9.5% now Patrick. I don't mind as much it is locked away, but it pisses me off as an employer that people don't think about that as part of their salary. It is.
Just as the funds paid to a fat and bloated health insurance industry is also a form of their salary which is not part of their gross and thus isn't valued (which explains why it gets such bad bang for buck). Geoff On Tue, Mar 3, 2015 at 8:56 PM, Patrick Collins <pcolli...@gmail.com> wrote: > I'm off topic, but the mandatory Superannuation scheme vs the optional > 401k scheme in the US is a sublime example of the philosophical differences > between how the two countries are governed. > > The US will always favor the individual's choice. Up to you if you want to > vote. Up to you if you want a savings fund (401k). EVEN if it means that as > a whole the population will be worse off, because not enough people will > get to retirement age with enough savings to survive. Well, it was up to > you to plan ahead. > > Australia will always level the playing field for everybody for instance > by mandating that all employees stock 8% of their salary away, even if a > large chunk of the individuals would rather invest that money themselves > (like in their own business ventures). > > Personally, I get very annoyed that 8% of my income has been locked away. > Previously it was locked away in poorly managed super funds being ravaged > by fund managers. I set up a SMSF, but it is quite burdensome to deal with. > Just abolish the whole shoddy scheme please, or at least allow qualified > individuals to completely opt out. > > Patrick. > > > On 3 March 2015 at 20:33, Sam Thorp <sam.th...@gmail.com> wrote: > >> Dean is right - as an Australian citizen, you can't withdraw your super >> early except in exceptional circumstances (terminal illness, etc - see >> http://www.humanservices.gov.au/customer/services/centrelink/early-release-of-superannuation >> ). >> >> What you may have read is that temporary residents who leave permanently >> are able to withdraw their accumulated superannuation. I assume that, as a >> dual-citizen and permanent resident of Australia, you wouldn't be eligible. >> >> To quote from the ATO Website: >> >> "Departing Australia superannuation payment: Temporary residents who are >> leaving Australia permanently may be able to claim their super. New Zealand >> citizens and permanent residents of Australia are not eligible for this >> payment." >> >> >> https://www.ato.gov.au/Individuals/International-tax-for-individuals/Going-overseas/When-you-leave-Australia/ >> >> >> >> >> >> On 4 March 2015 at 14:52, Dean Collins <d...@cognation.net> wrote: >> >>> Phil, >>> >>> You cant withdraw your super…..not until you are 59 ½. >>> >>> So basically yes the IRS sucks….but in reverse the ATO sucks when it >>> comes to ROTH 401k’s where you prepare tax……basically the way I figure >>> it….i’m 15 years away so we’ll probably have at 3-4 changes in government >>> on either side so who knows what the rules will be in 15-20 years from >>> now…..and that’s why Super sucks….. >>> >>> >>> >>> >>> >>> Cheers, >>> >>> Dean >>> >>> >>> >>> *From:* silicon-beach-australia@googlegroups.com [mailto: >>> silicon-beach-australia@googlegroups.com] *On Behalf Of *Phil M >>> *Sent:* Sunday, March 01, 2015 2:12 PM >>> *To:* silicon-beach-australia@googlegroups.com >>> *Subject:* Re: [SiliconBeach] Superannuation when becoming a US Citizen >>> >>> >>> >>> Agree with the sentiment. I have already disclosed my super to the IRS, >>> based on the risk of fines if it was uncovered. Also, my thoughts are >>> similar in that it may be time to withdraw all the super and move it a US >>> investment account, given I am getting an average of 15% gains over the >>> last five years. >>> >>> >>> >>> Phil >>> >>> On Thursday, February 26, 2015 at 11:35:08 PM UTC-8, Dean Collins wrote: >>> >>> You mean if you gave up usa citizenship and moved back to Australia. >>> ...google Heart Taxation Act >>> >>> -----Original Message----- >>> *From:* Phil M [phil.mo...@majura.com] >>> *Received:* Thursday, 26 Feb 2015, 2:25PM >>> *To:* silicon-bea...@googlegroups.com [silicon-bea...@googlegroups.com] >>> *Subject:* [SiliconBeach] Superannuation when becoming a US Citizen >>> >>> I've asked this before, but was never able to get a good answer. Has >>> anyone done a proper analysis of how the US Government treats >>> superannuation once you are a citizen? Any strategies to deal with? I >>> became a citizen last year and don't intend to go back to Australia >>> permanently (but who knows :-)) >>> >>> >>> >>> Phil >>> >>> -- >>> -- >>> You received this message because you are subscribed to the Silicon >>> Beach Australia mailing list. Vist http://siliconbeachaustralia.org for >>> more >>> >>> Forum rules >>> 1) No lurkers! It is expected that you introduce yourself. >>> 2) No jobs postings. You can use http://siliconbeachaustralia.org/jobs >>> >>> >>> To post to this group, send email to >>> silicon-bea...@googlegroups.com >>> To unsubscribe from this group, send email to >>> silicon-beach-australia+unsubscr...@googlegroups.com >>> For more options, visit this group at >>> http://groups.google.com/group/silicon-beach-australia?hl=en?hl=en >>> >>> --- >>> You received this message because you are subscribed to the Google >>> Groups "Silicon Beach Australia" group. >>> To unsubscribe from this group and stop receiving emails from it, send >>> an email to silicon-beach-australia+unsubscr...