Superannuation Discussion + market volatility

[Flashback]

I dont know the family K finances but it doesnt sound like you are in the group I feel are getting too cushy a deal.

Money in super is tied up for a long time, and the overall principle helps the nation enormously. So there should be some tax benefits.

But I personally feel that people with $2M+ (maybe even lower) in super should be contributing more to the nation's tax revenue than they are. 0% on realised capital gains even outside of a pension account is
the particular thing that stands out to me as approaching a rort.

It seems strange to me that someone working in Woolies is paying a fair bit of tax when someone with a pension income of >$100k a year can be paying none at all

Spending the tax raised wisely is an entirely different issue. Wouldn't object to an income tax cut if it meant we ended up with surplus tax

That's why I like (I think?) the UK approach which is opposite to Aus in many ways. Tax free (and some tax breaks) going in, but then when you draw down you earn and pay tax as per any age. You do get the chance to take an up to 25% lump sum cash payment when you reach the pensionable age.

Mrs FB is a civil servant so has a (rare) DB scheme. I have a SIPP (similar to SMSF in ways) for myself, so we have a nice hedge going on. We're happy with where we are, albeit neither of us can touch our respective pensions for some time! So, a combination of non-pension investments helps with that.

 

[burmans]

Question for the experts here. How do you find out how much you have in concessional vs non concessional in a super fund? I thought it would be on the yearly statement but no such luck!

 

[Quickstatus]

How do you find out how much you have in concessional vs non concessional in a super fund?

You need to check with your superfund.
It would be nice if it is in the annual statement or indicated in the MyGov total super balance

Alternatively manually check through statements and % the non concessional and concessional
In the end it matters little because you can't separate the non concessional from the concessional when you withdraw - ie you cant specify you want to withdraw only from the concessional balance and not the non concessional balance if both are in the same account.

Ive always kept the non concessional contributions separate in a different accumulation account

 

[burmans]

I want to use the recontribution strategy on my wife’s accounts and as she has 3 makes sense to do this from the one with highest concessional contribution. You are right, I could go through past statements but this seems somewhat time consuming!

 

[Pushka]

I want to use the recontribution strategy on my wife’s accounts and as she has 3 makes sense to do this from the one with highest concessional contribution. You are right, I could go through past statements but this seems somewhat time consuming!

I contacted the Super Company and they provided it.

 

[lakeman]

I want to use the recontribution strategy on my wife’s accounts and as she has 3 makes sense to do this from the one with highest concessional contribution. You are right, I could go through past statements but this seems somewhat time consuming!

I have an smsf pension and accumulation account.My annual statements for each state the taxable and non taxable %.
It should be somewhere in the annual statements.

 

[Quickstatus]

should be somewhere in the annual statements.

Can only speak for my fund

Only the type of contributions (concessional/non concessional) as it pertains to the period of the annual statement are displayed

My statements does not display concessional /non concessional for the coughulative super balance.

 

[RAM]

The standard of and non-standardisation of the Annual Superannuation (or Pensions) statements leave much to be desired for many participants.

Following the well-worn financial path of not putting all your eggs in one basket - I, some decades ago, split my super into two separate funds. Relatively low fee funds that 'appear' to have reasonable trustees/protection/governance.

The Annual statement from one is (almost) a joy to behold. The annual ending balance is shown in the largest font used on the page and bolded - there's no way to miss it. It then has a bar chart showing the last 5 years (by financial year) ending balance together with the annual performance for each of the last 5 years. That's all in the top 1/3rd of the page. The remainder of page 1 then includes 7 other sets of easily understood figures/information (such as binding/non-binding nominations etc). For most people you do not really need to look through the rest of the statement.

My second provider leaves way too much to be desired, in fact it takes quite a bit of searching to find the value of the super for the end of the latest financial year. In fact, the way it is laid out, the opening balance is substantially more noticeable and for those who track their balance to any degree - causes some consternation due to the way it is seemingly emphasised at the expense of the far more near-camouflaged closing figure. No where in the ensuing 9 pages is there any comparison of the last 5 years closing balances nor year by year performance shown.

As luck would have it, both funds have been pretty much top quartile performers the entire time I've been there - shame only one really makes it easy to see...

 

[burmans]

I have an smsf pension and accumulation account.My annual statements for each state the taxable and non taxable %.
It should be somewhere in the annual statements.

You would think, but no. Neither of my two funds do either.