Thieving Rotten Mongrels (AKA the Government)

[Sawed-Off]

The amendment process involved a Senate Committee which called for public submissions so again I'm guessing it would have been thoroughly debated prior to hitting the floor of parliament and more than likely took months or even years to get to parliament.

Dunno mate. All the news reports I've seen mention "rushed through parliament". 

[Barry G]

Dunno mate. All the news reports I've seen mention "rushed through parliament". 

Media beat-up perhaps?  IMO just another part of the 'unstable government' meme that the media has chosen to run because it sells advertising.

[flanders]

 the 10 most dangerous words in the English language are ‘Hi, I’m from the government and I’m here to help.’" Ronald Reagan July 28, 1988

[KingBilly]

Dunno mate. All the news reports I've seen mention "rushed through parliament". 

Thankfully I have a brain and don't rely on the media for my "facts".

Yes, fact, the amendment was subject to scrutiny and debate by a Senate Committee and that committee called for and considered public submissions.  I also know for a fact that the Senate Committee did not accept all submissions by interested parties.  This is not unusual and is mostly a case of vested interests lobbying the committee members.

My job - is researching super funds and compiling reports on them for members.

Then why didn't you start your thread advising forum members to go to the ASIC website and check for any unclaimed monies.  Would have been a lot more beneficial, rational and appreciated.  Instead you posted a rant which painted you as a redneck with a political axe to grind?

KB

[Sawed-Off]

Thankfully I have a brain and don't rely on the media for my "facts".

But you haven't given any facts. You "guessed" some stuff happened, and assumed some other stuff, and now say others have no brains for pointing out reports say something else.

[Mallory Black]

Rant? Redneck?   that's your opinion

[KingBilly]

Rant? Redneck?   that's your opinion

Correct, it is my opinion and I apologise if my opinion offended you.  But the title of the thread you started "Thieving Rotten Mongrels (AKA the Government)" sort of indicated a rant then half your post was in capitals 

But you haven't given any facts. You "guessed" some stuff happened, and assumed some other stuff, and now say others have no brains for pointing out reports say something else.

I'm guessing you're referring to "media" reports.  I rest my case.  Thanks for the confirmation.

KB

[ScottT]

Thankfully I have a brain and don't rely on the media for my "facts".

Yes, fact, the amendment was subject to scrutiny and debate by a Senate Committee and that committee called for and considered public submissions.  I also know for a fact that the Senate Committee did not accept all submissions by interested parties.  This is not unusual and is mostly a case of vested interests lobbying the committee members.

Then why didn't you start your thread advising forum members to go to the ASIC website and check for any unclaimed monies.  Would have been a lot more beneficial, rational and appreciated.  Instead you posted a rant which painted you as a redneck with a political axe to grind?

KB

Harsh.

An "open forum" is just that, open. KB you may want to "clearly" define your position within the State Government as your opinions seem fuelled for your passion of the position you hold.

Also, alot of people (see the recent News Poles) suggest their is no trust with the Government and any suggestion that this most recent events seem like more reason not to

Scott

[KingBilly]

KB you may want to "clearly" define your position within the State Government as your opinions seem fuelled for your passion of the position you hold.

Why?  So every time someone posts a reply on this or any forum, you expect them to detail their job description, their political affiliation, their religion, who they support on the footy field, etc.  I don't think so.  Besides, this is a federal law not a state law so I don't really care.  It doesn't effect me in any way.  My sole motivation for replying was to present the facts against some unsubstantiated opinions.

KB

[Barry G]

Harsh.

An "open forum" is just that, open. KB you may want to "clearly" define your position within the State Government as your opinions seem fuelled for your passion of the position you hold.

Also, alot of people (see the recent News Poles) suggest their is no trust with the Government and any suggestion that this most recent events seem like more reason not to

Scott

I would've thought that it was the OP who was 'harsh'. 
Why is it KB who should more clearly define anything?  Seems to me he has been open from the start.
Looks to me his 'passion' is about facts regarding the process etc, nothing to do with his 'position' that I can see.
Scott, not sure that you actually finished the last sentence.  Equally unsure as to what the Poles have to do with anything outside of Northern Europe. 

[Snow]

Tread lightly Swaggers, ice is thin under this thread. 

[ScottT]

I would've thought that it was the OP who was 'harsh'. 
Why is it KB who should more clearly define anything?  Seems to me he has been open from the start.
Looks to me his 'passion' is about facts regarding the process etc, nothing to do with his 'position' that I can see.
Scott, not sure that you actually finished the last sentence.  Equally unsure as to what the Poles have to do with anything outside of Northern Europe.

Touche young man !       

And I don't expect everyone to "show their hand" KB, I just thought in "good faith" it might help, clearly I was wrong.

