Superfunds
Superfunds...when u think of them ..u think BORING.....wowaowoaowwa who cares, someone else's business, it all automatics....etc etc
Anyways.....Superfunds are play an integeral part in the future of the Australian Economy. No joke!!
Well believe it or not, most people have quite a few superfunds. It all depends on your previous jobs. If you have only had one employer for the your entire life, then there is no need to read on. Otherwise, you should read on and follow my nice easy steps to a safe future!
hehe that was a joke. What im getting at, is that last year the government past a law which stated that the employee of any new company is allowed to nominate any superfund which the employer must put money into. Back in the day, the employer just used their default superfund, hence starting any new job, the employer would have a different one and you would starty from $0 super again.
The problems with the old system, is that each superfun charges administation fees. So if you have an old superfund which you dont put any money in, u still get charged these BS administration fees, hence u loosing money that you have earnt. So now that you are allowed to choose your fund, u should 'rollover' all of your funds into the one superfund. This only applies to people earning a moderate wage, as anyone earning large amounts of money usually spread there super over a few accounts in order to lower the risk and as a tax scam. However, this is not really applicable to people earning under 60grand p.a.
So what superfund do you roll your money into ? Sometimes its just easiest to roll it into the account which you currently have the largest balance in. However, this is not sometimes the best superaccount for you, as different super companies earn different levels of interest and perform better then others. If you work in the retail sector, the default superfund REST performs well and charges quite low fees, so i would recommend this one. Eitherway, i dont know enough about all the superfunds out there but generally speaking REST is good (how u know im not lying and arent some super undercover REST salesperson, well u dont, ur just going to have to trust me). Nearly every industry has a main superfund, so the construction idustry, retail, Accounting, Medical etc.
So when u decide which superfund you want to keep all your money in, ring them up or check there website, and ask for 'Roll over' forms. These are just forms which you fill out which have your old account information and require u to sign them. After completing the form u mail it back to your chosen superfund and they take care of everything else. Make sure the fund you chose doesnt charge you 'Roll over' Fees...cause thats utter BS. The fund which your transferring money from will probaly charge a closing account fee, but that is normal.
After that, you should recieve an email/letter from your chosen fund saying they have closed your other account and transferred the balance. And thats it your done.
Why do i bring you this superfund information? Well i just closed my Colonial superfund trust and transferred it to REST. The reason was that the last statement said my opening balance was $931.00 (its the fund from my perth job) and that the closing ballance was $650.00. So basically the fucken company had taken out the difference ($231.00) for doing nothing or sorry i mean 'Administration fees'. That means they mailed me out 6pages of information and it cost me $231.00........damn nearly the same price as printing as kinkos!
So i quickly went on the net got the form, filled it out and mailed it today. You see i have done this before ....as i worked at university for this casual job once and they used a company called 'UniSuper', and i transferred that to REST.
Just imagine how many ppl out there totally forget about their superfunds and then there are the people who just totally dont give a shit. For the people that dont give a shit, thats fine, go buy me a new car, cause obviously you dont care. Call me tight, a jew, or whatever, the thing is..because of your complete lack of lazyness here in the West, money does not have nearly as much meaning.......and because of that companies/organisations which we complain about keep on growing and making money. And this is entirely because of you and me. So next time you complain about the American Juggernaunt expanding and buying out Australian companies, or that you get taxed to high, or that cookies and cream icecream is too expensive, think about if you rolled over your super accounts....cause if you didnt....STFU.
On to a more interesting topic. You should read a cool article in the Spectrum magazine from the smh. Its right in the middle of the section, spread over 2 pages and titled 'Soft and Sexy: The image of the next superpowers. I tried to find a link on the net but i couldnt which really sux. So your just going to have to go to the library or through your paper recycle bin for saturdays newspaper. Its written by Louise Williams, and it basically just talked about how you can rate how influential superpowers are not just in econimical/wealth/weapon terms but in how their soft culture (popular culture) is asimulated into other countries. An interesting read nonetheless. Have a good day
Joely
Anyways.....Superfunds are play an integeral part in the future of the Australian Economy. No joke!!
