another mutiny brewing?, page-16

in all fairness, watso is not too sure how super works these days- because it seems that there have been several changes.

for what it is worth, watso seems to think that there is a compulsory super contribution from the boss which is 9% - but for public servants it seems to be higher - and then people can contribute a bit more by way of salary sacrifice etc, for another $25,000.

tax is levied at 15%, of all money that goes in - which means that the money which is working in the fund, is 15% less, than what is invested. earnings from super are taxed at 15%.

considering that super is compulsory for employees (and off course, the boss who has to pay the super contributions) - the whole lot seems fair.

watso has a friend, who has zero super - self employed, with no smsf - just has 3 rental properties. when watso asked why he did not have any super (eg smsf) - he said that it was all too complex - and the properties are owned in joint names with wife and kids - so when he dies, the properties simply become the property of the other joint owner.

from the way that crean was talking, it seems that the government is thinking about slapping a higher earning tax, backdated , for high income earners - that is the wrong attitude. in a way, it resembles the way that depositors in cypriot banks, lost their money.

the scary thing is, that all those super dollars are sitting there, for the government to take, if they might think that it is a good idea