Over and out

Scott

[Mallory Black]

yeah the capitals... oh well sorry you didn't like it, can't please everyone
so.. at the start of the thread I didn't feel it neccessary to go on about my qualifications and all the details on what to do.

as for locating lost supers here's some help.
(tip - if you have changed your name try the old name as well and if any part of your name is prone to being miss-spelt. Make sure to try the variations of that spelling or comon typo error like Mc Donald to McDonald, O'Hare to OHare are good ones)

ATO- Super Seeker (have your TFN handy for this one)
http://www.ato.gov.au/super/content.aspx?doc=/content/33301.htm

theres a quick search link but have a go at the more detailed site that you can register yourself to (a bit of a pain to start up but worth doing)

the problem with the ATO quick search site is that it will only have supers that have been reported as "lost" by a fund.

The Govt. Moneysmart site does not have links to what we call Eligible Rollover Funds (ERF) A member's funds usually gets transferred to an ERF when they leave an employer that has a corporate or employer fund, or the balance in a particular fund starts getting low and has not seen contributions and falls outside a fund's own rules of play.
These kinds of accounts are not automatically considered "lost" and as such won't be registered with the ATO but if you have moved on from the address that's on file then a member will not know that their account has moved

 Here's a few others that you can do quick searches on, if you get a hit it will say "possible match" and you can contact the fund and go through an ID test to claim the super

AusFund
https://unclaimedsuper.com.au/find-your-lost-super-2/search-now

SuperTrace
http://www.supertrace.com.au/

Super Safeguard - not as big as the other two
http://www.supersafeguard.com.au/home.aspx

www.amp.com.au
I put this one here because they have some very big ERF's and some non-AMP supers have found their way into their ERF's

hope that helps

[Barry G]

Tread lightly Swaggers, ice is thin under this thread. 

Surprised there hasn't been nasturtiums cast at KBs brand of tug thus far... 

[KingBilly]

Some excellent advice Mallory Black.  I'm sure some swaggers will benefit from the links you have posted.

This has been more exciting than the electrical section and thanks for all the good natured banter.  I think the thread eventually got to the point where it was actually helpful.

All good fun      and have a nice day everybody 

KB

[Sawed-Off]

I'm guessing you're referring to "media" reports.  I rest my case.  Thanks for the confirmation.

What other reports would I be talking about? Why the smarmy attitude? Where's your facts? 

[MarkGU]

ok ok ok........group hug.

ALTOGETHER NOW ..................

[rags]

Presents an interesting issue for some commercial property owners,property leased for 5 years ,bond retained and held in a bank " trust account" as per Fair trading regulation ,account not touch as per regulation, as in reality the money is accually the tenants and  only released at end of lease period if all is well with the leased property  and outstanding $ owing ,no transactions can occur.And now this dumb govt is going to take the funds away and if the tenant moves on and we need to return the bond then guess what sorry no money ,you will have to wait till we battle the govt system,and sorry no interest accrued also. But thats ok as the Govt can reduce their deficiept  and can say to the country it is now only $260billion in debt as they took some money from so called inactive bank accounts to prop up their accounts. I don't think it has anything to do with protecting people from loosing money to bank fees and all to do with govt debt and a need to make it look better than it is.
There is a weekend in August that i'm glad that i can't go out camping as i will have something more  important to do.

[Nomad]

Hey Rags,

Not sure about NSW. In Qld we normally deposit the bond directly to the owner, or invest it in a term deposit on behalf of the owner, some good owners even credit the tenants with the interest, rarely would we hold a bond in a trust account, it is too cumbersome particularly as you say over a 5 year period.

Additionally in this day of unfortunately high tenant turnover I rarely accept cash as a bond. In the event of a receivership / administration position the cash bond can be demanded back where as a bank guarantee cannot

If your referring to a trust account that an agent, solicitor accountant etc may have they are generally very very active accounts with hundred of thousands or millions of dollars being processed, and the government already takes all of that interest anyway.

Cheers Nomad.

[rags]

Hey Rags,

Not sure about NSW. In Qld we normally deposit the bond directly to the owner, or invest it in a term deposit on behalf of the owner, some good owners even credit the tenants with the interest,

Cheers Nomad.

Nomad
That is what i am referring to ,held in trust in a term deposit, with the interest returned on a shared basis, but this account then becomes inactive and therefore after 3 years the govt could clear the account.

[Nomad]

Yeah but a term deposit is rolled over a lot more often than 3 or 5 years, simply for the reason that the owner may need to access it on short notice, so how can the account become invalid.

And the bond is not formally held in trust, that only refers to a trust account, I have owners who just dump them into there working accounts.

I can assure you that bonds are not at risk under this legislation from inactivity.

There is more risk of an owner going into receivership and spending the bond, in which case it becomes generally unrecoverable, as is with alot of credit funds when a business goes belly up.

Cheers Nomad. 

[Barry G]

Nomad
That is what i am referring to ,held in trust in a term deposit, with the interest returned on a shared basis, but this account then becomes inactive and therefore after 3 years the govt could clear the account.

Term deposit is just tat, a deposit for a specified period of time.  If invested for a period of years it s not 'dormant'.