pay tax at my marginal rate for the "13th" contribution.

I filled in the form, made my case that it was caused by the employer and recently received a determination that the errant contribution could be moved into the previous year. This delivered a refund for the tax paid when I exceeded the annual cap.
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Thanks. All being managed by an outside accounting firm who is advising/paying the ATO who distributes it to my Super fund. I have the employer letter as well so I guess I should do the 4 page form and have all the info available come July tax time.

Just dont want to lose half of it in tax.
 
I had a salary overpayment by a past employer that was eventually found and required repayment.

Despite being outside the listed timeframe (2yrs) for amendment, the ATO agreed to amend the relevant year’s return and refunded the overpaid tax given it had just come to light (ie. I hadn’t purposely avoided it previously).

I’d definitely try and have it applied to the relevant year if it improves your outcome. Worst case scenario you do tons of paperwork and they say no.
 
Well fortunately, I have access to the tonnes of paperwork easily but I guess it will delay my tax return that I do with my accountant and I like to square that away very early in July.

A quick read of the form, it seems to be something I have to apply for after end of year in conjunction with my 18/19 assessment and not something I can apply for now in preparation.
 
If it relates to prior year, and you think it’s better for you to be effective in thatbprior year, then I’d do it now rather than waiting.
 
Ah, thats a good thought as I was focused on YR18/19 as I forecast to be right on the cap limit without this. Heres the fun part, its over 8yrs. 2009 to 2017.

So based on that, I guess preparing docs now and applying when the funds hit isnt a waste of time.
 
Well with the rebound all 3 of my super funds (Fees are small apart from % fees and so I am happy to pay the very small extra $ for reduced risk and greater choice from having 3 funds) are all basically back where they were almost. ;)

The wife's super fund (different again) is also basically back where it was.

So a lot happier than I was at Christmas time ;)
 
lovetravellingoz said:
Well with the rebound all 3 of my super funds (Fees are small apart from % fees and so I am happy to pay the very small extra $ for reduced risk and greater choice from having 3 funds) are all basically back where they were almost. ;)

The wife's super fund (different again) is also basically back where it was.

So a lot happier than I was at Christmas time ;)
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Thats what hubbys been saying but yeah, I dont listen well when hes talking Super - which is why hes retired
 

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