I've made my moon today, biz. After a full year of decent hard work + abit of luck I've managed to land my first job at a company I like. All those days of worrying if my efforts will go to waste seems insignificant now.
That said, can any ausfag please redpill me on superannuation? I dont want to put any money into it given how playing with shitcoins can potentially earn a lot more.
From my limited knawledge I have a feeling super funds are just one big scam.
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How uneducated are you? It's a compulsory payment made by your employer and it's part of your employment package. Fuck off
Pretty sure you’re forced to put money for superyou can self manage but there it can be a pain in the ass.
>super funds are just one big scam
i have 45k in my super from 1 job i worked for 4 years. They're legit. Your employer pays them, you can choose to put more in tho
t. former army fag
If you have a high income and your employer offers salary sacrifice for superannuation, take it. Our tax rates are ridiculous here
You can manage your own super, so they will be paying to the fund managed by you, but there are some legal requirements you have to meet for this, you’re basically setting your own fund of which you’re the director.
I've always been working part time while at uni so my income have always been below the minimum threshold required for a super.
Now im transitioning to a more "legit" part time job that's related to my career and will be exceeding the threshold
There is no minimum threshold for super,
Unless your taking cash in hand and not paying tax at all
Don't listen to this dickhead.
Super is one of the massive ponzi schemes were all forced to partake in, along with private health
He's asking for recommendations on which super fund is best not if he has to have one... fuck me there are some dumb cunts in here.
Mate my advice is to go with an industry super fund. There is one for each type of industry you can work in. For example construction industry workers are with CBUS and medical industry workers are with Hesta.
The dame applies to unions however thats an entire different ball game.
If you google search your industry and industry super fund then go with that.
See you in early retirement, which is more than i can say for thr other plebs here who wojld be with AMP.
but the super will be taxed anyway at end of term?
>Actually getting a job
>Not trading shitcoins for a living
not required to pay super if under 25k annually. Thats probably why my employer didnt even mention it to me - the tax benefits wouldnt be too much anyway
You pay a 15% flat tax on all voluntary super contributions. If this is done with salary sacrifice you actually avoid income tax by taking a lower salary and having money sent to your super instead. 15% is much better than 37.5% and you can even access your voluntary super when buying a first home so it's a no brainer
I don't know wtf superannuation is but I have like 80k of it sitting there from my four years in the army. I made 10% contribution to it because I had more money coming in than I knew how to spend at the time and my parents said that was a good idea. I don't really care about it because I've made far more from crypto but hopefully it will be a nice surprise in a few decades.
thanks for the help fags
wonder if there's a super for fintech/biotech
jarhead
>implying i'm a yank
>army
What a fuckin jarhead
You don't even know how to insult properly, jog on wanker.
You are pathetic. A parasite.
It is a scam of a very special kind
>Pay into all your life to gain on retirement
>retirement age 70+ will probably be pushed back further
>Men die 5-6 years younger then woman Abos die 15 years earlier then that (Lucky they don't work or they might get upset)
>when you do collect your super you have to live off it till its all gone before you can collect the pension.
>Many super-funds invested into stocks or housing one hard recession and your super will get BTFO
>thinking the Australian gov will be able to keep our dying economy/pensions/tax going as it eventually head into austerity and complete collapse (economic incompetence or world war)
>no guns so our MAD MAX future is going to look even more sad
At least in retirement if I have enough kids I can be the patriarch of a bandit gang roaming the wastes.. (30-40 years tops)
All I need to call you is a fucking jarhead. Because that's all you are. Get back to sucking that drill sergeant's cock.
>being this retarded
Don't self manage until you have a couple hundred k in there, the fees will eat you alive. My place was fairly cheap and we charged 5-15k a year to handle all the compliance/admin behind it. You can buy property with it though which is one reason you might want to get it before you hit a few hundred k, but are you really gonna buy property with your super in THIS market (you nor family members can live in it)?
source: i used to work in SMSF admin whilst at uni
Yeah nah, I'm living the student life and crypto is turning my army cash into millions, enjoy your mum's basement.
Whatever you say, jarhead. Big tough guy over here.
Says the NEET with the blatant inferiority complex.
Yeah I'm not very familiar with super but if everyone is investing in it and expecting almost guaranteed gains, the money has to either come from (1) people dying too early or (2) overseas?
It's so dumb is there really no other way out of this? SMSF seems legit but I'm not at the level where i have 200k in there
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Australian owned and run "business"
Super is a fucking scam. First you get raped by the super funds, then your cunt wife takes half in the divorce. Then the government takes the rest so you die poor.
howd you get 80k in your super with a 4year ROSO?
hey guys, can a SMSF invest in a trust?
can a guy set up a trust that manages properties, and use his SMSF to "invest" in the trust?