@googlegroups.com. >>> For more options, visit https://groups.google.com/d/optout. >>> >>> -- >>> -- >>> You received this message because you are subscribed to the Silicon >>> Beach Australia mailing list. Vist http://siliconbeachaustralia.org for >>> more >>> >>> Forum rules >>> 1) No lurkers! It is expected that you introduce yourself. >>> 2) No jobs postings. You can use http://siliconbeachaustralia.org/jobs >>> >>> >>> To post to this group, send email to >>> silicon-beach-australia@googlegroups.com >>> To unsubscribe from this group, send email to >>> silicon-beach-australia+unsubscr...@googlegroups.com >>> For more options, visit this group at >>> http://groups.google.com/group/silicon-beach-australia?hl=en?hl=en >>> >>> --- >>> You received this message because you are subscribed to the Google >>> Groups "Silicon Beach Australia" group. >>> To unsubscribe from this group and stop receiving emails from it, send >>> an email to silicon-beach-australia+unsubscr...@googlegroups.com. >>> For more options, visit https://groups.google.com/d/optout. >>> >>> -- >>> -- >>> You received this message because you are subscribed to the Silicon >>> Beach Australia mailing list. Vist http://siliconbeachaustralia.org for >>> more >>> >>> Forum rules >>> 1) No lurkers! It is expected that you introduce yourself. >>> 2) No jobs postings. You can use http://siliconbeachaustralia.org/jobs >>> >>> >>> To post to this group, send email to >>> silicon-beach-australia@googlegroups.com >>> To unsubscribe from this group, send email to >>> silicon-beach-australia+unsubscr...@googlegroups.com >>> For more options, visit this group at >>> http://groups.google.com/group/silicon-beach-australia?hl=en?hl=en >>> >>> --- >>> You received this message because you are subscribed to the Google >>> Groups "Silicon Beach Australia" group. >>> To unsubscribe from this group and stop receiving emails from it, send >>> an email to silicon-beach-australia+unsubscr...@googlegroups.com. >>> For more options, visit https://groups.google.com/d/optout. >>> >> >> -- >> -- >> You received this message because you are subscribed to the Silicon Beach >> Australia mailing list. Vist http://siliconbeachaustralia.org for more >> >> Forum rules >> 1) No lurkers! It is expected that you introduce yourself. >> 2) No jobs postings. You can use http://siliconbeachaustralia.org/jobs >> >> >> To post to this group, send email to >> silicon-beach-australia@googlegroups.com >> To unsubscribe from this group, send email to >> silicon-beach-australia+unsubscr...@googlegroups.com >> For more options, visit this group at >> http://groups.google.com/group/silicon-beach-australia?hl=en?hl=en >> >> --- >> You received this message because you are subscribed to the Google Groups >> "Silicon Beach Australia" group. >> To unsubscribe from this group and stop receiving emails from it, send an >> email to silicon-beach-australia+unsubscr...@googlegroups.com. >> For more options, visit https://groups.google.com/d/optout. >> > > -- > -- > You received this message because you are subscribed to the Silicon Beach > Australia mailing list. Vist http://siliconbeachaustralia.org for more > > Forum rules > 1) No lurkers! It is expected that you introduce yourself. > 2) No jobs postings. You can use http://siliconbeachaustralia.org/jobs > > > To post to this group, send email to > silicon-beach-australia@googlegroups.com > To unsubscribe from this group, send email to > silicon-beach-australia+unsubscr...@googlegroups.com > For more options, visit this group at > http://groups.google.com/group/silicon-beach-australia?hl=en?hl=en > > --- > You received this message because you are subscribed to the Google Groups > "Silicon Beach Australia" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to silicon-beach-australia+unsubscr...@googlegroups.com. > For more options, visit https://groups.google.com/d/optout. > -- *Geoff McQueen* *Founder & CEO* __________________________________________________________________________________________________________________________________________________________________________________________________ <http://www.affinitylive.com> Office: +1 800.425.7315 Cell: +1 650.450.4384 Skype: geoffmcqueen -- -- You received this message because you are subscribed to the Silicon Beach Australia mailing list. Vist http://siliconbeachaustralia.org for more Forum rules 1) No lurkers! It is expected that you introduce yourself. 2) No jobs postings. You can use http://siliconbeachaustralia.org/jobs To post to this group, send email to silicon-beach-australia@googlegroups.com To unsubscribe from this group, send email to silicon-beach-australia+unsubscr...@googlegroups.com For more options, visit this group at http://groups.google.com/group/silicon-beach-australia?hl=en?hl=en --- You received this message because you are subscribed to the Google Groups "Silicon Beach Australia" group. To unsubscribe from this group and stop receiving emails from it, send an email to silicon-beach-australia+unsubscr...@googlegroups.com. For more options, visit https://groups.google.com/d/optout.
