Australian Super's punishing new portal, page-12

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traderabcde

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17/02/23

17:12

Post #: 66316627
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Originally posted by Meetupsoon: ↑

Good morning,

I have a Super account with Q Super and Australian Super.I have had numerous problems over the past year with Q Super where I have on many occasions not even been able to access my account to sell/buy shares because their system was not working for many hours and I lost a lot of opportunities to make money.But, I can’t see how I can change to another Superfund now because I would have to sell all of my shares that have increased in value over this time and would therefore end up with less shares of the same stock if I moved.

Another thing I found out, because I made the wrong assumption - is with Q Super they don’t deduct tax prior to receiving any dividends received that are reinvested. They reinvest the funds for purchase of more shares if that’s what you requested and then if you don’t have enough available cash to pay the tax - then you end up having to sell some shares to free up cash for the tax payment, thus are disadvantaged $ in the long run because then you would have to pay more tax on the shares sold to do this. Thus this makes it very messy and you have to keep an eye on what’s happening and ensure you have enough funds when tax is due. Very messy !

Australian Super on the other hand does not make you do this and deducts the tax on shares that at are Re- invested ( dividends ) prior to reinvesting your dividends for more shares.Something to think about. I’m not sure how many people are aware of this. But I hope this information helps you.

Kind Regards
Meetupsoon

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The member direct platform was down again today.
One could experience huge losses, or be unable to
take advantage of an opportunity due to their recurring
IT issues.
Plus they do not let you know online that the system
is down for the day, you have to spend 15 minutes plus
to get through to someone to inform you about the issue.
I worry I won't be able, in the future, to buy/sell shares when
I decide to do so.
Yet we have to pay full price for a service that does not
deliver.
1 Upvote

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