Superannuation Discussion + market volatility

[QF WP]

John Spalvins is reputed to have said " I've been rich, I've been poor......rich is better".
Invest that franked dividend wisely.....

He managed Adsteam quite nicely for a while.

Ah yes, how can I forget him (as a former shareholder). Created one of the most complex money transfers between the numerous entities known at the time - I did feel sorry for the forensic accountants trying to work through what went where.

 

[Buzzard]

One share?

Two shares.

 

[cove]

Buzzard you went overboard with your share buying spree. Was that pre-retirement?

 

[lovetravellingoz]

Yay I'm rich!
My fully franked dividend cheque arrived today!! This will really boost my super.

I am not sure which I am more surprised about...the size of the cheque, or that you actually still get paid by cheque rather than EFT.

 

[Buzzard]

Buzzard you went overboard with your share buying spree. Was that pre-retirement?

I actually sold my parcel of shares but it seems that it was after the dividend (DRP) was paid but before it was actually distributed.

 

[33kft]

I am not sure which I am more surprised about...the size of the cheque, or that you actually still get paid by cheque rather than EFT.

A few years ago, I was compensated by ANZ for having miscalculated the interest on my mortgage. This is the second time it has happened for the same mortgage product. They sent me a cheque for the difference, rather than just making an adjustment on the account, which may be for a legitimate operational reason but almost felt like protest to me. I took it to an ANZ branch to deposit and they told me that the payer of the cheque (themselves, of course) had incorrectly used my initials only and not full name on the cheque. As she was about to hand it back to me I suggested perhaps this was a job for HQ given the circumstances and she reluctantly took the cheque out back to get processed. Gotta love a bit of bureaucracy.

 

[straitman]

A few years ago, I was compensated by ANZ for having miscalculated the interest on my mortgage. This is the second time it has happened for the same mortgage product. They sent me a cheque for the difference, rather than just making an adjustment on the account, which may be for a legitimate operational reason but almost felt like protest to me. I took it to an ANZ branch to deposit and they told me that the payer of the cheque (themselves, of course) had incorrectly used my initials only and not full name on the cheque. As she was about to hand it back to me I suggested perhaps this was a job for HQ given the circumstances and she reluctantly took the cheque out back to get processed. Gotta love a bit of bureaucracy.

Sounds like something that happened to me today. I went to pay some money due and initially they would not accept the payment as I wasn't the person on the paperwork. It was in my wife's name and they wanted to ring her on her phone to get her to authorise me to make payment. Eventually logic prevailed and they let me make the payment and were even gracious enough not to charge a CC fee.

 

[lovetravellingoz]

A few years ago, I was compensated by ANZ for having miscalculated the interest on my mortgage. This is the second time it has happened for the same mortgage product. They sent me a cheque for the difference, rather than just making an adjustment on the account, which may be for a legitimate operational reason but almost felt like protest to me. I took it to an ANZ branch to deposit and they told me that the payer of the cheque (themselves, of course) had incorrectly used my initials only and not full name on the cheque. As she was about to hand it back to me I suggested perhaps this was a job for HQ given the circumstances and she reluctantly took the cheque out back to get processed. Gotta love a bit of bureaucracy.

While I note your point, what I was referring to was receiving regular, and ongoing, dividend payments by cheque. With "one-offs" a designated payment method would not be in place.

Personally with my portfolio I much prefer my dividends going into a bank account automatically. ie Last year I was overseas for 12 weeks and had numerous dividends paid. Why have cheques building up un-cashed in my PO Box, when I can instead be using that money from the day it is paid?

 

[cove]

Yes auto banking works well. Getting cheques to bank is time wasting

 

[lovetravellingoz]

Well at least now I don't have to restructure my share portfolio.

 

[amaroo]

+1

 

[CaptJCool]

The retiree tax is dead and buried

But we still need to stop family trusts taking us for a ride

 

[RooFlyer]

But damn. I have some cash to invest, having come out of a Cash facility. I meant to go in and buy some Alumina Ltd and a couple of other good divi stocks on Friday. Didn't get round to it.

I expect they'll zoom on Monday ...

 

[cove]

It is time for politicians to stop tampering with our superannuation rules.

 

[I love to travel]

What impact if any do people think the result will have on the share market?

 

[Flying mermaid]

You would think there would be a bit of a relief rally, but I wouldn’t think anything too dramatic. Good franking div payers should see some more support. I don’t think too many people changed their portfolios- everyone was waiting to see what happened.

 

[QF WP]

Agree with @Flying mermaid, that surprise outcome will mean a relief rally. Love the term.

 

[JohnM]

Agree with @Flying mermaid, that surprise outcome will mean a relief rally. Love the term.

Aka a happy ending...

 

[RooFlyer]

I was investigating HESTA to transfer some funds from my SMSF prior to the election and thought I might as well follow up as a further strand to investment diversification.

Good grief. I joined as a member (doesn't take effect until contrib received) then phoned, entered member #, to ask for fund details for a rollover benefits statement (Formal fund name, address, ABN, USI, how funds can be transferred (some will only take a cheque...). After waiting on the phone for 45 mins, the call dropped out.

Went to their on-line chat. It was answered by an absolute clueless bot. After a few attempts it transferred me to an 'agent' ... who kept me waiting some more and finally came on the line. Gave me more of the details, but I can't really trust some of them.

HESTA loses. I've decided not to engage with an organisation whose management so obviously treats its members with contempt.

 

[blacksultan]

Is there any downside to rolling your super out and consolidating when the market and your super is down like it currently is?