I dunno, I wasn't keeping track of it. I was contributing 10% (the default is 5% from memory) plus there was a long Afghan trip in there so was raking in the cash.
someones going to have an identity crisis when his job is automated lmao and it WILL be automated
Unless your super is 7fig or high 6fig, SMSF is impractical. You are required to pay for an independent auditer to verify your assets and this can cost upwards of 15k, offsetting any potential gains you could br making
Look up spaceship super and thank me later
I work for a super fund, and I'm not advising you shit.
fuck you.
what color maloo did you buy with your filthy afghan money? How long did it take to wrap it around a telegraph pole in palmerston?
t. never deployed
theyre calling you retarded because a jarhead is a derogatory word for a marine, not a soldier.
Ha I wasn't one of them, I used it to backpack for a few years after discharging. You from 5RAR? I was.
nah 2cav got out 2016
>inferority complex
Reading this deep into something that isn't even there lol. Threw a couple jarhead comments towards you and run after them like the insecure little bitch you are.
Damn you got in too late for decent trips, I got out in 2012. Don't miss Darwin one bit.
fuck all the super funds seem so generic. Putting money in there just feels so wrong. Even the industry superfunds like cbus, hesta or mtaa isn't convincing enough.
Am i just retarded
ill find out myself fagget
objectively shit, high fees and severely underdiversified. Will lose most of its value whenever the next serious correction hits. Your super is meant to be pretty stable, its your fucking retirement
A SMSF audit costs no where near that amount. A fairly basic fund can get audited for less than $800.
Super is by no means a ponzi scheme or whatever you tards think but as the benefits of it and tax breaks are decreasing as the babyboomer generation retires its no where near as good as it was. Once again the older generation cucks the younger one
>source: I work in the largest SMSF firm
yea if i had of joined when i first got out of school like i originally planned i would of had a few back to back iraq trips. 2cav got bulk trips back then
wow 0.99% per anum
what is the new wae?
Dont need you to spoonfeed me just want some pointers. An user suggested industry super like cbus but they seem generic
I've got super at every place where I've earned more than a few hundred dollars a week, you should talk to fair work.
Enjoy your funds being allocated worse than you could do and then paying (((management fees))) and (((insurance))) for the pleasure.
Compounding interest combined with the world's longest term deposit is how they get almost guaranteed gains. Also, risk is gradually adjusted down as you get older generally. Because all the Normans can't touch their super, it's harder for weak hands to be shaken out by the market.
I work for a superannuation company user.
Definitely not a scam, it just sucks that you can only invest in the choices presented by the individual super products.
That being said, you only pay company tax rate on investment earnings (about 20% I believe), so it is better than paying capital gains tax on your crypto, which would be measured at your marginal tax rate.
Anyone saying super is a scam, is just a boomer who has only had 20 years in the superannuation system and can't believe they aren't millionaires. Yet these cunts are the one's with 5 investment properties screaming "I'm asset rich, but cash poor!" Yeah cry me a fucking river cunts.
Anyways, I would just ensure you are putting at least 9.5 - 10% of what you earn each year into super - you will have a large sum by the time you are 60, which is better than a kick in the nuts with a pair of steel capped boots.
thanks for all the replies so far.
what do you think of this? just found it: canstar.com.au
15% of salary for life instead of standard 10% trust me op
Honestly you're right they are all pretty generic. You wont see much of a difference between them. However I'd recommend one that lets you choose different options (like rest for example) and set it to a more aggressive portfolio. Higher returns on average for more risk but you're probably young so you can afford to take on the risk
Just make sure you look at the management fees (Indirect costs). This is where super fucks people.
Industry funds say "we only charge you $60 a year!" but they charge a 1.2% p.a. management fee. What that means is, every day your fund makes a return, they take 1.2% (divided by about 250 working days) of your entire balance off the top of that daily return.
You are better off paying higher admin fees (direct fees) for a lower management fee.
Army gets 16% super plus the 10% you put in. Its a pretty sweet deal.
Ah that explains it, and yeah they replaced the pension-after-20-years with the super scheme so they had to make it decent to prevent mass complaints. I'm glad they did because no fucking way was I staying in 20 years.
Nah they replaced the super scheme because we can't afford to keep paying the aged pension and need people to take responsibility for their retirement.
It honestly still blows me away the amount of retards saying "fuck super" or "super is a scam" because its gonna be these cunts sucking dicks for a Big Mac when they 70.