Well believe it or not, most people have quite a few superfunds. It all depends on your previous jobs. If you have only had one employer for the your entire life, then there is no need to read on. Otherwise, you should read on and follow my nice easy steps to a safe future!
hehe that was a joke. What im getting at, is that last year the government past a law which stated that the employee of any new company is allowed to nominate any superfund which the employer must put money into. Back in the day, the employer just used their default superfund, hence starting any new job, the employer would have a different one and you would starty from $0 super again.
The problems with the old system, is that each superfun charges administation fees. So if you have an old superfund which you dont put any money in, u still get charged these BS administration fees, hence u loosing money that you have earnt. So now that you are allowed to choose your fund, u should 'rollover' all of your funds into the one superfund. This only applies to people earning a moderate wage, as anyone earning large amounts of money usually spread there super over a few accounts in order to lower the risk and as a tax scam. However, this is not really applicable to people earning under 60grand p.a.
So what superfund do you roll your money into ? Sometimes its just easiest to roll it into the account which you currently have the largest balance in. However, this is not sometimes the best superaccount for you, as different super companies earn different levels of interest and perform better then others. If you work in the retail sector, the default superfund REST performs well and charges quite low fees, so i would recommend this one. Eitherway, i dont know enough about all the superfunds out there but generally speaking REST is good (how u know im not lying and arent some super undercover REST salesperson, well u dont, ur just going to have to trust me). Nearly every industry has a main superfund, so the construction idustry, retail, Accounting, Medical etc.
So when u decide which superfund you want to keep all your money in, ring them up or check there website, and ask for 'Roll over' forms. These are just forms which you fill out which have your old account information and require u to sign them. After completing the form u mail it back to your chosen superfund and they take care of everything else. Make sure the fund you chose doesnt charge you 'Roll over' Fees...cause thats utter BS. The fund which your transferring money from will probaly charge a closing account fee, but that is normal.
After that, you should recieve an email/letter from your chosen fund saying they have closed your other account and transferred the balance. And thats it your done.
Why do i bring you this superfund information? Well i just closed my Colonial superfund trust and transferred it to REST. The reason was that the last statement said my opening balance was $931.00 (its the fund from my perth job) and that the closing ballance was $650.00. So basically the fucken company had taken out the difference ($231.00) for doing nothing or sorry i mean 'Administration fees'. That means they mailed me out 6pages of information and it cost me $231.00........damn nearly the same price as printing as kinkos!
So i quickly went on the net got the form, filled it out and mailed it today. You see i have done this before ....as i worked at university for this casual job once and they used a company called 'UniSuper', and i transferred that to REST.
Just imagine how many ppl out there totally forget about their superfunds and then there are the people who just totally dont give a shit. For the people that dont give a shit, thats fine, go buy me a new car, cause obviously you dont care. Call me tight, a jew, or whatever, the thing is..because of your complete lack of lazyness here in the West, money does not have nearly as much meaning.......and because of that companies/organisations which we complain about keep on growing and making money. And this is entirely because of you and me. So next time you complain about the American Juggernaunt expanding and buying out Australian companies, or that you get taxed to high, or that cookies and cream icecream is too expensive, think about if you rolled over your super accounts....cause if you didnt....STFU.
On to a more interesting topic. You should read a cool article in the Spectrum magazine from the smh. Its right in the middle of the section, spread over 2 pages and titled 'Soft and Sexy: The image of the next superpowers. I tried to find a link on the net but i couldnt which really sux. So your just going to have to go to the library or through your paper recycle bin for saturdays newspaper. Its written by Louise Williams, and it basically just talked about how you can rate how influential superpowers are not just in econimical/wealth/weapon terms but in how their soft culture (popular culture) is asimulated into other countries. An interesting read nonetheless. Have a good day
Joely
posted by Joely at 7:42 pm
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