20k QFF Points for joining Australian Super

[goldenhorn]

Nice step-by-step guide and summary here by FH - looks like they are calculating the total fees to be approx $60 if you close account within 3 months

Australian Super 20,000 Qantas Points for $60

I just signed up. Pretty painless and took less than 15 minutes.

 

[JohnK]

I think JohnK said he is a gambler, so bu**er the expense, go for ‘high growth’.

A poor gambler at best but I don't want to buy Qantas points as the fuel surcharges are exhorbitant.

Earnings aside if I deposited $350 into this account for 3 months the fees would be ~$35 and if exit fees are $60 then those 20,000 QFF points have cost $95? Or are the total fees $60 for 3 months?

Can I get $60-$95 value from 20,000 QFF points? Possible on some domestic flights so this deal could be worth it.

 

[jaseb]

completed the process in ~10 minutes. fairly simple. will report back once the points are posted.

 

[lovetravellingoz]

I know how the 20,000 points is being paid for. LOL

From 30 March 2019, the Administration fee will increase from $1.50 to $2.25 per week which is an additional $39 per year.

Well that would take them 5 years to recoup then...


Fees are still very low.

 

[lovetravellingoz]

Bugga....just had middle daughter join them this month and will not make a contribution till Feb

 

[cvmceg]

Hmmm. There is also a small risk that whatever fund you choose decreases significantly and so your $350 gets eaten more.

Would this be mitigated by selecting the 100% ccash option?

 

[Dr Ralph]

Would this be mitigated by selecting the 100% ccash option?

Y.

 

[jetcam]

AustralianSuper hikes admin fees

looks like the exit fee will be abolished too. that will come just before i roll out.

 

[33kft]

Seems like a solid win for those who are sticking to or near the minimum term for the points.

 

[RWJ777]

I've done the maths on this: 5 months of fees (with the modified cost) equals $42.15. Withdrawal (rollover to another fund) after 1 July does not attract the withdrawal fee.

Australian Super's historic return rate is hovering around 10% per annum. So a $350 deposit would attract a return of about $15 over the 5 months: so the cost drops to $27.57.

The secret to covering the entire admin cost is to deposit more: a deposit of $1,000 will (should) attract (over the 5 months) a return of $41.67, almost the entire admin fee. And, of course, for those who have not yet reached the $25,000 threshold, there's a tax benefit of 15%.

All in all quite worth it--and paying a lot more than the miniscule amount I am getting with the bank on my lazy 1K.

 

[travelislife]

Just signed up. Will do the same for my wife and hopefully have 40k Qantas points coming our way for not too much!

 

[Scarlett]

Having done some similar calculations as RWL777 above, I'll be depositing a slightly larger amount into separate new accounts for myself, wife and young son, but will be waiting until closer to the end of the offer. Will then roll into current super accounts for self and wife , and will find a fee free super account for the son for long term (or if the returns are that good, compared to what else is out there, maybe stay with Aus Super).
It's actually a good spur on to open a super account for the young fella whilst he's still at school. We'll get some cash routinely into there so that it keeps compounding and hopefully sets him up for much later in his life.

Can I salary sacrifice into my families accounts? Any reason why I shouldn't?

 

[froggerADL]

Little more risky in these volatile times, although can be mitigated into the most conservative option (Stable), it would have been a bummer to take up this offer in September just been on a balanced or more aggressive options.

I think the most conservative option would be cash.

 

[froggerADL]

It's actually a good spur on to open a super account for the young fella whilst he's still at school. We'll get some cash routinely into there so that it keeps compounding and hopefully sets him up for much later in his life.

Goodness me! Have we really got to the point where we need to pay money into our school childrens' super accounts to set them up for retirement? I'm rather hoping that my children will be able to fund their own retirement.

 

[get me outta here]

I only looked at the T+Cs briefly but I think it said that your 'young fella' needs to be working for this offer. Can you get him a chimney sweeping job?
Other than that, the power of saving is a good idea if the cost benefit is there.

Having done some similar calculations as RWL777 above, I'll be depositing a slightly larger amount into separate new accounts for myself, wife and young son, but will be waiting until closer to the end of the offer. Will then roll into current super accounts for self and wife , and will find a fee free super account for the son for long term (or if the returns are that good, compared to what else is out there, maybe stay with Aus Super).
It's actually a good spur on to open a super account for the young fella whilst he's still at school. We'll get some cash routinely into there so that it keeps compounding and hopefully sets him up for much later in his life.

Can I salary sacrifice into my families accounts? Any reason why I shouldn't?

 

[froggerADL]

I only looked at the T+Cs briefly but I think it said that your 'young fella' needs to be working for this offer. Can you get him a chimney sweeping job?
Other than that, the power of saving is a good idea if the cost benefit is there.

I read the Ts+Cs but could find nothing that says you have to be working. Where did you see this?

 

[Dr Ralph]

I read the Ts+Cs but could find nothing that says you have to be working. Where did you see this?

I believe that you need to enter the ABN of your employer when you apply.

I haven't (yet) completed the process, but that is what is indicated here:

'Enter your personal and employer details (have your TFN and Employer’s ABN handy)'

Australian Super 20,000 Qantas Points for $60

 

[froggerADL]

I believe that you need to enter the ABN of your employer when you apply.

I haven't (yet) completed the process, but that is what is indicated here:

'Enter your personal and employer details (have your TFN and Employer’s ABN handy)'

Australian Super 20,000 Qantas Points for $60

You had me worried. ABN is not compulsory.

Before you start
You'll need to have some numbers handy:

• Your Tax File Number
• Your employer's ABN (if you're working)

 

[get me outta here]

Actually, just drilled down a bit, and found this "IF":

Before you start
You'll need to have some numbers handy:

• Your Tax File Number
• Your employer's ABN (if you're working)

You’ll also need to be prepared to:

• Make investment & insurance decisions
• Nominate your beneficiaries

 

[JohnK]

Goodness me! Have we really got to the point where we need to pay money into our school childrens' super accounts to set them up for retirement? I'm rather hoping that my children will be able to fund their own retirement.

This could be the pertect time to setup a superannuation account for the little one and earn some points in the process. But I have this funny feeling she's not going to be struggling for money and her retirement will already be sorted before she starts working.